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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001171843-05-000124.txt : 20050331
<SEC-HEADER>0001171843-05-000124.hdr.sgml : 20050331
<ACCEPTANCE-DATETIME>20050331163428
ACCESSION NUMBER:		0001171843-05-000124
CONFORMED SUBMISSION TYPE:	10KSB
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050331
DATE AS OF CHANGE:		20050331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TAITRON COMPONENTS INC
		CENTRAL INDEX KEY:			0000942126
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065]
		IRS NUMBER:				954249240
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10KSB
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25844
		FILM NUMBER:		05720880

	BUSINESS ADDRESS:	
		STREET 1:		28040 WEST HARRISON PARKWAY
		CITY:			VALENCIA
		STATE:			CA
		ZIP:			91355
		BUSINESS PHONE:		(661) 257-6060

	MAIL ADDRESS:	
		STREET 1:		28040 WEST HARRISON PARKWAY
		CITY:			VALENCIA
		STATE:			CA
		ZIP:			91355
</SEC-HEADER>
<DOCUMENT>
<TYPE>10KSB
<SEQUENCE>1
<FILENAME>f10ksb_033005.htm
<DESCRIPTION>FORM 10-KSB
<TEXT>
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		<p align="CENTER"><font face="Times New Roman, Times, Serif" size="2"><b><font size="4">UNITED STATES<br>
						SECURITIES AND EXCHANGE COMMISSION</font><br>
					Washington, D.C. 20549 </b></font></p>
		<p align="CENTER"><font face="Times New Roman, Times, Serif" size="3"><b><font size="4">FORM 10-KSB </font></b></font></p>
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					<td width="5%"><font face="Times New Roman, Times, Serif" size="2">|X| </font></td>
					<td><font face="Times New Roman, Times, Serif" size="2">&nbsp; </font></td>
					<td width="558"><font face="Times New Roman, Times, Serif" size="2"><b>ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></font></td>
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					<td></td>
					<td width="558"><br>
					</td>
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							<font face="Times New Roman, Times, Serif" size="2"><b>For the fiscal year ended December 31, 2004</b></font></div>
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					<td width="558"><br>
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					<td width="5%"><font face="Times New Roman, Times, Serif" size="2">|&nbsp;&nbsp;&nbsp;|</font></td>
					<td></td>
					<td width="558"><font face="Times New Roman, Times, Serif" size="2">TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></td>
				</tr>
			</table>
			<br>
		</div>
		<p align="CENTER"><font face="Times New Roman, Times, Serif" size="2"><b>Commission File Number 0-25844 </b></font></p>
		<p align="CENTER"><font face="Times New Roman, Times, Serif" size="2"><b><font size="4">TAITRON COMPONENTS INCORPORATED </font><br>
				</b>(Name of Small Business Issuer in Its Charter) </font></p>
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							<font size="2"><b>California</b><br>
								(State or Other Jurisdiction of Incorporation or Organization) </font></div>
					</td>
					<td width="86"><font size="2">&nbsp;</font></td>
					<td width="187">
						<div align="center">
							<font size="2"><b>95-4249240</b>&nbsp;<br>
								(I.R.S. Employer Identification No.) </font></div>
					</td>
				</tr>
			</table>
		</div>
		<p align="CENTER"><font face="Times New Roman, Times, Serif" size="2"><b>28040 West Harrison Parkway, Valencia, California 91355-4162<br>
				</b>(Address of Principal Executive Offices, Zip Code)<br>
			</font></p>
		<p align="CENTER"><font face="Times New Roman, Times, Serif" size="2">(Issuer's Telephone Number, Including Area Code) <b>(661) 257-6060</b></font></p>
		<p align="CENTER"><br>
		</p>
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					<td align="LEFT" width="377"><font size="2"><b>Securities registered under Section 12(b) of the Exchange Act:</b></font></td>
					<td align="center" width="269">
						<div align="left">
							<font size="2"><b>None</b></font></div>
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					<td align="LEFT" width="377"><font size="2"><b>Securities registered under Section 12(g) of the Exchange Act:</b></font></td>
					<td align="center" width="269">
						<div align="left">
							<font size="2"><b>Class A common stock, par value $.001 per share</b></font></div>
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					<td align="LEFT" width="377"></td>
					<td align="center" width="269"><font size="2">(Title of Class)</font></td>
				</tr>
			</table>
		</div>
		<p align="CENTER"></p>
		<div align="center">
			<p class=TitleLevel2 style="MARGIN: 0in 0in 6pt"><font size=2></font></p>
			<p class=TitleLevel2 style="MARGIN: 0in 0in 6pt"><font size=2></font></p>
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			<p class=TitleLevel2 style="MARGIN: 0in 0in 6pt"><font size=2></font></p>
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		</div>
		<br>
		<div class="Section1">
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><font size="2">Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.<font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </font>Yes |&nbsp;x&nbsp;| <font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </font>No |&nbsp;&nbsp;&nbsp;| </font></p>
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><font size="2">&nbsp;</font></p>
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt"><font size="2">Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B contained in this form, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB or any amendment to this Form 10-KSB.<font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp; </font>| x&nbsp;| </font></p>
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><font size="2">&nbsp;</font></p>
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><font size="2">Registrant's revenues for its most recent fiscal year:<font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>$9,352,000</font></p>
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><font size="2">&nbsp;</font></p>
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt"><font size="2">The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of March 1, 2005 was $7.5 million.</font></p>
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt"><font size="2">Number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:</font></p>
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -.4in .1in .6in 1.1in 1.6in 2.1in 2.6in 3.1in 3.6in 4.1in 4.6in 5.1in 5.6in 6.1in 6.6in 7.1in 7.6in"><font style="LETTER-SPACING: -0.1pt"><font size="2">&nbsp;</font></font></p>
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -.4in .1in .6in 1.1in 1.6in 2.1in 2.6in 3.1in 3.6in 4.1in 4.6in 5.1in 5.6in 6.1in 6.6in 7.1in 7.6in"><font size="2"><u><font style="LETTER-SPACING: -0.1pt"><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Class<font style="mso-tab-count: 1">&nbsp;&nbsp; </font><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></u><font style="LETTER-SPACING: -0.1pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 1">&nbsp;&nbsp; </font><u>Outstanding on March 1, 2005</u></font></font></p>
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -.4in .1in .6in 1.1in 1.6in 2.1in 2.6in 3.1in 3.6in 4.1in 4.6in 5.1in 5.6in 6.1in 6.6in 7.1in 7.6in"><font style="LETTER-SPACING: -0.1pt"><font size="2">Class A common stock, $.001 par value<font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>4,697,979</font></font></p>
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -.4in .1in .6in 1.1in 1.6in 2.1in 2.6in 3.1in 3.6in 4.1in 4.6in 5.1in 5.6in 6.1in 6.6in 7.1in 7.6in"><font style="LETTER-SPACING: -0.1pt"><font size="2">Class B common stock, $.001 par value<font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>762,612</font></font></p>
			<p class="Byline" style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; tab-stops: -.4in .1in .6in 1.1in 1.6in 2.1in 2.6in 3.1in 3.6in 4.1in 4.6in 5.1in 5.6in 6.1in 6.6in 7.1in 7.6in"><font size="2">&nbsp;</font></p>
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -.4in .1in .6in 1.1in 1.6in 2.1in 2.6in 3.1in 3.6in 4.1in 4.6in 5.1in 5.6in 6.1in 6.6in 7.1in 7.6in"><font style="LETTER-SPACING: -0.1pt"><font size="2">&nbsp;</font></font></p>
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: center 3.85in"><b style="mso-bidi-font-weight: normal"><font style="LETTER-SPACING: -0.1pt"><font size="2"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>DOCUMENTS INCORPORATED BY REFERENCE</font></font></b></p>
			<p class="MsoNormal" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -.4in .1in .6in 1.1in 1.6in 2.1in 2.6in 3.1in 3.6in 4.1in 4.6in 5.1in 5.6in 6.1in 6.6in 7.1in 7.6in"><b style="mso-bidi-font-weight: normal"><font style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; mso-bidi-font-size: 10.0pt">&nbsp;</font></b></p>
			<p class="MsoBodyText" style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; tab-stops: -.4in .1in .6in 1.1in 1.6in 2.1in 2.6in 3.1in 3.6in 4.1in 4.6in 5.1in 5.6in 6.1in 6.6in 7.1in 7.6in"><font size="2">Portions of the registrant's definitive proxy statement relating to registrant's Annual Meeting of Shareholders are incorporated by reference in Part III of this Form 10-KSB.</font></p>
			<p class="MsoBodyText" style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; tab-stops: -.4in .1in .6in 1.1in 1.6in 2.1in 2.6in 3.1in 3.6in 4.1in 4.6in 5.1in 5.6in 6.1in 6.6in 7.1in 7.6in"><font size="2">&nbsp;</font></p>
			<p class="MsoBodyText" style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; tab-stops: -.4in .1in .6in 1.1in 1.6in 2.1in 2.6in 3.1in 3.6in 4.1in 4.6in 5.1in 5.6in 6.1in 6.6in 7.1in 7.6in"><font size="2"><font class="DeltaViewInsertion"><font style="COLOR: windowtext; TEXT-DECORATION: none; text-underline: none">Transitional Small Business Disclosure Format:<font style="mso-spacerun: yes">&nbsp; </font>Yes </font></font>|&nbsp;&nbsp;&nbsp;|<font class="DeltaViewInsertion"><font style="COLOR: windowtext; TEXT-DECORATION: none; text-underline: none"><font style="mso-spacerun: yes">&nbsp;</font></font></font><u><font class="DeltaViewInsertion"><font style="COLOR: windowtext; TEXT-DECORATION: none; text-underline: none"><font style="mso-spacerun: yes">&nbsp;&nbsp; </font></font></font><font class="DeltaViewInsertion"><font style="COLOR: windowtext; TEXT-DECORATION: none; text-underline: none">No&nbsp;</font></font></u>|&nbsp;x&nbsp;| </font></p>
			<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; LETTER-SPACING: -0.1pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><br style="PAGE-BREAK-BEFORE: always; mso-special-character: line-break" clear="all">
				<hr noshade>
			</font></div>
		<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; LETTER-SPACING: -0.1pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><br style="PAGE-BREAK-BEFORE: always; mso-break-type: section-break" clear="all">
		</font>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">FORWARD-LOOKING STATEMENTS</font></font></b><font style="LETTER-SPACING: -0.1pt"></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>This document, press releases and certain information provided periodically in writing or orally by the Company's officers or its agents may contain statements which constitute &quot;forward-looking statements&quot; within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and involve a number of risks and uncertainties.<font style="mso-spacerun: yes">&nbsp; </font>Forward-looking statements are usually denoted by words or phrases such as &quot;believes,&quot; &quot;expects,&quot; &quot;thinks,&quot; &quot;proj
ects,&quot; &quot;estimates,&quot; &quot;anticipates,&quot; &quot;will likely result,&quot; or similar expressions.<font style="mso-spacerun: yes">&nbsp; </font>We wish to caution readers that all forward-looking statements are necessarily speculative and not to place undue reliance on forward-looking statements, which speak only as of the date made, and to advise readers that actual results could vary due to a variety of risks and uncertainties.<font style="mso-spacerun: yes">&nbsp; </font>Factors associated with the forward-looking statements that could cause the forward-looking statements to be inaccurate and could otherwise impact our future results are set forth in detail in this document.<font style="mso-spacerun: yes">&nbsp; </font>In addition to the other information contained in this document, readers should carefully consider the information appearing in Part II, Item 6 of this document under the heading &quot;Cautionary Statements and Risk Factors.&quot;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>References to &quot;Taitron,&quot; &quot;the Company,&quot; &quot;we,&quot; &quot;our&quot; and &quot;us&quot; refer to Taitron Components Incorporated and its majority-owned subsidiary, unless the context otherwise requires.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt">&nbsp;</font></font></b></p>
		<div align="center">
			<p class=ColumnHeading style="MARGIN: 0pt; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt; mso-pagination: widow-orphan"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">PART I</font></font></b></p>
		</div>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">ITEM 1.<font style="mso-spacerun: yes">&nbsp; </font>DESCRIPTION OF BUSINESS.</font></font></b><font style="LETTER-SPACING: -0.1pt"></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">General</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron Components Incorporated is a national distributor of electronic components, primarily focused on discrete semiconductors, optoelectronic devices and passive components.<font style="mso-spacerun: yes">&nbsp; </font>Taitron's &quot;superstore&quot; strategy consists of carrying a large quantity and variety of components in inventory to meet the rapid delivery requirements of its customers.<font style="mso-spacerun: yes">&nbsp; </font>At December 31, 2004, Taitron's inventory consisted of over 1.3 billion components.<font style="mso-spacerun: yes">&nbsp; </font>Taitron currently distributes over 14,000 different products manufactured by more than 50 different suppliers.<font style="mso-spacerun: yes">&nbsp; </font>Taitron's per unit sales price of com
ponents sold during the year ended December 31, 2004 averaged approximately 1.6 cents.<font style="mso-spacerun: yes">&nbsp; </font>Taitron was incorporated in California in December 1989.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Discrete semiconductors are basic electronic building blocks.<font style="mso-spacerun: yes">&nbsp; </font>One or more different types of discrete semiconductors generally are found in the electronic or power supply circuitry of products as diverse as automobiles, televisions, radios, telephones, computers, medical equipment, airplanes, industrial robotics and household appliances.<font style="mso-spacerun: yes">&nbsp; </font>The term &quot;discrete&quot; is used to differentiate those single function semiconductor products which are packaged alone, such as transistors or diodes, from those which are &quot;integrated&quot; into microchips and other integrated circuit devices.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The U.S. electronics distribution industry is composed of national distributors (and international distributors), as well as regional and local distributors.<font style="mso-spacerun: yes">&nbsp; </font>Electronics distributors market numerous products, including active components (such as transistors, microprocessors and integrated circuits), passive components (such as capacitors and resistors) and electromechanical, interconnect and computer products.<font style="mso-spacerun: yes">&nbsp; </font>Taitron focuses its efforts almost exclusively on the distribution of discrete semiconductors, optoelectronic devices and passive components, a small subset of the component market.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; mso-pagination: widow-orphan"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="LAYOUT-GRID-MODE: line">Taitron has continued to be impacted by the severe decline in demand from the U.S. market, which began in late 2000.<font style="mso-spacerun: yes">&nbsp; </font>As a result, Taitron has experienced declining sales since early 2001.<font style="mso-spacerun: yes">&nbsp; </font>In response to this declining demand,</font> <font style="LAYOUT-GRID-MODE: line">Taitron expects</font> to increase its sales to existing customers through further expansion of the number of different types of discrete components and other non-integrated circuit components in its inventory and by attracting additional contract electronic manufacturers (CEMs), original equipment manufacturers (OEMs) and electronics distributor customers
.<font style="mso-spacerun: yes">&nbsp; </font>In addition to traditional component fulfillment, T<font style="LAYOUT-GRID-MODE: line">aitron also plans to continue developing its market role into value-added engineering services for its existing OEM and CEM customers through partnership agreements with offshore solution providers</font>.</font></font></p>
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		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Discrete Semiconductors </font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Semiconductors can be broadly divided into two categories - <i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">discrete semiconductors</font></i>, including transistors, diodes, rectifiers and bridges, which are packaged individually to perform a single or limited function, and <i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">integrated circuits</font></i>, such as microprocessors and other &quot;chips,&quot; which can contain from a few to several million transistors and other elements in a single package, and usually are designed to perform complex tasks.<font style="mso-spacerun: yes">&nbsp; </font></font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<div align="center">
			<font size="2">2</font>
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		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"></p>
		<p class=MsoBodyText style="MARGIN: 0pt; mso-hyphenate: auto; tab-stops: 36.0pt; mso-pagination: widow-orphan"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>While integrated circuits, such as microprocessor chips, have garnered more public exposure during the past several years, discrete semiconductors, the ancestral root of integrated circuits, have been a core element of electric equipment for more than 35 years.<font style="mso-spacerun: yes">&nbsp; </font>Discrete semiconductors are found in most consumer, industrial and military electrical and electronic applications.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; mso-hyphenate: auto; tab-stops: 36.0pt; mso-pagination: widow-orphan"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Discrete semiconductors represent only a small subset of the different types of semiconductors currently available.<font style="mso-spacerun: yes">&nbsp; </font>Discrete semiconductors are generally more mature products with a more predictable demand, more stable pricing and more constant sourcing than other products in the semiconductor industry, and are thus less susceptible to technological obsolescence than integrated circuits.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Optoelectronic Devices and Passive Components</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt">&nbsp;</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman"><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font></b><font style="LETTER-SPACING: -0.1pt"><font size=2>In addition to discrete semiconductors, Taitron offers optoelectronic devices such as LED's, infrared sensors and opto couplers, along with passive devices, such as resistors, capacitors and inductors which are electronic components manufactured with non-semiconductor materials.<font style="mso-spacerun: yes">&nbsp; </font>Taitron markets these optoelectronic devices and passive components through the same channels, as the discrete semiconductors.<font style="mso-spacerun: yes">&nbsp; </font>Sales of these optoelectronic devices and passive components were 41% and 39% of Taitron's total sales for the years ended De
cember 31, 2004 and 2003, respectively.<font style="mso-spacerun: yes">&nbsp; </font>During 2004, Taitron purchased $2,500,000 of inventory for these components, to facilitate the sales of these products.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Electronic Distribution Channels</font></font></b></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Electronic component manufacturers, which we refer to as suppliers, sell components directly to CEMs and OEMs, as well as to distributors.<font style="mso-spacerun: yes">&nbsp; </font>The practice among the major suppliers is generally to focus their direct selling efforts on larger volume customers, while utilizing distributors to reach small and medium-sized CEMs and OEMs, as well as smaller distributors. <font style="mso-spacerun: yes">&nbsp;</font>Many suppliers consider electronic distributors to be an integral part of their businesses.<font style="mso-spacerun: yes">&nbsp; </font>As a stocking, marketing and financial intermediary, the distributor relieves its suppliers of a portion of their costs and personnel associated with stocking and selling products, including o
therwise sizable investments in finished goods inventories and accounts receivable.<font style="mso-spacerun: yes">&nbsp; </font>By having geographically dispersed selling and delivery capabilities, distributors are often able to serve small and medium-sized companies more effectively and economically than can the supplier.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Electronic distributors are also important to CEMs and OEMs.<font style="mso-spacerun: yes">&nbsp; </font>CEMs and OEMs frequently place orders which are of insufficient size to be placed directly with the suppliers or require delivery schedules not available from suppliers.<font style="mso-spacerun: yes">&nbsp; </font>Distributors offer product availability, selection and more rapid and flexible delivery schedules keyed to meet the requirements of their CEMs and OEM customers.<font style="mso-spacerun: yes">&nbsp; </font>Also, they often rely upon electronic distributors to provide timely, knowledgeable access to electronic components.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>There is also pressure on the suppliers, CEMs and OEMs to maintain small inventories.<font style="mso-spacerun: yes">&nbsp; </font>Inventory is costly to maintain and thus suppliers desire to ship finished goods as soon as the goods are manufactured.<font style="mso-spacerun: yes">&nbsp; </font>CEMs and OEMs typically demand &quot;just in time&quot; delivery -- receipt of their requirements immediately prior to the time when the components are to be used.<font style="mso-spacerun: yes">&nbsp; </font>Distributors fill this niche.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Strategy</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; mso-hyphenate: auto; tab-stops: 36.0pt; mso-pagination: widow-orphan"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: 0pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Since Taitron was founded in 1989, its goal has been to become one of the leading distributors of discrete semiconductors in North America.<font style="mso-spacerun: yes">&nbsp; </font>Taitron initially gained market share by concentrating on selling discrete semiconductors at competitive prices.<font style="mso-spacerun: yes">&nbsp; </font>Since 1997, Taitron has marketed itself as a &quot;discrete components superstore,&quot; with an in-depth focus on discrete semiconductors, passive and optoelectronic components and extensive inventory of a wide variety of these products.<font style="mso-spacerun: yes">&nbsp; </font>In creating the &quot;superstore&quot; strategy, Taitron has attemp
ted to develop a more efficient link between suppliers and the small and medium-sized customers which generally do not have direct access to large suppliers and must purchase exclusively through distributors.<font style="mso-spacerun: yes">&nbsp; </font>The primary aspects of the Taitron's strategy include:</font></font></p>
		<p class=Byline style="MARGIN: 0pt; mso-pagination: widow-orphan"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">Inventory.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>Taitron's core strategy includes maintaining a substantial inventory of discrete and passive components purchased at prices generally lower than those commonly available to its competitors.<font style="mso-spacerun: yes">&nbsp; </font>This strategy allows Taitron to fill customer orders immediately from stock held in inventory.<font style="mso-spacerun: yes">&nbsp; </font>Taitron believes that its most important competitive advantage is the depth of its inventory.<font style="mso-spacerun: yes">&nbsp; </font>Unlike other distributors who carry only the best-selling discretes, Taitron's entire inventory consists of a wide range of discrete semiconductors, optoelectronic devices and passive components.<font style="mso-spacerun: yes">&nbsp; </font>H
owever, Taitron is focusing on lowering its inventory levels to balance with the weakened demand experienced throughout 2004.<font style="mso-spacerun: yes">&nbsp; </font>With immediate availability of a wide selection of products and brands, Taitron believes that sales may grow if the market rebounds.<font style="mso-spacerun: yes">&nbsp; </font>See Part II, Item 6 - &quot;Management's Discussion and Analysis - Liquidity and Capital Resources&quot;.</font></p>
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			<font size="2">3</font>
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			<font face="Times New Roman"><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></div>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; LETTER-SPACING: 0pt">Strategic Purchasing.</font></font></i><font size=2><font style="LETTER-SPACING: 0pt"><font style="mso-spacerun: yes">&nbsp; </font>When the opportunity presents itself, Taitron makes opportunistic purchases of a supplier's uncommitted inventory in order to take advantage of favorable pricing.<font style="mso-spacerun: yes">&nbsp; </font>Taitron also makes significant purchases in advance in an attempt to maintain consistent inventory levels and meet anticipated orders.<font style="mso-spacerun: yes">&nbsp; </font>When possible, Taitron attempts to control its inventory risks by matching large customer orders with simultaneous purchases from suppliers.<font style="mso-spacerun: yes">&nbsp; </font>See </font>Part II, Item 6 - &quot;Management's Discussion and Analysis - <font style="LETTER-SPACING: 0pt">Cautiona
ry Statements and Risk Factors - <i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">Need to Maintain Large Inventory; Price Fluctuations</font></i>&quot;.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; LETTER-SPACING: 0pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">Support Small Distributors, CEMs and OEMs.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>Taitron focuses its marketing efforts on small contract manufacturers, distributors, CEMs and OEMs who generally do not have direct access to suppliers because of their limited purchasing volumes and, therefore, usually have to purchase their requirements from large distributors, often with substantial markups.<font style="mso-spacerun: yes">&nbsp; </font>During the last few years, there have been substantial consolidations within the electronics distribution industry creating very large distributors.<font style="mso-spacerun: yes">&nbsp; </font>This trend to consolidate creates opportunities for Taitron since suppliers do not usually direct sales efforts toward small and medium-sized CEMs and OEMs and often the la
rger distributors no longer adequately service small customers.<font style="mso-spacerun: yes">&nbsp; </font>Taitron believes that its strategic purchasing policies enable Taitron to provide small and medium-sized CEMs and OEMs and distributors competitive prices while maintaining adequate profit margins.<font style="mso-spacerun: yes">&nbsp; </font>Taitron generally does not impose minimum order limitations on its customers, which enables smaller customers to avoid the costs of carrying large inventories.<font style="mso-spacerun: yes">&nbsp; </font>Taitron also offers its customers a limited range of value-added services such as cutting and forming, quality monitoring and product source tracing.<font style="mso-spacerun: yes">&nbsp; </font>Taitron intends to grow by <font style="LAYOUT-GRID-MODE: line">developing its market role into value-added desgn and engineering services for the small OEMs</font>.</font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">Design and Engineering Services.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>In 2004, Taitron began providing design and engineering services to support our existing OEM and CEM customers by outsourcing their product design and manufacturing assembly work offshore.<font style="mso-spacerun: yes">&nbsp; </font>Sales of these products were $448,000 in 2004.<font style="mso-spacerun: yes">&nbsp; </font>In order to facilitate this outsourcing program, Taitron intends to begin opening and engineering design center in Shanghai, China, later during this year.<font style="mso-spacerun: yes">&nbsp; </font>Strategic allies such as <font style="LAYOUT-GRID-MODE: line">Princeton Technology Corporation, a company controlled by a Taitron director, and Teamforce Co. Ltd.</font>, both Taiwan-based companies, will as
sist Taitron with this program.</font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">Master Distributor.</font></font></i><font size=2><font style="mso-bidi-font-style: italic"><font style="mso-spacerun: yes">&nbsp; </font></font>Taitron distributes electronic components to other distributors, including nationwide distributors, when their inventory cannot fulfill immediate customer orders.<font style="mso-spacerun: yes">&nbsp; </font>With its higher volume, lower cost inventory, Taitron acts as a master distributor for certain of its component suppliers.<font style="mso-spacerun: yes">&nbsp; </font>Taitron estimates that approximately 35% of its sales are a direct result of being a master distributor. </font></p>
		<p class=MsoNormal style="MARGIN: 0pt 36pt 0pt 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -36.0pt 0pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">&nbsp;</font></font></i></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">Preferred Distributors.</font></font></i><font size=2><font style="mso-bidi-font-style: italic"><font style="mso-spacerun: yes">&nbsp; </font></font>Taitron developed a Preferred Distributor Agreement with certain selective distributor customers to promote a much stronger business relationship.<font style="mso-spacerun: yes">&nbsp; </font>Under these agreements, Taitron's preferred distributors provide point of sales (POS) reports which identify the distributor's customers and Taitron provides the preferred distributors with limited price protection, limited stock rotations and return privileges among other benefits.<font style="mso-spacerun: yes">&nbsp; </font>As of the date of this Report, Taitron maintains Preferred Distributor Agreements with 9 selective distributors.<font style="mso-spacerun: yes">&nbsp; </font>Taitron intends
 to maintain only a few preferred distributors in each geographical region.</font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">Relationships with Suppliers.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>Stock rotation and price protection privileges are beneficial to distributors because they enable distributors to reduce inventory cost or rotate inventory they are unable to sell, thus reducing the risks and costs associated with over-purchasing or obsolescence.<font style="mso-spacerun: yes">&nbsp; </font>Price protection mitigates the risks of falling prices of components held in inventory.<font style="mso-spacerun: yes">&nbsp; </font>Since 2001, Taitron has been aggressively pursuing new distribution agreements that provide Taitron with stock rotation and price protection privileges.<font style="mso-spacerun: yes">&nbsp; </font>These distribution agreements also provide stock buy back terms where suppliers will buy back inv
entory from the distributor if either the supplier or distributor terminates the distribution agreement.<font style="mso-spacerun: yes">&nbsp; </font>Taitron also believes that it has been able to gain a competitive advantage over other distributors by sometimes foregoing or not demanding these privileges (and thus assuming the risk for over-purchasing, product obsolescence and price fluctuations) in order to obtain better pricing.<font style="mso-spacerun: yes">&nbsp; </font>See Part II, Item 6 - &quot;Management's Discussion and Analysis - <font style="LETTER-SPACING: 0pt">Cautionary Statements and Risk Factors - </font><font style="mso-spacerun: yes">&nbsp;</font><i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">Need to Maintain Large Inventory; Price Fluctuations</font></i>&quot; and &quot;Business - Suppliers&quot;.</font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -36.0pt 0pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; LETTER-SPACING: -0.1pt">&nbsp;</font></font></i></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">Reliable One Stop Shopping.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>Taitron offers a large selection of different name-brand discrete semiconductors, optoelectronic devices and passive components at competitive prices which reduces significantly the number of suppliers a buyer must use to purchase these devices and components.<font style="mso-spacerun: yes">&nbsp; </font>Taitron provides customers with catalogs that are specially designed to aid customers in quickly locating the types and brands of products that they need.<font style="mso-spacerun: yes">&nbsp; </font>Because of its large inventory, Taitron often can fill a significant portion, or all, of a customer's order from stock.<font style="mso-spacerun: yes">&nbsp; </font>Historically, Taitron has been able to fill most of its customers' o
rders within 24 hours and in compliance with their requested delivery schedules.<font style="mso-spacerun: yes">&nbsp; </font>See Part II Item 6 - &quot;Management's Discussion and Analysis - Results of Operations&quot;, &quot;Business - Customers&quot; and &quot;Business - Sales and Marketing Channels&quot;.</font></p>
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		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; mso-bidi-font-weight: bold"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">Broken Package Sales.</font></i><font style="mso-spacerun: yes">&nbsp; </font></font>From time to time, Taitron has broken the minimum package for specific customers who demanded only a partial reel or bag for their prototype or pilot run. <font style="mso-spacerun: yes">&nbsp;</font>With the new development of web order entry system (WOE) and the completion of warehouse management system (WMS), we are able to perform the broken package sales more economically and efficiently. <font style="mso-spacerun: yes">&nbsp;</font>It will target at local distributors, OEMs and CEMs to release their financial burden of carrying unwanted parts in their stock.</font></p>

		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; mso-bidi-font-weight: bold"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">Web Order Entry (WOE) and Customer Drop Shipment (CDS).</font></i><font style="mso-spacerun: yes">&nbsp; </font></font>The demand of web purchasing from buyers around the world is growing very rapidly in the past few years. <font style="mso-spacerun: yes">&nbsp;</font>We have developed a web order entry system for existing customers to access our inventory and to place purchase orders in real time. <font style="mso-spacerun: yes">&nbsp;</font>Not only they will get the sales and shipment confirmation on the same day, but also be able to assign the drop shipments to their customers directly. <font style="mso-spacerun: yes">&nbsp;</font>We believe this is a ne
w trend to many local distributors and brokers who want to serve their customers more effectively and efficiently without material handling costs.</font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; mso-bidi-font-weight: bold"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">Third Party Warehouse.</font></i><font style="mso-spacerun: yes">&nbsp; </font></font>Paying a percentage of the transaction, some of our principals use Taitron's warehouse to hold their inventory and to ship to their customers in North America. <font style="mso-spacerun: yes">&nbsp;</font>Taitron's ability of tracking the products and the convenience of the real-time web order entry make the third party warehouse more attractive to many component manufacturers overseas. <font style="mso-spacerun: yes">&nbsp;</font>We believe this service will enhance Taitron's market position as the discrete components super store.</font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; mso-bidi-font-weight: bold"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">Vendor managed Inventory (VMI).</font></i><font style="mso-spacerun: yes">&nbsp; </font></font>As a part of our WMS system, VMI not only allocates the forecasted inventory by the contract but also guarantees the same day shipment for customers who frequently change their shipping schedule driven by MRP demand. <font style="mso-spacerun: yes">&nbsp;</font>The VMI system is fully operational from web by VMI managers who could be the reps, the buyers or the dedicated persons at Taitron.&nbsp; &nbsp;</font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Products</font></font></b><font size=1><font style="FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"></font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron markets a wide variety of discrete semiconductors, including rectifiers (or power diodes), diodes, transistors, optoelectronic devices and passive components, to other electronic distributors, contract electronic manufacturers and original equipment manufacturers, who incorporate them in their products.<font style="mso-spacerun: yes">&nbsp; </font>At December 31, 2004, Taitron's inventory contained over 1.3 billion separate components and over 14,000 distinct products.<font style="mso-spacerun: yes">&nbsp; </font>In 2004, the average per unit sales price of the products sold by Taitron was approximately 1.6 cents.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>In 2004, Taitron purchased products from over 50 suppliers, including Everlight Electronics Co, Ltd., Fairchild Semiconductor Corporation, KEC America Corporation, Samsung Electro-Mechanics Co., Vishay Americas Inc. and Zowie Technology Corporation.<font style="mso-spacerun: yes">&nbsp; </font>See Part II, Item 6 - &quot;Management's Discussion and Analysis - Cautionary Statements and Risk Factors - <i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">Suppliers&quot;,</font></i> &quot;Business - Customers&quot; and &quot;Business - Suppliers&quot;.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Discretes are categorized based on various factors, including capacity, construction, fabrication and function.<font style="mso-spacerun: yes">&nbsp; </font>The products sold by Taitron include:</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">Rectifiers.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>Rectifiers generally are utilized in power supply and other high power applications to convert alternating current to direct current.<font style="mso-spacerun: yes">&nbsp; </font>Taitron sells a wide variety of rectifiers, including silicon rectifiers, fast efficient rectifiers, schottky rectifiers, glass passivated rectifiers, fast efficient glass passivated rectifiers, silicon bridge rectifiers, fast recovery, glass passivated bridge rectifiers and controlled avalanche bridge rectifiers.</font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">Diodes.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>Diodes are two-lead semiconductors that only allow electric current to flow in one direction.<font style="mso-spacerun: yes">&nbsp; </font>They are used in a variety of electronic applications, including signal processing and direction of current.<font style="mso-spacerun: yes">&nbsp; </font>Diodes sold by Taitron include switching diodes, varistor diodes, germanium diodes and zener diodes.</font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">Transistors.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>Transistors are used in, among other applications, the processing or amplification of electric current and electronic signals, including data, television, sound and power.<font style="mso-spacerun: yes">&nbsp; </font>Taitron currently sells many types of transistors, including small signal transistors, power transistors and power MOSFETS.</font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">Optoelectronic Devices.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>Optoelectronic devices are solid state products which provide light displays (such as LEDs), optical links and fiber-optic signal coupling. Applications vary from digital displays on consumer video equipment to fiberoptic transmission of computer signals to pattern sensing for regulation, such as is found in automobile cruise controls.<font style="mso-spacerun: yes">&nbsp; </font>Optoelectronic devices generally are not classified as discrete semiconductors or integrated circuits, although they incorporate semiconductor materials.</font></p>
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		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">&nbsp;</font></font></i></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">Passive Components.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>Passive components are a type of electronic component manufactured with non-semiconductor materials.<font style="mso-spacerun: yes">&nbsp; </font>Passive components such as resistors, capacitors and inductors are used in electronic circuitry but they do not provide amplification.<font style="mso-spacerun: yes">&nbsp; </font>Passive components are basic electronic components found in virtually all electronic products. </font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">The products distributed by Taitron are mature products that are used in a wide range of commercial and industrial products and industries.<font style="mso-spacerun: yes">&nbsp; </font>Taitron believes that a majority of the products it distributes are used in applications where integrated circuits are not viable alternatives.<font style="mso-spacerun: yes">&nbsp; </font>As a result, Taitron has not experienced any material amount of product obsolescence, and does not expect to experience any material amount of product obsolescence in the foreseeable future.<font style="mso-spacerun: yes">&nbsp; </font>Taitron cannot assure you that over time the functions for which discretes are used will not eventually be displaced by integrated circuits.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Taitron conducts limited quality monitoring of its products.<font style="mso-spacerun: yes">&nbsp; </font>Taitron purchases products from reliable manufacturers who provide warranties for their products that are common in the industry.<font style="mso-spacerun: yes">&nbsp; </font>Also, Taitron is certified according to the International Standardization Organization (ISO) and maintains its Certificate under the quality standard ISO 9001:2000.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron's distribution originates from a 55,000 square-foot facility it owns located in Santa Clarita, California.<font style="mso-spacerun: yes">&nbsp; </font>Taitron utilizes a computerized inventory control/tracking system which enables Taitron to quickly access its inventory levels and trace product shipments.<font style="mso-spacerun: yes">&nbsp; </font>See Item 2 - &quot;Properties.&quot;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Customers</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -36.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron markets its products to distributors, CEMs and OEMs.<font style="mso-spacerun: yes">&nbsp; </font>Taitron believes that its strategic purchasing policies allow Taitron to provide smaller and medium-sized distributors, CEMs and OEMs competitive prices while maintaining an adequate profit margin.<font style="mso-spacerun: yes">&nbsp; </font>As a rule, Taitron does not impose minimum order limitations on its customers, which enables small customers to avoid the cost of carrying large inventories.<font style="mso-spacerun: yes">&nbsp; </font>See &quot;Business - Strategy.&quot;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>During 2004, Taitron distributed its products to approximately 900 customers.<font style="mso-spacerun: yes">&nbsp; </font>For the years ended December 31, 2004 and 2003, no one customer accounted for more than 6.2% and 3.7%, respectively, of Taitron's net sales.<font style="mso-spacerun: yes">&nbsp; </font>Taitron does not believe that the loss of any one customer would have a material adverse effect on its business.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>In 2004, distributors represented approximately 40% and both CEMs and OEMs together represented approximately 45% of Taitron's net sales.<font style="mso-spacerun: yes">&nbsp; </font>The remaining 15% sales represented other brokers, exporters and overseas customers.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron historically has not required its distributor customers to provide any point of sale reporting and therefore Taitron does not know the different industries in which its products are sold by its distributor customers.<font style="mso-spacerun: yes">&nbsp; </font>However, based on its sales to CEMs and OEMs, Taitron believes that no one industry accounted for a majority of the applications of the products sold in 2004 or 2003.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron offers its customers inventory support which includes carrying inventory for their specific needs and providing free samples of the products Taitron distributes.<font style="mso-spacerun: yes">&nbsp; </font>Taitron also offers its customers a limited range of value-added services, such as lead cutting and bending for specific applications, enhanced quality monitoring and product source tracing, but, to date, these value-added services have not been material to Taitron's business or results of operations.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron believes that exceptional customer service and customer relations are key elements of its success, and trains its sales force to provide prompt, efficient and courteous service to all customers.<font style="mso-spacerun: yes">&nbsp; </font>See &quot;Business - Sales and Marketing Channels.&quot;<font style="mso-spacerun: yes">&nbsp; </font>Taitron has the ability to ship most orders the same day they are placed and, historically, most of its customers' orders have been shipped within the requested delivery schedule.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>As Taitron's customers grow in size, Taitron may lose its larger customers to its suppliers and as the electronics distribution industry consolidates, some of Taitron's customers may be acquired by competitors.<font style="mso-spacerun: yes">&nbsp; </font>See Part II, Item 6 - &quot;Management's Discussion and Analysis - Cautionary Statements and Risk Factors - <i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">Competition</font></i>&quot;.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -36.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Sales and Marketing Channels</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -36.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>As of March 1, 2005, Taitron's sales and marketing department consisted of 12 employees.<font style="mso-spacerun: yes">&nbsp; </font>Taitron has centralized its sales order processing and customer service department into its headquarters at Santa Clarita, California.<font style="mso-spacerun: yes">&nbsp; </font>However, Taitron retains outside sales account managers in the states of Massachusetts and Georgia.<font style="mso-spacerun: yes">&nbsp; </font>Taitron's inside sales and customer service departments are divided into regional sales territories throughout North America.<font style="mso-spacerun: yes">&nbsp; </font>The outside sales account managers are also responsible for developing new CEM and OEM accounts, as well as working locally with Taitron's independent sale
s representatives and preferred distributors.</font></font></p>
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		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-spacerun: yes">&nbsp; </font></font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron also supplies products to national distributors who share franchised lines with Taitron.<font style="mso-spacerun: yes">&nbsp; </font>These national distributors usually have many office locations throughout the United States and are larger than Taitron.<font style="mso-spacerun: yes">&nbsp; </font>Taitron serves the national distributors by providing easy access to discrete products that they choose not to stock, as well as supporting their needs in inventory shortage situations.<font style="mso-spacerun: yes">&nbsp; </font>Sales to national distributors were $100,000 in 2004 and $82,000 in 2003.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron has sales channels into Central America through its majority-owned subsidiary in Mexico City, Mexico.<font style="mso-spacerun: yes">&nbsp; </font>Central American sales were $514,000 and $620,000 in 2004 and 2003, respectively.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron has sales channels into Asia through its branch office in Taipei, Taiwan.<font style="mso-spacerun: yes">&nbsp; </font>Sales to Asian customers were $507,000 and $265,000 in 2004 and 2003, respectively.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: 0pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron also has sales channels into South America through its branch office in Sao Paulo, Brazil.<font style="mso-spacerun: yes">&nbsp; </font>South American sales were $322,000 and $195,000 in 2004 and 2003, respectively.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: 0pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Independent sales representatives have played an important role in developing Taitron's client base, especially with respect to OEMs.<font style="mso-spacerun: yes">&nbsp; </font>Many OEMs want their suppliers to have a local presence and Taitron's network of independent sales representatives are responsive to these needs.<font style="mso-spacerun: yes">&nbsp; </font>Independent sales representatives are primarily responsible for face-to-face meetings with Taitron's customers, and for developing new customers.<font style="mso-spacerun: yes">&nbsp; </font>Independent sales representatives are each given responsibility for a specific geographic territory.<font style="mso-spacerun: yes">&nbsp; </font>Typically, sales representatives are only compensated for sales made to CEMs, 
OEMs and preferred distributors.<font style="mso-spacerun: yes">&nbsp; </font>Taitron believes that this commission policy directs independent sales representatives' attention to those end users with potential to increase market share.<font style="mso-spacerun: yes">&nbsp; </font>Taitron and its independent sales representatives also jointly advertise and participate in trade shows.<font style="mso-spacerun: yes">&nbsp; </font>Taitron utilized 10 independent sales representatives during 2004.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron provides customers with catalogs that are specially designed to aid them to quickly find the types and brands of discrete semiconductors and passive and optoelectronic devices that they need. </font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Suppliers</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -36.0pt; mso-line-height-rule: exactly"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron believes that it is important to develop and maintain good relationships with its suppliers.<font style="mso-spacerun: yes">&nbsp; </font>Taitron does not typically enter into long-term supply, distribution or franchise agreements with its suppliers, but instead cultivates strong working relationships with each of its suppliers.<font style="mso-spacerun: yes">&nbsp; </font>However, Taitron has entered into certain franchise agreements with some of its suppliers.<font style="mso-spacerun: yes">&nbsp; </font>The franchise agreements have terms from one to two years with inventory and price protection programs.<font style="mso-spacerun: yes">&nbsp; </font>See Part II, Item 6 - &quot;Management's Discussion and Analysis - Cautionary Statements and Risk Factors - <i style
="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">Relationship with Suppliers</font></i>&quot;.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>In order to facilitate good relationships with its suppliers, Taitron typically will carry a complete line of each supplier's discrete products.<font style="mso-spacerun: yes">&nbsp; </font>Taitron also supports its suppliers by increasing their visibility through advertising and participation in regional and national trade shows.<font style="mso-spacerun: yes">&nbsp; </font>Taitron generally orders components far in advance, helping suppliers plan their production.<font style="mso-spacerun: yes">&nbsp; </font>Outstanding commitments to purchase inventory from suppliers as of March 1, 2005 were approximately $870,000.<font style="mso-spacerun: yes">&nbsp; </font>In addition, Taitron has distribution agreements with certain suppliers which provide stock-rotation, price protec
tion and stock buy back terms.<font style="mso-spacerun: yes">&nbsp; </font>See Part II, Item 6 - &quot;Management's Discussion and Analysis - Cautionary Statements and Risk Factors - <i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">Need to Maintain Large Inventory; Price Fluctuations</font></i>&quot; and &quot;Business - Strategy&quot;.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron purchases components from over 50 different suppliers, including Everlight Electronics Co, Ltd., Fairchild Semiconductor Corporation, General Semiconductor Inc., Samsung Electro-Mechanics Co. and Vishay Americas Inc.<font style="mso-spacerun: yes">&nbsp; </font>Taitron is continually attempting to build relationships with suppliers and from time to time adds new suppliers in an attempt to provide its customers with a better product mix.<font style="mso-spacerun: yes">&nbsp; </font>Also, Taitron's relationships with suppliers have been terminated from time to time.<font style="mso-spacerun: yes">&nbsp; </font>The possibility exists that the loss of one or more distribution relationships with a supplier might have a material adverse effect on Taitron and its results of
 operations.<font style="mso-spacerun: yes">&nbsp; </font>See Part II, Item 6 - &quot;Management's Discussion and Analysis - Cautionary Statements and Risk Factors - <i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">Relationship with Suppliers</font></i>&quot;.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=1><font style="FONT-SIZE: 8pt; mso-bidi-font-size: 10.0pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>For the year ended December 31, 2004, Samsung Electro-Mechanics Co., General Semiconductor Inc., Vishay Americas Inc. and Everlight Electronics Co, Ltd., accounted for approximately 32% of Taitron's net purchases.<font style="mso-spacerun: yes">&nbsp; </font>However, Taitron does not regard any one supplier as essential to its operations, since equivalent replacements for most of the products Taitron markets are either available from one or more of Taitron's other suppliers or are available from various other sources at competitive prices.<font style="mso-spacerun: yes">&nbsp; </font>Taitron believes that, even if it loses its direct relationship with a supplier, there exist alternative sources for a supplier's products.<font style="mso-spacerun: yes">&nbsp; </font>See Part 
II, Item 6 - &quot;Management's Discussion and Analysis - Cautionary Statements and Risk Factors - <i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">Relationship with Suppliers</font></i>.&quot;</font></font></p>
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			<font size="2">7</font>
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		<p class=MsoNormal style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Competition</font></font></b></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron operates in a highly competitive environment.<font style="mso-spacerun: yes">&nbsp; </font>Taitron faces competition from numerous local, regional and national distributors (both in purchasing and selling inventory) and electronic component manufacturers, including some of its own suppliers.<font style="mso-spacerun: yes">&nbsp; </font>Many of Taitron's competitors are more established and have greater name recognition and financial and marketing resources than Taitron.<font style="mso-spacerun: yes">&nbsp; </font>Taitron believes that competition in the electronic industry is based on breadth of product lines, product availability, choice of suppliers, customer service, response time, competitive pricing and product knowledge, as well as value-added services.<font s
tyle="mso-spacerun: yes">&nbsp; </font>Taitron believes it competes effectively with respect to breadth and availability of inventory, response time, pricing and product knowledge.<font style="mso-spacerun: yes">&nbsp; </font>To Taitron's knowledge, no other national distributor focuses its business on discrete semiconductors to the same extent as does Taitron.<font style="mso-spacerun: yes">&nbsp; </font>Generally, large component manufacturers and large distributors do not focus their internal selling efforts on small and medium-sized OEMs and distributors, which constitute the vast majority of Taitron's customers. <font style="mso-spacerun: yes">&nbsp;</font>However, should Taitron's customers increase in size, component manufacturers may find it cost effective to focus direct sales efforts on those customers, which could result in the loss of customers or decreased selling prices.<font style="mso-spacerun: yes">&nbsp; </font>See Part II, Item 6 - &quot;Management's Discussion and Analysis - Cautionary St
atements and Risk Factors - <i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">Competition</font></i>&quot; and &quot;Business - Electronic Distribution Channels&quot;.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -36.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Management Information Systems</font></font></b></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron has made a significant investment in computer hardware, software and personnel.<font style="mso-spacerun: yes">&nbsp; </font>The Management Information Systems (MIS) department is responsible for software and hardware upgrades, maintenance of current software and related databases, and designing custom systems.<font style="mso-spacerun: yes">&nbsp; </font>Taitron believes that its MIS department is crucial to Taitron's success and believes in continually upgrading its hardware and software.<font style="mso-spacerun: yes">&nbsp; </font>Taitron also developed a vendor management inventory software program which allows participating customers to access and manage their own inventory through the internet.<font style="mso-spacerun: yes">&nbsp; </font>The web site also pro
vides users with other current information about Taitron.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -36.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Warehouse Management System </font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">Taitron utilizes a wireless, fully bar-coded warehouse tracking system that greatly enhances the processing speed, accuracy of product quantity and location control within the warehouse.<font style="mso-spacerun: yes">&nbsp; </font>It also reduces potential errors and accelerates the delivery of components to customers.<font style="mso-spacerun: yes">&nbsp; </font></font>Taitron is <font style="LETTER-SPACING: -0.1pt">continuously improving its warehouse management system with custom programming features.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -36.0pt"><font face="Times New Roman" size=1><font style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt; mso-bidi-font-size: 10.0pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Foreign Trade Regulation</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -36.0pt"><font face="Times New Roman" size=1><font style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt; mso-bidi-font-size: 10.0pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>A large portion of the products distributed by Taitron are manufactured in Asia, including Taiwan, Hong Kong, Japan, China, South Korea, Thailand and the Philippines.<font style="mso-spacerun: yes">&nbsp; </font>The purchase of goods manufactured in foreign countries is subject to a number of risks, including economic disruptions, transportation delays and interruptions, foreign exchange rate fluctuations, imposition of tariffs and import and export controls, and changes in governmental policies, any of which could have a material adverse effect on Taitron's business and results of operations.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Many of Taitron's suppliers have their manufacturing facilities in countries whose economies continue to be volatile while recovering from recent years of financial difficulties.<font style="mso-spacerun: yes">&nbsp; </font>Although local currencies have stabilized, the U.S. dollar's strength compared with Asian currencies further may reduce exports to Asia in the future.<font style="mso-spacerun: yes">&nbsp; </font>Sales to Asian customers were 5.4% and 2.8% of Taitron's total sales in 2004 and 2003, respectively.<font style="mso-spacerun: yes">&nbsp; </font>Conversely, Taitron believes that the weaker Asian currencies actually may benefit Taitron in the short-term by providing opportunities for Taitron to purchase products at lower prices.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>From time to time, protectionist pressures have influenced U.S. trade policy concerning the imposition of significant duties or other trade restrictions upon foreign products.<font style="mso-spacerun: yes">&nbsp; </font>Taitron cannot predict whether additional U.S. customs quotas, duties, taxes or other charges or restrictions will be imposed upon the importation of foreign components in the future or what effect any of these actions would have on its business, financial condition or results of operations.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The ability to remain competitive with respect to the pricing of imported components could be adversely affected by increases in tariffs or duties, changes in trade treaties, strikes in air or sea transportation, and possible future U.S. legislation with respect to pricing and import quotas on products from foreign countries.<font style="mso-spacerun: yes">&nbsp; </font>For example, it is possible that political or economic developments in China, or with respect to the United States' relationship with China, could have an adverse effect on Taitron's business.<font style="mso-spacerun: yes">&nbsp; </font>Taitron's ability to remain competitive also could be affected by other governmental actions related to, among other things, anti-dumping legislation and international curren
cy fluctuations.<font style="mso-spacerun: yes">&nbsp; </font>While Taitron does not believe that any of these factors adversely impact its business at present, Taitron cannot assure you that these factors will not materially adversely affect Taitron in the future.<font style="mso-spacerun: yes">&nbsp; </font>Any significant disruption in the delivery of merchandise from Taitron's suppliers, substantially all of whom are foreign, could have a material adverse impact on Taitron's business and results of operations.<font style="mso-spacerun: yes">&nbsp; </font>See Part II, Item 6 - &quot;Management's Discussion and Analysis - - Cautionary Statements and Risk Factors -<i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic"> Foreign Trade Regulation</font></i>.&quot;</font></font></p>
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			<font size="2">8</font>
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		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -36.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Employees</font></font></b></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>At March 1, 2005, Taitron had a total of 27 employees, all of whom are employed on a full time basis.<font style="mso-spacerun: yes">&nbsp; </font>None of Taitron's employees are covered by a collective bargaining agreement and Taitron<font color=black><font style="COLOR: black"> considers its relations with its employees to be good.</font></font></font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Website Availability of Our Reports Filed with the Securities and Exchange Commission</font></font></b></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron maintains a website with the address www.taitroncomponents.com.<font style="mso-spacerun: yes">&nbsp; </font>Taitron is not including the information contained on this website as a part of, or incorporating it by reference into, this annual report on Form 10-KSB.<font style="mso-spacerun: yes">&nbsp; </font>Taitron makes available free of charge through this website its annual reports, quarterly reports and current reports on Form 8-K, and amendments to these reports, as soon as reasonably practicable after it electronically files that material with, or furnish the material to, the Securities and Exchange Commission.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; mso-hyphenate: none; tab-stops: -36.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">ITEM 2.<font style="mso-spacerun: yes">&nbsp; </font>DESCRIPTION OF PROPERTY.</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Taitron owns a 55,000 square-foot building located in Santa Clarita, California, which is subject to a mortgage held by a bank.<font style="mso-spacerun: yes">&nbsp; </font>The mortgage had an outstanding principal balance of $1,300,000 at March 1, 2005 and is due December 31, 2009.<font style="mso-spacerun: yes">&nbsp; </font>Pursuant to this mortgage, monthly payments of $20,312 are required, which include interest at 6.875% per annum.<font style="mso-spacerun: yes">&nbsp; </font>Taitron's executive and administrative offices occupy approximately 12,000 square feet of the Santa Clarita facility, with the remaining 43,000 square feet constituting warehouse space.<font style="mso-spacerun: yes">&nbsp; </font>The facility is adequately covered by insurance (except earthquake 
coverage) and there are, at present, no significant plans or needs for renovation or improvement.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>During 1998, Taitron invested $519,000 in its Taiwan office, principally for the acquisition of office and warehouse space.<font style="mso-spacerun: yes">&nbsp; </font>Taitron owns this property, which is currently leased to an unrelated tenant.<font style="mso-spacerun: yes">&nbsp; </font>Taitron does not have a policy of investing in real property.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">ITEM 3.<font style="mso-spacerun: yes">&nbsp; </font>LEGAL PROCEEDINGS.</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt; LINE-HEIGHT: 9pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt; mso-line-height-rule: exactly"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>In the ordinary course of business, Taitron may become involved in legal proceedings from time to time.<font style="mso-spacerun: yes">&nbsp; </font>As of the date of this report, Taitron was not aware of any material pending legal proceedings.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">ITEM 4.<font style="mso-spacerun: yes">&nbsp; </font>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</font></font></b><font style="LETTER-SPACING: -0.1pt"></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; LINE-HEIGHT: 9pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt; mso-line-height-rule: exactly"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>No matters were submitted to a vote of the security holders of Taitron during the fourth quarter of 2004.</font></font></p>
		<p class="MsoNormal" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size="2"><font style="LETTER-SPACING: -0.1pt"></font></font></p>
		<p class="MsoNormal" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size="2"><font style="LETTER-SPACING: -0.1pt"></font></font></p>
		<p class="MsoHeading9" style="MARGIN: 0in 0in 0pt"><strong><font size="2"><font style="FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"></font></font></strong></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2><font style="LETTER-SPACING: -0.1pt"></font></font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in; mso-line-height-rule: exactly"><font style="LETTER-SPACING: -0.1pt"><font size=2>&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in; mso-line-height-rule: exactly"><font style="LETTER-SPACING: -0.1pt"><font size=2>&nbsp;</font></font></p>
		<div align="center">
			<p class=ColumnHeading style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in; mso-pagination: widow-orphan"><strong><font size=2>PART II</font></strong></p>
		</div>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in; mso-line-height-rule: exactly"><font style="LETTER-SPACING: -0.1pt"><font size=2>&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 0.6in; TEXT-INDENT: -0.6in; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2><b style="mso-bidi-font-weight: normal"><font style="LETTER-SPACING: -0.1pt">ITEM 5.<font style="mso-spacerun: yes">&nbsp; </font>MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.</font></b><font style="LETTER-SPACING: -0.1pt"></font></font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in; mso-line-height-rule: exactly"><font style="LETTER-SPACING: -0.1pt"><font size=2>&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Our Class A common stock currently trades on the Nasdaq Smallcap Market under the symbol &quot;TAIT.&quot;<font style="mso-spacerun: yes">&nbsp; </font>On August 29, 2003, we transferred our equity securities to the Nasdaq Smallcap Market from the Nasdaq National Market in order to comply with certain continued listing requirements.<br>
					<br>
				</font></font><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA">The following table sets forth the range of high and low sales prices per share for the Class A common stock as quoted on the Nasdaq Smallcap Market since August 29, 2003 and on the Nasdaq National Market prior thereto, for the periods indicated: </font></font></p>
		<table style="MARGIN-LEFT: 0.4in; BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt" cellspacing=0 cellpadding=0 border=0>
			<tr>
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					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2>&nbsp;<font style="LETTER-SPACING: -0.1pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=MsoHeading7 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in" align=center><font size=2><u>High</u></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1.05in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=101>
					<p class=MsoHeading7 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; tab-stops: -.5in 20.7pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in" align=center><u><font size=2>Low</font></u></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2.55in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=245>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2>&nbsp;<font style="LETTER-SPACING: -0.1pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2>&nbsp;<font style="LETTER-SPACING: -0.1pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1.05in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=101>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -.5in 20.7pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2>&nbsp;<font style="LETTER-SPACING: -0.1pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2.55in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=245>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2>Year Ended December 31, 2003</font></font></p>
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				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2>&nbsp;<font style="LETTER-SPACING: -0.1pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1.05in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=101>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -.5in 20.7pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2>&nbsp;<font style="LETTER-SPACING: -0.1pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2.55in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=245>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2>First Quarter</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2>$<font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>1.37</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1.05in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=101>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -.5in 20.7pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2>$<font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>0.94</font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2.55in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=245>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2>Second Quarter</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=Pleading style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="FONT-FAMILY: 'Times New Roman'; LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>1.40</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1.05in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=101>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -.5in 20.7pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>1.00</font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2.55in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=245>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2>Third Quarter</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>2.00</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1.05in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=101>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -.5in 20.7pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>0.95</font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2.55in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=245>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2>Fourth Quarter</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>3.25</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1.05in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=101>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -.5in 20.7pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>1.31</font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2.55in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=245>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2>&nbsp;<font style="LETTER-SPACING: -0.1pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2>&nbsp;<font style="LETTER-SPACING: -0.1pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1.05in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=101>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -.5in 20.7pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2>&nbsp;<font style="LETTER-SPACING: -0.1pt"></font></font></p>
				</td>
			</tr>
		</table>
		<div align="center">
			<font size="2">9</font>
			<hr noshade>
		</div>
		<table style="MARGIN-LEFT: 0.4in; BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt" cellspacing=0 cellpadding=0 border=0>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2.55in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=245>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2>&nbsp;<font style="LETTER-SPACING: -0.1pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=MsoHeading7 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in" align=center><font size=2><u>High</u></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1.05in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=101>
					<p class=MsoHeading7 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; tab-stops: -.5in 20.7pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in" align=center><u><font size=2>Low</font></u></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2.55in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=245>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2>Year Ended December 31, 2004</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2>&nbsp;<font style="LETTER-SPACING: -0.1pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1.05in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=101>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2>&nbsp;<font style="LETTER-SPACING: -0.1pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2.55in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=245>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2>First Quarter</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>2.49</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1.05in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=101>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>1.75</font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2.55in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=245>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2>Second Quarter</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>3.57</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1.05in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=101>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>2.00</font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2.55in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=245>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2>Third Quarter</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>2.50</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1.05in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=101>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>1.62</font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2.55in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=245>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2>Fourth Quarter</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>2.55</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1.05in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=101>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>1.82</font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2.55in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=245>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2>&nbsp;<font style="LETTER-SPACING: -0.1pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -1.0in -.5in 19.35pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2>&nbsp;<font style="LETTER-SPACING: -0.1pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1.05in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=101>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: -.5in 20.7pt 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font size=2>&nbsp;<font style="LETTER-SPACING: -0.1pt"></font></font></p>
				</td>
			</tr>
		</table>
		<br>
		<p class=Byline style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in; mso-pagination: widow-orphan; mso-line-height-rule: exactly"><font size=2>&nbsp;</font></p>
		<p class=Byline style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 9pt; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in; mso-pagination: widow-orphan; mso-line-height-rule: exactly"></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Holders</font></font></b></p>
		<p class=Byline style="MARGIN: 0pt; LINE-HEIGHT: 9pt; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt; mso-pagination: widow-orphan; mso-line-height-rule: exactly"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>At March 1, 2005, there were 44 holders of record of our Class A common stock and one holder of our Class B common stock.<font style="mso-spacerun: yes">&nbsp; </font>We believe there are approximately 600 additional beneficial holders of our Class A common stock.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Dividends and Dividend Policy</font></font></b></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>We have never declared any cash dividends on our common stock.<font style="mso-spacerun: yes">&nbsp; </font>However, the Company's Board of Directors will consider whether or not to start paying cash dividends at our next annual board meeting this year. <font style="mso-spacerun: yes">&nbsp;</font>The present policy of the Company is to retain earnings to finance the development of its operations.<font style="mso-spacerun: yes">&nbsp; </font>We are not aware of any contractual or similar restrictions that limit our ability to pay dividends, currently or in the future.<font style="mso-spacerun: yes">&nbsp; </font>See &quot;Management's Discussion and Analysis - Results of Operations; Liquidity and Capital Resources.&quot;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Securities Authorized Under Equity Compensation Plans</font></font></b></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>In March 1995, we established the 1995 Stock Incentive Plan expiring in March 2005.<font style="mso-spacerun: yes">&nbsp; </font>This plan provides for the issuance of an aggregate incentive stock option for 1,080,000 shares, non-statutory options or stock appreciation rights to directors, officers and other employees of the Company.</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA">Equity Compensation Plan Information:</font></font></p>
		<table style="MARGIN-LEFT: 9.9pt; BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt" cellspacing=0 cellpadding=0 border=0 width="689">
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 269.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=412>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 72.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign=top width="91">
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>Number of securities to be issued upon exercise of outstanding options, warrants and rights</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign=top width="89">
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; tab-stops: .5in" align=center><font size=2>Weighted-average exercise price of outstanding options, warrants and rights</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign=top width="72">
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; tab-stops: .5in" align=center><font size=2>Number of securities remaining available for future issuance under equity compensation</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 269.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=412>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 72.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .5pt" valign=top width=91>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .5pt" valign=top width=89>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right; tab-stops: .5in" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .5pt" valign=top width=72>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 269.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=412>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2>Equity compensation plans approved by security holders</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 72.45pt; PADDING-TOP: 0in; BACKGROUND-COLOR: transparent;" valign=top width=91 align="left">
					<div align="left">
						<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font size=2>598,999&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
					</div>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=89 align="right">
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>$1.81&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=72 align="right">
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>369,554&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 269.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=412>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2>Equity compensation plans not approved by security holders</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 72.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign=top width=91>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign=top width=89>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign=top width=72>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 269.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=412>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2><font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp; </font>Total</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 72.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .5pt" valign=top width=91 align="left">
					<div align="left">
						<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font size=2>598,999&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
					</div>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .5pt" valign=top width=89 align="right">
					<div align="right">
						<p class=NumbersNormal style="MARGIN: 0in 0in 0pt; tab-stops: decimal 44.1pt"><font size=2>$1.81&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
					</div>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .5pt" valign=top width=72 align="right">
					<div align="right">
						<p class=NumbersNormal style="MARGIN: 0in 0in 0pt; tab-stops: decimal 56.7pt"><font size=2>369,554&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
					</div>
				</td>
			</tr>
		</table>
		<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoHeading9 style="MARGIN: 0in 0in 0pt"><strong><font size=2>Recent Sales of Unregistered Securities <font style="FONT-SIZE: 12pt"></font></font></strong></p>
		<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 24.5pt"><font size=2>There were no issuances or sales of our securities by us during the fourth quarter of 2004 that were not registered under the Securities Act of 1933. <font style="FONT-SIZE: 12pt"></font></font></p>
		<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoHeading9 style="MARGIN: 0in 0in 0pt"><strong><font size=2>Repurchase of Equity Securities</font></strong></p>
		<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>No shares were repurchased by us during the fourth quarter 2004.</font></p>
		<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<div align="center">
			<font size="2">10</font>
			<hr noshade>
		</div>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">ITEM 6.<font style="mso-spacerun: yes">&nbsp; </font>MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -72.0pt -36.0pt 0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt 468.0pt 504.0pt"><font face="CG Times" size=2><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'CG Times'; LETTER-SPACING: -0.1pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt"><i><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">The following discussion should be read in conjunction with the consolidated financial statements, including the related notes, appearing in Item 7 of this report.<font style="mso-spacerun: yes">&nbsp; </font>Also, several of the matters discussed in this document contain forward-looking statements that involve risks and uncertainties.<font style="mso-spacerun: yes">&nbsp; </font>Forward-looking statements usually are denoted by words or phrases such as &quot;believes,&quot; &quot;expects,&quot; &quot;projects,&quot; &quot;estimates,&quot; &quot;anticipates,&quot; &quot;will likely result&quot; or similar expressions.<font style="mso-spacerun: yes">&nbsp; </font>We wish to caution readers that all forward-looking statements are necessarily speculative and not to place undue reliance on forward-looking statements, which speak only as of the date made, and to ad
vise readers that actual results could vary due to a variety of risks and uncertainties.<font style="mso-spacerun: yes">&nbsp; </font>Factors associated with the forward-looking statements that could cause the forward-looking statements to be inaccurate and could otherwise impact our future results are set forth in detail in this report.<font style="mso-spacerun: yes">&nbsp; </font>In addition to the other information contained in this report, readers should carefully consider the following information appearing under the heading &quot;Cautionary Statements and Risk Factors.&quot;</font></font></i></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><i><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">&nbsp;</font></font></i></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Overview</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 36pt; mso-hyphenate: auto; tab-stops: 36.0pt; mso-pagination: widow-orphan"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; LETTER-SPACING: 0pt">Taitron distributes a wide variety of transistors, diodes and other discrete semiconductors, optoelectronic devices and passive components to other electronic distributors, contract electronic manufacturers (CEMs) and original equipment manufacturers (OEMs), who incorporate them in their products.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; TEXT-INDENT: 28.8pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>We believe that demand for discrete semiconductors in the U.S. market decreased from 1996 through the middle of 1999 caused in part by the overall economic slowdown and excess product availability.<font style="mso-spacerun: yes">&nbsp; </font>From mid-1999 through most of 2000, demand increased as a result of industry-wide shortages.<font style="mso-spacerun: yes">&nbsp; </font>However, the industry-wide shortages began to diminish towards the end of 2000 and demand through today has drastically declined.<font style="mso-spacerun: yes">&nbsp; </font>In addition to the general economic slowdown, we believe the declining demand in the U.S. market also has <font color=black><font style="COLOR: black">resulted from the accelerated trend of moving the production capacity of OEM/C
EM customers abroad and the consolidation of CEM customers domestically.<font style="mso-spacerun: yes">&nbsp; </font>In response, w</font></font>e are refocusing our business strategy beyond the traditional role of electronic components fulfillment to the additional role of engineering and turn-key services for the existing OEM and CEM customers.<font style="mso-spacerun: yes">&nbsp; </font>We formed few strategic business partnerships with a few selected existing customers and provide them with original design and manufacturing (ODM) services for their multi-year turn-key projects.<font style="mso-spacerun: yes">&nbsp; </font>We expect to see some new opportunities and results from these additional services during 2005.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" color=black size=2><font style="FONT-SIZE: 10pt; COLOR: black">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" color=black size=2><font style="FONT-SIZE: 10pt; COLOR: black"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Our core strategy still includes maintaining a substantial inventory of discrete and passive components purchased at prices generally lower than those commonly available to our competitors.<font style="mso-spacerun: yes">&nbsp; </font>This strategy allows us to fill customer orders immediately from stock held in inventory.<font style="mso-spacerun: yes">&nbsp; </font>Since demand remained weak throughout 2004, we focused on lowering our inventory balances and changing our product mix.<font style="mso-spacerun: yes">&nbsp; </font>As a result, net inventory levels decreased throughout the year by $1,463,000, including a non-cash provision of approximately $585,000 during 2004 to increase our inventory reserves.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" color=black size=2><font style="FONT-SIZE: 10pt; COLOR: black">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" color=black><font style="FONT-SIZE: 10pt; COLOR: black"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>In accordance with Generally Accepted Accounting Principles, management has classified inventory as a current asset </font></font><font size=2><font style="mso-bidi-font-style: italic">in the Company's December 31, 2004, consolidated financial statements representing approximately 86% of current assets.</font><font color=black><font style="COLOR: black"><font style="mso-spacerun: yes">&nbsp; </font>However, if all or a substantial portion of the inventory was required to be immediately liquidated, the inventory would not be as readily marketable or liquid as other items included or classified as a current asset, such as cash.<font style="mso-spacerun: yes">&nbsp; </font>We cannot assure you that demand in the discrete semiconductor market will increase and
 that market conditions will improve.<font style="mso-spacerun: yes">&nbsp; </font>Therefore, it is possible that further declines in our carrying values of inventory may result.</font></font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" color=black><font style="FONT-SIZE: 10pt; COLOR: black">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" color=black size=2><font style="FONT-SIZE: 10pt; COLOR: black"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Since the beginning of 2001, our gross profit margins in general have been stable or slightly increased mainly because our purchasing price decreases have more than offset the selling price erosion in the down market.<font style="mso-spacerun: yes">&nbsp; </font>Our gross profit margins are subject to a number of factors, including product demand, a strong U.S. dollar, manufacturer's price protection programs, our ability to purchase inventory at favorable prices and our sales product mix.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><i style="mso-bidi-font-style: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">&nbsp;</font></font></i></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Critical Accounting Policies and Estimates </font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify; tab-stops: 36.0pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">&nbsp;</font></font></i></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Use of Estimates - Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare our financial statements included in Item 7 of this report in conformity with generally accepted accounting principles.<font style="mso-spacerun: yes">&nbsp; </font>These estimates have a significant impact on our valuation and reserve accounts relating to the allowance for sales returns, doubtful accounts, inventory reserves and deferred income taxes.<font style="mso-spacerun: yes">&nbsp; </font>Actual results could differ from these estimates.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Revenue Recognition - Revenue is recognized upon shipment of the merchandise, which is when legal transfer of title occurs.<font style="mso-spacerun: yes">&nbsp; </font>Reserves for sales allowances and customer returns are established based upon historical experience and management's estimates of future returns.<font style="mso-spacerun: yes">&nbsp; </font>Sales returns for the year ended December 31, 2004 were $86,000 compared to $169,000 for 2003.<font style="mso-spacerun: yes">&nbsp; </font>The allowance for sales returns and doubtful accounts at December 31, 2004 was $63,000.<font style="mso-spacerun: yes">&nbsp; </font>We review the actual sales returns and bad debts for our customers and establish an estimate of future returns and allowance for doubtful accounts.</fon
t></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<div align="center">
			<font size="2">11</font>
			<hr noshade>
		</div>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Inventory - <font color=black><font style="COLOR: black">Inventory, consisting principally of products held for resale, is recorded at the lower of cost (determined using the first in-first out method) or estimated market value.<font style="mso-spacerun: yes">&nbsp; </font></font></font>We had inventory balances in the amount of $18,253,000 at December 31, 2004, which is presented net of valuation allowances of $1,036,000.<font style="mso-spacerun: yes">&nbsp; </font>We evaluate inventories to identify excess, high-cost, slow-moving or other factors rendering inventories as unmarketable at normal profit margins.<font style="mso-spacerun: yes">&nbsp; </font>For inventories supplied under franchise agreements, we take into account our contractual rights to receive compensation
 for price differences caused by market fluctuations.<font style="mso-spacerun: yes">&nbsp; </font>Due to the large number of transactions and the complexity of managing and maintaining a large inventory of product offerings, estimates are made regarding adjustments to the cost of inventories.<font style="mso-spacerun: yes">&nbsp; </font>If our assumptions about future demand change, or market conditions are less favorable than those projected, additional write-downs of inventories may be required.<font style="mso-spacerun: yes">&nbsp; </font>In any case, actual amounts could be different from those estimated.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Deferred Taxes &#150; We review the nature of each component of our deferred income taxes for reasonableness.<font style="mso-spacerun: yes">&nbsp; </font>If determined that it is more likely than not that we will not realize all or part of our net deferred tax assets in the future, we record a valuation allowance against the deferred tax assets, which allowance will be charged to income tax expense in the period of such determination.<font style="mso-spacerun: yes">&nbsp; </font>We also consider the scheduled reversal of deferred tax liabilities, tax planning strategies and future taxable income in assessing the realizability of deferred tax assets.<font style="mso-spacerun: yes">&nbsp; </font>We also consider the weight of both positive and negative evidence in determining
 whether a valuation allowance is needed.<font style="mso-spacerun: yes">&nbsp; </font>However, due to the continued net losses, we have fully reserved a $669,000 allowance against our net deferred tax assets.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt">Results of Operations</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 6pt 0pt; TEXT-ALIGN: justify"><i style="mso-bidi-font-style: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; FONT-STYLE: italic">The Year Ended December 31, 2004 Compared to the Year Ended December 31, 2003</font></font></i></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Net sales for the year ended December 31, 2004 were $9,352,000 compared with $9,479,000 in the prior year, a decrease of $127,000 or 1.3%.<font style="mso-spacerun: yes">&nbsp; </font>This decrease was primarily due to decrease in domestic demand for our products.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Cost of goods sold decreased by $137,000 to $6,701,000 for the year ended December 31, 2004, a decrease of 2% from 2003.<font style="mso-spacerun: yes">&nbsp; </font>Gross profits increased as a percentage of net sales to 28.4% for the current year from 27.9% in the prior year.<font style="mso-spacerun: yes">&nbsp; </font>Gross profits increased by $10,000 to $2,651,000 for the current year from $2,641,000 in the prior year.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Selling, general and administrative expenses decreased by $567,000 or 18% for 2004 as compared to the prior year.<font style="mso-spacerun: yes">&nbsp; </font>The decrease is primarily attributable to reducing personnel-related expenses by approximately $155,000 and depreciation and amortization, by approximately $151,000.<font style="mso-spacerun: yes">&nbsp; </font>Selling, general and administrative expenses, as a percentage of net sales, decreased to 27.7% for the year ended December 31, 2004 compared to 33.3% in the prior year.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Operating loss was $84,000 or 0.9% for 2004, as compared to $514,000 in the prior year.<font style="mso-spacerun: yes">&nbsp; </font>Operating losses decreased primarily as a result of lower selling, general and administrative expenses discussed above.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Interest expense for 2004 decreased by $184,000 as compared the prior year.<font style="mso-spacerun: yes">&nbsp; </font>The decrease is due to lower borrowing levels and lower effective average borrowing interest rates.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Income tax provision was $33,000 for 2004, as compared to $221,000 for the prior year.<font style="mso-spacerun: yes">&nbsp; </font>The change is due to the Company recording $220,000 in non-cash income tax charges for 2003, related to fully reserving its valuation allowance against its net deferred tax assets (as discussed above; see &quot;Critical Accounting Policies and Estimates &#150; Deferred Taxes&quot;).</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>We incurred net losses of $248,000 for 2004 as compared with $387,000 for the prior year, a decrease of $139,000 or 35.9%.<font style="mso-spacerun: yes">&nbsp; </font>The decrease in net losses is primarily attributable to lower selling, general and administrative expenses, discussed above.<font style="mso-spacerun: yes">&nbsp; </font>Net loss as a percentage of net sales decreased to 2.7% from 4.1%.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="CG Times" size=2><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'CG Times'">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Liquidity and Capital Resources</font></font></b></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>We historically have satisfied our liquidity requirements through cash generated from operations, short-term subordinated loans and the sale of equity securities.<font style="mso-spacerun: yes">&nbsp; </font>Our cash flows provided by (used in) operating, financing and investing activities for the years ended December 31, 2004 and 2003 were as follows:</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2><font style="COLOR: black"></font></font></p>
		<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"></p>
		<div align="center">
			<font size="2">12</font>
			<hr noshade>
		</div>
		<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<table style="BORDER-COLLAPSE: collapse; mso-padding-alt: 0in 5.75pt 0in 5.75pt" cellspacing=0 cellpadding=0 border=0>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.75pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 257.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=343>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2><font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.75pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 139.85pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign=top colspan=2>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><b style="mso-bidi-font-weight: normal"><font size=2>Year Ended December 31,</font></b></p>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>(in thousands)<b style="mso-bidi-font-weight: normal"></b></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.75pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 257.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=343>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.75pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 69.9pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=93>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><b style="mso-bidi-font-weight: normal"><font size=2><u>2004</u></font></b></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.75pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 69.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=98>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><b style="mso-bidi-font-weight: normal"><font size=2><u>2003</u></font></b></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.75pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 257.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=343>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2>Operating activities................................................</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.75pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 69.9pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=93>
					<p class=MsoBodyText style="MARGIN: 0in -3.7pt 0pt 0in; TEXT-ALIGN: right; tab-stops: .5in" align=right><font size=2>$<font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>1,711</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.75pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 69.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=98>
					<p class=MsoBodyText style="MARGIN: 0in -1.25pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>$<font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>4,924</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.75pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 257.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=343>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2>Investing activities.................................................</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.75pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 69.9pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=93>
					<p class=MsoBodyText style="MARGIN: 0in -6.1pt 0pt 0in; TEXT-ALIGN: right; tab-stops: .5in" align=right><font size=2>(117)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.75pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 69.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=98>
					<p class=MsoBodyText style="MARGIN: 0in -1.25pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>1,774</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.75pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 257.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=343>
					<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2>Financing activities................................................</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.75pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 69.9pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=93>
					<p class=MsoBodyText style="MARGIN: 0in -6.1pt 0pt 0in; TEXT-ALIGN: right; tab-stops: .5in" align=right><font size=2>(4,032)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.75pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.75pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 69.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=98>
					<p class=MsoBodyText style="MARGIN: 0in -6.1pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>(4,085)</font></p>
				</td>
			</tr>
		</table>
		<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><br>
		</p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Cash flows provided by operating activities decreased to $1,711,000 during 2004, as compared to $4,924,000 in the prior year.<font style="mso-spacerun: yes">&nbsp; </font>The decrease is primarily attributable to inventory decreasing by $878,000 in 2004 as compared to a decrease of $4,111,000 in 2003.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Cash flows used in investing activities was $117,000 during 2004, as compared to cash flows provided in 2003 of $1,774,000.<font style="mso-spacerun: yes">&nbsp; </font>The decrease is due to the sale of our former office/warehouse facility for net proceeds of $1,793,000 during the quarter ending September 30, 2003.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Cash flows used in financing activities decreased to $4,032,000 in 2004 as compared with $4,085,000 in the prior year.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>We believe that funds generated from operations, our $3 million revolving line of credit facility and existing cash balances, are likely to be sufficient to finance our working capital and capital expenditure requirements for the foreseeable future.<font style="mso-spacerun: yes">&nbsp; </font>If these funds are not sufficient, we may secure new sources of asset-based lending on accounts receivables or issue debt or equity securities.<font style="mso-spacerun: yes">&nbsp; </font>Otherwise, we may need to liquidate assets to generate the necessary working capital.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Inventory is included and classified as a current asset.<font style="mso-spacerun: yes">&nbsp; </font>As of December 31, 2004, inventory represented approximately 86% of current assets.<font style="mso-spacerun: yes">&nbsp; </font>However, it is likely to take over one year for the inventory to turn and therefore is likely not to be saleable within a one-year time frame.<font style="mso-spacerun: yes">&nbsp; </font>Hence, inventory would not be as readily marketable or liquid as other items included in current assets, such as cash.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; mso-hyphenate: auto; tab-stops: 27.0pt; mso-pagination: widow-orphan"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Off-Balance Sheet Arrangements </font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-INDENT: 24.5pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-INDENT: 24.5pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">We had no material off-balance sheet arrangements that have, or are likely to have, a current or future material effect on our operations.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt; mso-hyphenate: auto; tab-stops: 27.0pt; mso-pagination: widow-orphan"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Foreign Economic Issues</font></font></b></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman"><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font></b><font size=2>Many of our suppliers have their manufacturing facilities in countries whose economies continue to be volatile while recovering from recent years of financial difficulties.<font style="mso-spacerun: yes">&nbsp; </font>Although local currencies have stabilized, the U.S. dollar's strength compared with Asian currencies may further reduce exports to Asia in the future.<font style="mso-spacerun: yes">&nbsp; </font>Conversely, we believe that the weaker Asian currencies actually may benefit us in the short term by providing opportunities for us to purchase products at lower prices. </font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoHeading9 style="MARGIN: 0pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Cautionary Statements and Risk Factors</font></font></b></p>
		<p class=Byline style="MARGIN: 0pt; LINE-HEIGHT: 9pt; mso-pagination: widow-orphan; mso-line-height-rule: exactly"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Several of the matters discussed in this document contain forward-looking statements that involve risks and uncertainties.<font style="mso-spacerun: yes">&nbsp; </font>Factors associated with the forward-looking statements which could cause actual results to differ materially from those projected or forecast in the statements appear below.<font style="mso-spacerun: yes">&nbsp; </font>In addition to other information contained in this document, readers should carefully consider the following cautionary statements and risk factors: </font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">If we fail to retain key personnel our operations could suffer and our stock price could be negatively impacted.</font></i><font style="mso-spacerun: yes">&nbsp; </font>We are highly dependent upon the services of Stewart Wang, our Chief Executive Officer and President.<font style="mso-spacerun: yes">&nbsp; </font>Our success to date has been largely dependent upon the efforts and abilities of Mr. Wang and the loss of Mr. Wang's services for any reason could have a material adverse effect upon us.<font style="mso-spacerun: yes">&nbsp; </font>In addition, our work force includes executives and employees with significant knowledge and experience in the electronics distribution industry.<font style="mso-spa
cerun: yes">&nbsp; </font>Our future success will be strongly influenced by our ability to continue to recruit, train and retain a skilled work force.<font style="mso-spacerun: yes">&nbsp; </font>While we believe that we would be able to locate suitable replacements for our executives or other personnel if their services were lost, we cannot assure you that we would be able to do so on terms favorable to us.<font style="mso-spacerun: yes">&nbsp; </font>In particular, the hiring of a suitable replacement for Mr. Wang could be very difficult.<font style="mso-spacerun: yes">&nbsp; </font>We have purchased and currently intend to maintain a key-man life insurance policy on Mr. Wang's life with benefits of $2,000,000 payable to us in the event of Mr. Wang's death.<font style="mso-spacerun: yes">&nbsp; </font>The benefits received under this policy might not be sufficient to compensate us for the loss of Mr. Wang's services should a suitable replacement not be employed.<font style="mso-spacerun: yes">&nbsp; </font
>Since 2002, Mr. Wang also has assumed the Chief Financial Officer position until the next annual board meeting in May 2005.<font style="mso-spacerun: yes">&nbsp; </font>The Board of Directors will consider appointing a Chief Financial Officer, if needed, under the current market conditions.</font></font></p>
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			<font size="2">13</font>
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		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Difficulties with or termination of our relationship with our suppliers could adversely impact our ability to provide sufficient quantities of our products on a timely basis. </font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp;</font>Typically, we do not have written long-term supply or distribution agreements with any of our non-franchise suppliers and our written franchise supplier agreements have terms of one to two years.<font style="mso-spacerun: yes">&nbsp; </font>Although we believe that we have established close working relationships with our principal suppliers, our success will depend, in large part, on maintaining these relationships and developing new supplier relationships for our existing and 
future product lines.<font style="mso-spacerun: yes">&nbsp; </font>Because of the lack of long-term contracts, we cannot assure you that we will be able to maintain these relationships. However, we believe that, even if we lose our direct relationship with a supplier, alternative sources exist for our products.<font style="mso-spacerun: yes">&nbsp; </font>We cannot assure you that the loss or a significant disruption in the relationship with one or more of our suppliers would not have a material adverse effect on our business and results of operations.</font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i style="mso-bidi-font-style: normal"><font style="FONT-STYLE: italic">W<font style="mso-bidi-font-style: italic">e may not receive the full value of our inventory if we are forced to liquidate within a limited time period.</font></font></i><font style="mso-spacerun: yes">&nbsp; </font><font style="mso-bidi-font-style: italic">Inventory, according to Generally Accepted Accounting Principles, is included and classified as a current asset in our December 31, 2004 consolidated financial statements.<font style="mso-spacerun: yes">&nbsp; </font>However, if all or a substantial portion of the inventory was required to be immediately liquidated, the inventory would not be as readily marketable or liquid as other items included or classified as a current asset, such as cash.</font>
</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Our revenues and operating results have been and may again be adversely affected by downturns or other changes in the general economy or in the semiconductor industry.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>The electronics distribution industry has been affected historically by general economic downturns, which have had an adverse economic effect upon manufacturers and end-users of discrete components, as well as electronic distributors such as us.<font style="mso-spacerun: yes">&nbsp; </font>In addition, the life-cycle of existing electronic products and the timing of new product development and introduction can affect demand for electronic components.<font style="mso-spacerun: yes">&nb
sp; </font>Downturns in the electronics distribution industry, or the electronics industry in general, could adversely affect our business and results of operations.</font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Our gross margins may decline as we increasingly compete with larger companies with greater financial resources and foreign distributors.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>We face intense competition, both in our selling efforts and purchasing efforts, from the significant number of companies that manufacture or distribute discrete products.<font style="mso-spacerun: yes">&nbsp; </font>Many of these companies have substantially greater assets and possess substantially greater financial and personnel resources than we do.<font style="mso-spacerun: yes">&nbsp; </font>Many competing distributors also carry product lines which we do not carry.<font style="mso-spacerun: yes">&nbsp; </fon
t>Generally, large component manufacturers and large distributors do not focus their direct selling efforts on smaller and medium-sized CEMs, OEMs and distributors, which constitute the vast majority of our customers.<font style="mso-spacerun: yes">&nbsp; </font>However, should our customers increase in size, component manufacturers may find it cost effective to focus direct selling efforts on those customers, which could result in the loss of customers or decrease on profit margins.<font style="mso-spacerun: yes">&nbsp; </font>We cannot assure you that we will be able to continue to compete effectively with existing or potential competitors.<font style="mso-spacerun: yes">&nbsp; </font>Also, we have seen new competition from Asia in two major areas: (a) more Asian manufacturers competing directly with U.S. distributors and (b) more OEMs and CEMs moving production capacity to Asia for cost savings.</font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Because we maintain a large inventory, price fluctuations can significantly affect our results of operations.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>To adequately service our customers, we believe that it is necessary to maintain a significant inventory supply of our product offerings.<font style="mso-spacerun: yes">&nbsp; </font>However, if prices of components held in our inventory supply decline or if new technology is developed that displaces products distributed by us and held in inventory, our business and results of operations could be materially adversely affected.</font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>An unanticipated shortage of products may cause us to fall short of expected quarterly revenues and operating results.<font style="mso-spacerun: yes">&nbsp; </font></font></font></i><font size=2>The semiconductor component business has from time to time experienced periods of extreme shortages in product supply, generally as the result of demand exceeding available supply. When these shortages occur, suppliers tend to either raise unit prices in order to reduce order backlog or place their customers on &quot;allocation,&quot; reducing the number of units sold to each customer.<font style="mso-spacerun: yes">&nbsp; </font>While we believe that, due to the depth of our inventory, we have not been adversely affected by past sh
ortages in certain discrete components, we cannot assure you that future shortages will not adversely impact us.</font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Because we depend on international suppliers for a significant amount of our products, we are subject to all of the risks and uncertainties associated with the conduct of international business.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>A significant number of the products distributed by us are manufactured in Taiwan, China, South Korea and the Philippines.<font style="mso-spacerun: yes">&nbsp; </font>The purchase of goods manufactured in foreign countries is subject to a number of risks, including economic disruptions, transportation delays and interruptions, foreign exchange rate fluctuations, imposition of tariffs and import and export controls and changes in governmental policies, any o
f which could have a material adverse effect on our business and results of operations.</font></p>
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			<font size="2">14</font>
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		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The ability to remain competitive with respect to the pricing of imported components could be adversely affected by increases in tariffs or duties, changes in trade treaties, strikes in air or sea transportation, and possible future U.S. legislation with respect to pricing and import quotas on products from foreign countries.<font style="mso-spacerun: yes">&nbsp; </font>For example, it is possible that political or economic developments in China, or with respect to the U.S. relationship with China, could have an adverse effect on our business.<font style="mso-spacerun: yes">&nbsp; </font>Our ability to remain competitive could also be affected by other governmental actions related to, among other things, anti-dumping legislation and international currency fluctuations.<font 
style="mso-spacerun: yes">&nbsp; </font>While we do not believe that any of these factors adversely impact our business at present, we cannot assure you that these factors will not materially adversely affect us in the future.<font style="mso-spacerun: yes">&nbsp; </font>Any significant disruption in the delivery of merchandise from our suppliers, substantially all of whom are foreign, could also have a material adverse impact on our business and results of operations.</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Because one shareholder holds the majority of the voting power of our common tock, we may not be an attractive candidate for acquisition, which may have a negative effect on our stock price.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>Stewart Wang, our Chief Executive Officer and President, beneficially owns all of our Class B common stock, which carries ten votes per share, and he thus controls approximately 62% of the voting power of our common stock.<font style="mso-spacerun: yes">&nbsp; </font>As a result, Mr. Wang is able to control us and our operations, including the election of at least a majority of our Board of Directors.<font style="mso-spacerun: yes">&nbsp; </font>Also, at any tim
e while we have at least 800 shareholders who beneficially own shares of our common stock, our Articles of Incorporation provide for the automatic elimination of cumulative voting, which would allow Mr. Wang to elect all of our directors.<font style="mso-spacerun: yes">&nbsp; </font>The disproportionate vote afforded the Class B common stock could also serve to discourage potential acquirers from seeking to acquire control of us through the purchase of the Class A common stock, which might have a depressive affect on the price of the Class A common stock.</font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><font face="Times New Roman"><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt"><i style="mso-bidi-font-style: normal"><font face="Times New Roman"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>If our customers return products at a rate significantly in excess of historical levels, our reserves for returns may not be adequate.</font></font></i><font size=2><font style="mso-spacerun: yes">&nbsp; </font>On a case-by-case basis, we accept returns of products from our customers, without restocking charges, when they can demonstrate an acceptable cause for the return.<font style="mso-spacerun: yes">&nbsp; </font>Requests by a distributor to return products purchased for its own inventory generally are not included under this policy.<font style="mso-spacerun: yes">&nbsp; </font>We also will, on a case-by-case basis, accept returns of products upon payment of a restocking fee, which generally is set at 15% to 30% of the 
sales price.<font style="mso-spacerun: yes">&nbsp; </font>We will not accept returns of any products that were special-ordered by a customer, or that otherwise are not generally included in our inventory.<font style="mso-spacerun: yes">&nbsp; </font>During the fiscal years ended December 31, 2004 and 2003, sales returns aggregated $86,000 and $169,000, or 0.9% and 1.8% of net sales, respectively.<font style="mso-spacerun: yes">&nbsp; </font>Historically, most allowable returns occur during the first two months following shipment.<font style="mso-spacerun: yes">&nbsp; </font>While we maintain reserves for product returns which we consider to be adequate, the possibility exists that we could experience returns in any period at a rate significantly in excess of historical levels, which could materially and adversely impact our results of operations for that period.</font></p>
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		<p class=MsoBodyText style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt; mso-bidi-font-weight: bold"><font size=2>&nbsp;</font></font></p>
		<h1 style="MARGIN: 0in 0in 0pt; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in; mso-pagination: widow-orphan"><font size=2>ITEM 7.<font style="mso-spacerun: yes">&nbsp; </font>FINANCIAL STATEMENTS.</font></h1>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2>&nbsp;</font></font></p>
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			<p class=ColumnHeading style="MARGIN: 0in 0in 0pt; mso-hyphenate: none; tab-stops: center 3.25in; mso-pagination: widow-orphan"><font style="LETTER-SPACING: -0.1pt"><strong><font size=2>INDEX TO FINANCIAL STATEMENTS</font></strong></font></p>
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		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; mso-hyphenate: none; tab-stops: center 3.25in" align=center><font><font size=2><strong>TAITRON COMPONENTS INCORPORATED</strong></font></font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; mso-hyphenate: none; tab-stops: -1.0in -.5in 0in .5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in"><font style="LETTER-SPACING: -0.1pt"><font size=2>&nbsp;</font></font></p>
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				<td width="664"><font style="LETTER-SPACING: -0.1pt"><font size=2>Report of Independent Registered Public Accounting Firm<font style="mso-tab-count: 1 dotted">........................................................................... </font></font></font></td>
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			</tr>
			<tr>
				<td width="664"><font size=2>Consolidated<font style="LETTER-SPACING: -0.1pt"> Balance Sheet at December 31, 2004<font style="mso-tab-count: 1 dotted">...................</font></font></font><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1 dotted">........................................................................</font></font></font></td>
				<td align="right" width="34"><font size=2><font style="LETTER-SPACING: -0.1pt">17</font></font></td>
			</tr>
			<tr>
				<td width="664"><font size=2>Consolidated<font style="LETTER-SPACING: -0.1pt"> Statements of Operations for the Years Ended December 31, 2004 and 2003<font style="mso-tab-count: 1 dotted">..</font></font></font><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1 dotted">....................</font></font></font></td>
				<td align="right" width="34"><font size=2><font style="LETTER-SPACING: -0.1pt">18</font></font></td>
			</tr>
			<tr>
				<td width="664"><font size=2>Consolidated<font style="LETTER-SPACING: -0.1pt"> Statement of Shareholders' Equity for the Years Ended December 31, 2004 and 2003<font style="mso-tab-count: 1 dotted">..</font></font></font><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1 dotted">.....</font></font></font></td>
				<td align="right" width="34"><font size=2><font style="LETTER-SPACING: -0.1pt">19</font></font></td>
			</tr>
			<tr>
				<td width="664"><font size=2>Consolidated<font style="LETTER-SPACING: -0.1pt"> Statements of Cash Flows for the Years Ended December 31, 2004 and 2003<font style="mso-tab-count: 1 dotted">..</font></font></font><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1 dotted">...................</font></font></font></td>
				<td align="right" width="34"><font size=2><font style="LETTER-SPACING: -0.1pt">20</font></font></td>
			</tr>
			<tr>
				<td width="664"><font size=2>Notes to Consolidated Financial Statements<font style="LETTER-SPACING: -0.1pt"><font style="mso-tab-count: 1 dotted">..</font></font></font><font style="LETTER-SPACING: -0.1pt"><font size=2><font style="mso-tab-count: 1 dotted">...................................................................................................</font></font></font></td>
				<td align="right" width="34"><font size=2><font style="LETTER-SPACING: -0.1pt">21-27</font></font></td>
			</tr>
		</table>
		<br>
		<div align="center">
			<font size="2">15</font>
			<hr noshade>
			<p><br>
				<font style="FONT-SIZE: 10pt"><strong>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</strong></font></p>
		</div>
		<div align="left">
			<p></p>
		</div>
		<p class=Salutation style="MARGIN: 0in 0in 0.25in"></p>
		<p class=Salutation style="MARGIN: 0pt 0pt 18pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Board of Directors<br>
					Taitron Components Incorporated</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">We have audited the accompanying consolidated balance sheet of Taitron Components Incorporated as of December&nbsp;31, 2004 and the related consolidated statements of operations, shareholders' equity and cash flows for each of the two years in the period ended December 31, 2004.<font style="mso-spacerun: yes">&nbsp; </font>These consolidated financial statements are the responsibility of the Company's management.<font style="mso-spacerun: yes">&nbsp; </font>Our responsibility is to express an opinion on these financial statements based on our audits.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size="2"><font style="FONT-SIZE: 10pt">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board in the United States of America.</font><font style="FONT-SIZE: 10pt"><font style="mso-spacerun: yes">&nbsp; </font></font><font style="FONT-SIZE: 10pt">Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.</font><font style="FONT-SIZE: 10pt"><font style="mso-spacerun: yes">&nbsp;The Company is not required to have, nor were we engaged to perform, an </font></font></font><font size="2">audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the e
ffectiveness of Company's internal control over financial reporting. Accordingly, we express no such opinion.</font><font face="Times New Roman" size="2"><font style="FONT-SIZE: 10pt"><font style="mso-spacerun: yes"> </font></font><font style="FONT-SIZE: 10pt">An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.</font><font style="FONT-SIZE: 10pt"><font style="mso-spacerun: yes">&nbsp; </font></font><font style="FONT-SIZE: 10pt">An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.</font><font style="FONT-SIZE: 10pt"><font style="mso-spacerun: yes">&nbsp; </font></font><font style="FONT-SIZE: 10pt">We believe that our audits provide a reasonable basis for our opinion.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA">In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Taitron Components Incorporated as of December&nbsp;31, 2004 and the consolidated results of its operations and its consolidated cash flows for each of the two years in the period ended December 31, 2004, in conformity with accounting principles generally accepted in the United States of America.<br>
					<br>
				</font></font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>/s/ Haskell &amp; White LLP</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=OpinionDate style="MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: 'Times New Roman'"><font size=2>Irvine, California<br>
				</font></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA">February<font style="mso-spacerun: yes">&nbsp; </font>28, 2005</font></p>
		<br>
		<div align="center">
			<font size="2">16</font>
			<hr noshade>
			<p class=TitleLevel11 style="MARGIN: 0in 0in 6pt"></p>
			<p class=TitleLevel11 style="MARGIN: 0in 0in 6pt"><font style="FONT-SIZE: 10pt"><strong>TAITRON COMPONENTS INCORPORATED</strong></font></p>
		</div>
		<div align="center">
			<p class=TitleLevel2 style="MARGIN: 0in 0in 6pt"><font size=2>Consolidated Balance Sheet</font></p>
		</div>
		<div align="center">
			<p class=TitleLevel3 style="MARGIN: 0in 0in 0.5in"><font size=2>December 31, 2004</font></p>
		</div>
		<table style="BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 4.0pt 0in 4.0pt" cellspacing=0 cellpadding=0 border=0>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2><font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b style="mso-bidi-font-weight: normal">Assets</b></font></p>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;<b style="mso-bidi-font-weight: normal"></b></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Current assets:</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Cash and cash equivalents</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>539,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Restricted cash (Note 9)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>1,000,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Trade accounts receivable, net </font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>1,099,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Inventory, net </font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>18,253,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Prepaid expenses and other current assets</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>417,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .5pt" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>21,308,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443>
					<p class=EntryL2Total style="MARGIN: 0in 0in 0pt 0.75in"><font size=2>Total current assets</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Property and equipment, net </font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>4,633,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Other assets</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>64,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .75pt" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443>
					<p class=EntryL2Total style="MARGIN: 0in 0in 0pt 0.75in"><font size=2>Total assets</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>26,005,000</font></p>
				</td>
			</tr>
		</table>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<table style="BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 4.0pt 0in 4.0pt" cellspacing=0 cellpadding=0 border=0>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 242pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=323>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><b style="mso-bidi-font-weight: normal"><font size=2><font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Liabilities and Shareholders' Equity</font></b></p>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;<b style="mso-bidi-font-weight: normal"></b></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 153.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=205 colspan=2>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Current liabilities:</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Trade accounts payable</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>806,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Accrued liabilities</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>403,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Current portion of long-term debt </font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>157,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL2Total style="MARGIN: 0in 0in 0pt 0.75in"><font size=2>Total current liabilities</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>1,366,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Long-term debt, less current portion </font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>1,169,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL2Total style="MARGIN: 0in 0in 0pt 0.75in"><font size=2>Total liabilities</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>2,535,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Commitments and contingencies (Notes 3, 6 and 10)</font></p>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Shareholders' equity:</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Preferred stock, $.001 par value.<font style="mso-spacerun: yes">&nbsp; </font>Authorized 5,000,000 shares;</font></p>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2><font style="mso-spacerun: yes">&nbsp; </font>None issued or outstanding</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><br>
						<font size=2>-<font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp; </font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Class A common stock, $.001 par value.<font style="mso-spacerun: yes">&nbsp; </font>Authorized 20,000,000 shares;<br>
							<font style="mso-spacerun: yes">&nbsp; &nbsp;&nbsp;</font>4,697,646 shares issued and outstanding</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><br>
						<font size=2>5,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Class B common stock, $.001 par value.<font style="mso-spacerun: yes">&nbsp; </font>Authorized, issued and outstanding<br>
							&nbsp;&nbsp;&nbsp;&nbsp;762,612 shares</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><br>
						<font size=2>1,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Additional paid-in capital</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>10,414,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Accumulated other comprehensive loss, net of tax</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>3,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Retained earnings</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>13,047,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL2Total style="MARGIN: 0in 0in 0pt 0.75in"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .75pt" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL2Total style="MARGIN: 0in 0in 0pt 0.75in"><font size=2>Total shareholders' equity</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>23,470,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL2Total style="MARGIN: 0in 0in 0pt 0.75in"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 332.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=443 colspan=2>
					<p class=EntryL2Total style="MARGIN: 0in 0in 0pt 0.75in"><font size=2>Total liabilities and shareholders' equity</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=84>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-COLOR: transparent" valign=top width=90 align="right">
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>26,005,000</font></p>
				</td>
			</tr>
			<tr height=0>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=323><font size=2></font></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=121><font size=2></font></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=84><font size=2></font></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=90 align="right"><font size=2></font></td>
			</tr>
		</table>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>See accompanying notes to consolidated financial statements.<br style="PAGE-BREAK-BEFORE: always; mso-special-character: line-break" clear=all>
				<br>
				<u><font style="FONT-SIZE: 11pt; mso-bidi-font-size: 10.0pt"></font></u></font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"></p>
		<div align="center">
			<font size="2">17</font>
			<hr noshade>
		</div>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"></p>
		<div align="center">
			<p class=TitleLevel11 style="MARGIN: 0in 0in 6pt"><font style="FONT-SIZE: 10pt"><strong>TAITRON COMPONENTS INCORPORATED</strong></font></p>
		</div>
		<div align="center">
			<p class=TitleLevel2 style="MARGIN: 0in 0in 6pt"><font size=2>Consolidated Statements of Operations</font></p>
		</div>
		<div align="center">
			<p class=TitleLevel3 style="MARGIN: 0in 0in 0.5in"><font size=2>Year ended December 31,</font></p>
		</div>
		<table style="BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 4.0pt 0in 4.0pt" cellspacing=0 cellpadding=0 border=0>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; tab-stops: .5in" align=center><b style="mso-bidi-font-weight: normal"><font size=2>2004</font></b></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center; tab-stops: .5in" align=center><b style="mso-bidi-font-weight: normal"><font size=2>2003</font></b></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Net sales</font></p>
				</td>
				<td valign=top width=18 align="right"><font size=2>$</font></td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right" align=right><font size=2>9,352,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>9,479,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Cost of goods sold</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18 rowspan="14">
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right" align=right><font size=2>6,701,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>6,838,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1Total style="MARGIN: 0in 0in 0pt 45pt"><font size=2>Gross profit</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1Total style="MARGIN: 0in 0in 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right" align=right><font size=2>2,651,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1Total style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>2,641,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1 style="MARGIN: 0in 0.5pt 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right; tab-stops: 72.5pt" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Selling, general and administrative expenses</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right" align=right><font size=2>2,588,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>3,155,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Impairment losses</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right" align=right><font size=2>147,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right; tab-stops: .5in" align=right><font size=2>-</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1Total style="MARGIN: 0in 0in 0pt 45pt"><font size=2>Operating loss</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: windowtext 0.75pt solid; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1Total style="MARGIN: 0in -4pt 0pt 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>(84,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: windowtext 0.75pt solid; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1Total style="MARGIN: 0in -4pt 0pt 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>(514,000)</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Interest expense, net</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1Total style="MARGIN: 0in -4pt 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right" align=right><font size=2>(171,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1Total style="MARGIN: 0in -4pt 0pt 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>(355,000)</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Other income, net</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right" align=right><font size=2>34,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>40,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Gain on sale of assets</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right" align=right><font size=2>6,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right; tab-stops: .5in" align=right><font size=2>663,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1Total style="MARGIN: 0in 0in 0pt 45pt"><font size=2>Loss before income taxes</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: windowtext 0.75pt solid; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1Total style="MARGIN: 0in -4pt 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right" align=right><font size=2>(215,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: windowtext 0.75pt solid; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1Total style="MARGIN: 0in -4pt 0pt 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>(166,000)</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Income tax provision</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1 style="MARGIN: 0in -4pt 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right" align=right><font size=2>(33,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1 style="MARGIN: 0in -4pt 0pt 0in; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>(221,000)</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.2in">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1Total style="MARGIN: 0in 0in 0pt 45pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right; tab-stops: decimal 50.0pt" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right; tab-stops: .5in" align=right><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.2in">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1Total style="MARGIN: 0in 0in 0pt 45pt"><font size=2>Net loss</font></p>
				</td>
				<td valign=top width=18 align="right"><font size=2>$</font></td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=NumbersNormal style="MARGIN: 0in -4pt 0pt 0in; TEXT-ALIGN: right; tab-stops: .5in" align=right><font size=2>(248,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=NumbersNormal style="MARGIN: 0in -4pt 0pt 0in; TEXT-ALIGN: right; tab-stops: .5in" align=right><font size=2>(387,000)</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 15.75pt">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 15.75pt">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Loss per share<font style="mso-spacerun: yes">&nbsp; </font>Basic &amp; Diluted:</font></p>
				</td>
				<td valign=top width=18 align="right"><font size=2>$</font></td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1 style="MARGIN: 0in -4pt 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>(<font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </font>.05)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1 style="MARGIN: 0in -4pt 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>(<font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </font>.07)</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Weighted average common shares outstanding:</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18 rowspan="2">
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: windowtext 1.5pt double; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 5pt; TEXT-INDENT: -4pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: windowtext 1.5pt double; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 314.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=419>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt; TEXT-INDENT: 23pt"><font size=2>Basic &amp; Diluted</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; BACKGROUND-COLOR: transparent" valign=top width=100>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 5pt; TEXT-INDENT: -4pt; TEXT-ALIGN: right" align=right><font size=2>5,464,912</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align=right><font size=2>5,655,468</font></p>
				</td>
			</tr>
		</table>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>See accompanying notes to consolidated financial statements.<br style="PAGE-BREAK-BEFORE: always; mso-special-character: line-break" clear=all>
			</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><br>
		</p>
		<div align="center">
			<font size="2">18</font>
			<hr noshade>
		</div>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"></p>
		<table style="BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 1.5pt 0in 1.5pt" cellspacing=0 cellpadding=0 border=0>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 554.75pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top colspan=16>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><b style="mso-bidi-font-weight: normal"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt" size="2">TAITRON COMPONENTS INCORPORATED</font></b></p>
				</td>
			</tr>
			<tr height="24">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 554.75pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top colspan=16 height="24">
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; mso-bidi-font-size: 10.0pt" size="2">Consolidated<font style="LAYOUT-GRID-MODE: line; COLOR: black"> Statement of Shareholders' Equity</font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 554.75pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top colspan=16>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt" size="2">Two years ended December 31, 2004</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 135pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=180 colspan=2>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=12>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Accumulated</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 115.7pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 135pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=180 colspan=2>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=12>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Other</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Total</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 135pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=180 colspan=2>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=12>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<b style="mso-bidi-font-weight: normal"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></b></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 85.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign=top colspan=2>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Class A common stock</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<b style="mso-bidi-font-weight: normal"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></b></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 78.85pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign=top colspan=2>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Class B common stock</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Additional</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Comprehensive</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 53.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top colspan=2>
					<p class=MsoNormal style="MARGIN: 0in -1.35pt 0pt -2.1pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Retained</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Shareholders'</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 135pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=180 colspan=2>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=12>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<b style="mso-bidi-font-weight: normal"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></b></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><u><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Shares</font></u></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 42.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top colspan=2>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><u><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Amount</font></u></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><u><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Shares</font></u></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 37.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top colspan=2>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><u><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Amount</font></u></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 60pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top colspan=2>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><u><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Paid-in capital</font></u></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><u><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Income (Loss)</font></u></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><u><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Earnings</font></u></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><u><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Equity</font></u></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 135pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=180 colspan=2>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=12>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Balances at December 31, 2002</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt -8.7pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">4,945,107 </font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$<font style="mso-spacerun: yes">&nbsp;&nbsp; </font>5,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">762,612</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$<font style="mso-spacerun: yes">&nbsp; </font>1,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$<font style="mso-spacerun: yes">&nbsp;&nbsp; </font>10,893,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$<font style="mso-spacerun: yes">&nbsp;&nbsp; </font>(35,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$ 13,682,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$<font style="mso-spacerun: yes">&nbsp; </font>24,546,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt -8.7pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt 7.5pt; TEXT-INDENT: -7.5pt"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Relative estimated fair value of stock options issued in connection with Notes Payable</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65 align="center">
					<div align="center">
						<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
					</div>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">15,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">15,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Repurchase of common stock</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65 align="right">
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">(117,508)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">(199,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">(199,000)</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Comprehensive loss:</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"><font style="mso-spacerun: yes">&nbsp;</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"><font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </font>Foreign currency translation adjustment</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 1.55pt 0pt 0in; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">14,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">14,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 103.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=138>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"><font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp; </font>Net loss</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 40.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=54 colspan=2>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">(387,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">(387,000)</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"><font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Comprehensive loss</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">(373,000)</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt -8.7pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Balances at December 31, 2003</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt 3pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">4,827,599</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$<font style="mso-spacerun: yes">&nbsp;&nbsp; </font>5,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">762,612&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$<font style="mso-spacerun: yes">&nbsp; </font>1,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$<font style="mso-spacerun: yes">&nbsp; </font>10,709,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$<font style="mso-spacerun: yes">&nbsp; </font>(21,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$ 13,295,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$<font style="mso-spacerun: yes">&nbsp;</font>23,989,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt -8.7pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Issuances of common stock</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">18,567</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">27,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">27,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Repurchase of common stock</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">(148,520)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">(322,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">(322,000)</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Comprehensive loss:</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"><font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </font>Foreign currency translation adjustment</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 1.55pt 0pt 0in; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">24,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">24,000</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 103.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=138>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"><font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp; </font>Net loss</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 40.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=54 colspan=2>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">(248,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">(248,000)</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"><font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Comprehensive loss</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">(224,000)</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt -8.7pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 2in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=192 colspan=3>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">Balances at December 31, 2004</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; BACKGROUND-COLOR: transparent" valign=top width=65>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt -8.7pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">4,697,646</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 36.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; BACKGROUND-COLOR: transparent" valign=top width=56>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$<font style="mso-spacerun: yes">&nbsp;&nbsp; </font>5,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 47.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; BACKGROUND-COLOR: transparent" valign=top width=67>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">762,612&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 31.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; BACKGROUND-COLOR: transparent" valign=top width=51>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$<font style="mso-spacerun: yes">&nbsp; </font>1,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 6.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=8>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; BACKGROUND-COLOR: transparent" valign=top width=81>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$<font style="mso-spacerun: yes">&nbsp;</font><font style="mso-spacerun: yes">&nbsp;</font>10,414,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.55pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 54.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; BACKGROUND-COLOR: transparent" valign=top width=86>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$ &nbsp;&nbsp;&nbsp;&nbsp;<font style="mso-spacerun: yes">&nbsp;</font>3,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=5>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 48.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; BACKGROUND-COLOR: transparent" valign=top width=79>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$ 13,047,000<font style="mso-spacerun: yes"> </font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 5.05pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=7>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;<font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt"></font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 1.5pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 62.15pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; BACKGROUND-COLOR: transparent" valign=top width=80>
					<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line; COLOR: black; mso-bidi-font-size: 10.0pt">$<font style="mso-spacerun: yes">&nbsp;</font>23,470,000</font></p>
				</td>
			</tr>
			<tr height=0>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=138></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=42></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=12></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=65></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=56></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=7></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=67></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=51></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=8></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=81></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=7></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=86></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=5></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=79></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=7></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width=80></td>
			</tr>
		</table>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>See accompanying notes to consolidated financial statements.</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<div align="center">
			<font size="2">19</font>
			<hr noshade>
		</div>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<div align="center">
			<p class=CcList style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		</div>
		<div align="center">
			<p class=TitleLevel11 style="MARGIN: 0in 0in 6pt; PAGE-BREAK-AFTER: auto"><font style="FONT-SIZE: 10pt"><strong>TAITRON COMPONENTS INCORPORATED</strong></font></p>
		</div>
		<div align="center">
			<p class=TitleLevel2 style="MARGIN: 0in 0in 6pt; tab-stops: 81.0pt 6.0in"><font size=2>Consolidated Statements of Cash Flows</font></p>
		</div>
		<div align="center">
			<p class=TitleLevel2 style="MARGIN: 0in 0in 6pt"><font size=2>Year ended December 31, </font></p>
		</div>
		<table style="MARGIN-LEFT: -18.5pt; BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 4.0pt 0in 4.0pt" cellspacing=0 cellpadding=0 border=0>
			<tr style="HEIGHT: 4pt">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent" valign=top width=462>
					<p class=ColumnHeading style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><strong><font size=2>&nbsp;</font></strong></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;<b style="mso-bidi-font-weight: normal"></b></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 4pt; BACKGROUND-COLOR: transparent" valign=top width=102>
					<div align="center">
						<p class=Dollar style="MARGIN: 0in 0in 0pt"><b style="mso-bidi-font-weight: normal"><font size=2>2004</font></b></p>
					</div>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=ColumnHeading style="MARGIN: 0in 0in 0pt"><font size=2><strong>&nbsp;</strong></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; HEIGHT: 4pt; BACKGROUND-COLOR: transparent" valign=top width=96>
					<div align="center">
						<p class=ColumnHeading style="MARGIN: 0in 0in 0pt"><strong><font size=2>2003</font></strong></p>
					</div>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=462>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Cash flows from operating activities:</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=462>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Net loss</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign=top width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>(248,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign=top width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>(387,000)</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 6pt; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 6pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=462>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 6pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 6pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 6pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 6pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=462>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Adjustments to reconcile net loss to net cash provided by operating activities:</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=462>
					<p class=EntryL4 style="MARGIN: 0in 0in 0pt 40pt"><font size=2>Depreciation and amortization</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right; tab-stops: 59.5pt" align=right><font size=2>310,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=96>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>412,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=462>
					<p class=EntryL4 style="MARGIN: 0in 0in 0pt 41pt; TEXT-INDENT: -10pt"><font size=2>Amortization of debt discount related to options issued with notes payable</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=102>
					<p class=NumbersNormal style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right; tab-stops: .5in" align=right><font size=2>28,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=96>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>14,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=462>
					<p class=EntryL4 style="MARGIN: 0in 0in 0pt 40pt"><font size=2>Write-down of inventory</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>585,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=96>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>487,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=462>
					<p class=EntryL4 style="MARGIN: 0in 0in 0pt 40pt"><font size=2>Provision for sales returns and doubtful accounts</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>31,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=96>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>245,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=462>
					<p class=EntryL4 style="MARGIN: 0in 0in 0pt 40pt"><font size=2>Impairment losses</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>147,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=96>
					<p class=Dollar style="MARGIN: 0in 0.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>-</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=462>
					<p class=EntryL4 style="MARGIN: 0in 0in 0pt 40pt"><font size=2>Gain on sale of assets</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>(6,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=96>
					<p class=Dollar style="MARGIN: 0in 0.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>(663,000)</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=462>
					<p class=EntryL4 style="MARGIN: 0in 0in 0pt 40pt"><font size=2>Deferred income taxes</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=96>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>220,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=462>
					<p class=EntryL4 style="MARGIN: 0in 0in 0pt 40pt"><font size=2>Changes in assets and liabilities:</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=462>
					<p class=EntryL5 style="MARGIN: 0in 0in 0pt 49pt"><font size=2>Trade accounts receivable</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>86,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=96>
					<p class=Dollar style="MARGIN: 0in 5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>548,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=462>
					<p class=EntryL5 style="MARGIN: 0in 0in 0pt 49pt"><font size=2>Income tax receivable</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=top width=96>
					<p class=Dollar style="MARGIN: 0in 5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>310,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL5 style="MARGIN: 0in 0in 0pt 49pt"><font size=2>Inventory</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>878,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>4,111,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL5 style="MARGIN: 0in 0in 0pt 49pt"><font size=2>Prepaid expenses and other current assets</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 0.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>(222,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>185,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL5 style="MARGIN: 0in 0in 0pt 49pt"><font size=2>Other assets</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 0.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>(3,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>4,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL5 style="MARGIN: 0in 0in 0pt 49pt"><font size=2>Trade accounts payable</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>(29,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>(479,000)</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL5 style="MARGIN: 0in 0in 0pt 49pt"><font size=2>Accrued liabilities</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>154,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>(83,000)</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL5Total style="MARGIN: 0in 0in 0pt 81pt; TEXT-INDENT: -27pt"><font size=2>Total adjustments</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>1,959,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>5,311,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.2in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL5Total style="MARGIN: 0in 0in 0pt 81pt; TEXT-INDENT: -27pt"><font size=2>Net cash provided by operating activities</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>1,711,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>4,924,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Cash flows from investing activities:</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt; TEXT-INDENT: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Acquisition of property and equipment</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>(123,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>(19,000)</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL5 style="MARGIN: 0in 0in 0pt 36.5pt; TEXT-INDENT: -22.5pt">&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Proceeds on sale of assets</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>6,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>1,793,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.2in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL5Total style="MARGIN: 0in 0in 0pt 81pt; TEXT-INDENT: -27pt"><font size=2>Net cash (used in) provided by investing activities</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>(117,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>1,774,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Cash flows from financing activities:</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 14.05pt; TEXT-INDENT: 0in">&nbsp;&nbsp;<font size=2>Payments on revolving line of credit</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>-</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in -4pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>(3,935,000)</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 14.05pt; TEXT-INDENT: 0in">&nbsp;&nbsp;<font size=2>(Payments) borrowings on notes payable</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>(2,737,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>49,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 3.95pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 3.95pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 14.05pt; TEXT-INDENT: 0in">&nbsp;&nbsp;<font size=2>Repurchase of Class A common stock</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 3.95pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 3.95pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 3.95pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 3.95pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>(322,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 3.95pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 3.95pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 3.95pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 3.95pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in -3.95pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>(199,000)</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL5Total style="MARGIN: 0in 0in 0pt 14pt; TEXT-INDENT: 0in">&nbsp;&nbsp;<font size=2>Increase of restricted cash</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 3.95pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>(1,000,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>-</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.15in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL5Total style="MARGIN: 0in 0in 0pt 14pt; TEXT-INDENT: 0in">&nbsp;&nbsp;<font size=2>Exercise of Class A common stock options</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>27,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; HEIGHT: 0.15in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>-</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.2in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL5Total style="MARGIN: 0in -4pt 0pt 1in; TEXT-INDENT: -0.25in"><font size=2>Net cash used in financing activities</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>(4,032,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>(4,085,000)</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.2in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Impact of exchange rates on cash</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>24,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>14,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.2in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL5Total style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: 0in"><font size=2>Net (decrease) increase in cash and cash equivalents </font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>(2,414,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>2,627,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.2in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Cash and cash equivalents, beginning of year</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 4.3pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>2,953,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=NumbersNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>326,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 0.2in; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=462>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Cash and cash equivalents, end of year</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>539,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 0.2in; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>2,953,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 4.5pt">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 346.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4.5pt; BACKGROUND-COLOR: transparent" valign=bottom width=462>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4.5pt; BACKGROUND-COLOR: transparent" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 76.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4.5pt; BACKGROUND-COLOR: transparent" valign=bottom width=102>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4.5pt; BACKGROUND-COLOR: transparent" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4.5pt; BACKGROUND-COLOR: transparent" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>&nbsp;</font></p>
				</td>
			</tr>
		</table>
		<p class=TitleLevel11 style="MARGIN: 0in 0in 6pt; LINE-HEIGHT: 3pt; TEXT-ALIGN: left; mso-line-height-rule: exactly" align=left><font style="FONT-SIZE: 10pt"><strong>&nbsp;</strong></font></p>
		<table style="MARGIN-LEFT: -18.5pt; BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 4.0pt 0in 4.0pt" cellspacing=0 cellpadding=0 border=0>
			<tr style="HEIGHT: 15.3pt">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 351pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.3pt; BACKGROUND-COLOR: transparent" valign=bottom width=468>
					<p class=EntryL1 style="MARGIN: 0in 0in 0pt 13pt"><font size=2>Supplemental disclosures of cash flow information:</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.3pt; BACKGROUND-COLOR: transparent" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.3pt; BACKGROUND-COLOR: transparent" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.3pt; BACKGROUND-COLOR: transparent" valign=bottom width=24>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 15.3pt; BACKGROUND-COLOR: transparent" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 13.05pt">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 351pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.05pt; BACKGROUND-COLOR: transparent" valign=bottom width=468>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Cash paid for interest </font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.05pt; BACKGROUND-COLOR: transparent" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; HEIGHT: 13.05pt; BACKGROUND-COLOR: transparent" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2>177,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 13.05pt; BACKGROUND-COLOR: transparent" valign=bottom width=24>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><font size=2>$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; HEIGHT: 13.05pt; BACKGROUND-COLOR: transparent" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2><font style="mso-spacerun: yes">&nbsp; </font>365,000</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 17.55pt">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 351pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 17.55pt; BACKGROUND-COLOR: transparent" valign=bottom width=468>
					<p class=EntryL2 style="MARGIN: 0in 0in 0pt 22pt"><font size=2>Cash paid (refunded) for income taxes, net</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 17.55pt; BACKGROUND-COLOR: transparent" valign=bottom width=18>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 17.55pt; BACKGROUND-COLOR: transparent" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><font size=2>30,000&nbsp;&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 17.55pt; BACKGROUND-COLOR: transparent" valign=bottom width=24>
					<p class=Dollar style="MARGIN: 0in 0in 0pt"><font size=2>$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 17.55pt; BACKGROUND-COLOR: transparent" valign=bottom width=96>
					<p class=Dollar style="MARGIN: 0in -4.5pt 0pt 0in; TEXT-ALIGN: right" align=right><font size=2><font style="mso-spacerun: yes">&nbsp; </font>(315,000)</font></p>
				</td>
			</tr>
		</table>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA">See accompanying notes to consolidated financial statements.</font><br>
		<div align="center">
			<font size="2">20</font>
			<hr noshade>
			<p><b style="mso-bidi-font-weight: normal"><font face="Times New Roman">Taitron Components Incorporated</font></b></p>
			<p class=TitleLevel2 style="MARGIN: 0pt 0pt 6pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Notes to Consolidated Financial Statements</font></font><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		</div>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt; TEXT-INDENT: -18pt"></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt; TEXT-INDENT: -18pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt">Note 1<font style="mso-spacerun: yes">&nbsp; </font>-<font style="mso-spacerun: yes">&nbsp; </font>Summary of Significant Accounting Policies</font></font></b></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></b></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Description of Business</font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Taitron Components Incorporated (&quot;Taitron&quot; or the &quot;Company&quot;) is a &quot;discrete components superstore,&quot; which distributes a wide variety of transistors, diodes and other discrete semiconductors, optoelectronic devices and passive components to other electronic distributors, contract electronic manufacturers (CEMs) and original equipment manufacturers (OEMs), who incorporate these devices into their products.<font style="mso-spacerun: yes">&nbsp; </font>In order to meet the rapid delivery requirements of its customers, the Company maintains a significant inventory of discrete components.</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt">Principles of Consolidation </font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">The consolidated financial statements include the accounts of the Company and its 60% majority-owned subsidiary, Taitron Components Mexico, SA de CV.<font style="mso-spacerun: yes">&nbsp; </font>All significant intercompany transactions and balances have been eliminated in consolidation.<font style="mso-spacerun: yes">&nbsp; </font>The ownership interests of the minority investors in Taitron Components Mexico, SA de CV are recorded in the accompanying consolidated balance sheet as minority interests.</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; mso-bidi-font-weight: bold">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt">Concentration of Risk</font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt; mso-bidi-font-weight: bold">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">A significant number of the products distributed by the Company are manufactured in Taiwan, Hong Kong, China, South Korea and the Philippines.<font style="mso-spacerun: yes">&nbsp; </font>The purchase of goods manufactured in foreign countries is subject to a number of risks, including economic disruptions, transportation delays and interruptions, foreign exchange rate fluctuations, imposition of tariffs and import and export controls and changes in governmental policies, any of which could have a material adverse effect on the Company's business and results of operations.</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt 0pt 0pt 27pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">The ability to remain competitive with respect to the pricing of imported components could be adversely affected by increases in tariffs or duties, changes in trade treaties, strikes in air or sea transportation, and possible future U.S. legislation with respect to pricing and import quotas on products from foreign countries.<font style="mso-spacerun: yes">&nbsp; </font>For example, it is possible that political or economic developments in China, or with respect to the relationship of the United States with China, could have an adverse effect on the Company's business.<font style="mso-spacerun: yes">&nbsp; </font>The Company's ability to remain competitive could also be affected by other government actions related to, among other things, anti-dumping legislation and international currency fluctuations.<font style="mso-spacerun: yes">&nbsp; </font>While the Company does 
not believe that any of these factors adversely impact its business at present, the Company cannot assure you that these factors will not materially adversely affect the Company in the future.<font style="mso-spacerun: yes">&nbsp; </font>Any significant disruption in the delivery of merchandise from the Company's suppliers, substantially all of whom are foreign, could also have a material adverse impact on the Company's business and results of operations.<font style="mso-spacerun: yes">&nbsp; </font>Management estimates that over 80% of the Company's products are produced in Asia.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt 0pt 0pt 27pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt 0pt 0pt 27pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Samsung Electro-Mechanics Co. accounted for approximately 17% and 12% of Taitron's net purchases for 2004 and 2003, respectively.<font style="mso-spacerun: yes">&nbsp; </font>However, Taitron does not regard any one supplier as essential to its operations, since equivalent replacements for most of the products Taitron markets are either available from one or more of Taitron's other suppliers or are available from various other sources at competitive prices.<font style="mso-spacerun: yes">&nbsp; </font>Taitron believes that, even if it loses its direct relationship with a supplier, there exist alternative sources for a supplier's products.</font></font></p>
		<p class=MsoNormal style="MARGIN: 0pt 0pt 0pt 27pt; TEXT-ALIGN: justify"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Cash and Cash Equivalents</font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">The Company considers all highly liquid investments with an original maturity of 90 days or less to be cash equivalents. </font></font></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27pt"><b style="mso-ansi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; mso-bidi-font-weight: bold">&nbsp;</font></font></b></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Revenue Recognition</font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Revenue is recognized upon shipment of the merchandise, which is when legal transfer of title occurs.<font style="mso-spacerun: yes">&nbsp; </font>Reserves for sales allowances and customer returns are established based upon historical experience and management's estimates of future returns.<font style="mso-spacerun: yes">&nbsp; </font>Sales returns for the years ended December 31, 2004 and 2003 aggregated $86,000 and $169,000, respectively.</font></font></p>
		<div align="center">
			<font size="2">21</font>
			<hr noshade>
		</div>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></b></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Allowance for Sales Returns and Doubtful Accounts</font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt; LINE-HEIGHT: 9pt; mso-line-height-rule: exactly"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">On a case-by-case basis, the Company accepts returns of products from its customers, without restocking charges, when they can demonstrate an acceptable cause for the return.<font style="mso-spacerun: yes">&nbsp; </font>Requests by a distributor to return products purchased for its own inventory generally are not included under this policy.<font style="mso-spacerun: yes">&nbsp; </font>The Company will, on a case-by-case basis, accept returns of products upon payment of a restocking fee, which is generally 10% to 30% of the net sales price.<font style="mso-spacerun: yes">&nbsp; </font>The Company will not accept returns of any products that were special-ordered by a customer or that otherwise are not generally included in our inventory.<font style="mso-spacerun: yes">&nbsp; </font>The allowance for sales returns and doubtful accounts at December 31, 2004 aggregated $63,000.</font></font></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27.35pt; LINE-HEIGHT: 9pt; mso-line-height-rule: exactly"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></b></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Inventory</font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt; LINE-HEIGHT: 9pt; mso-line-height-rule: exactly"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Inventory, consisting principally of products held for resale, is stated at the lower of cost, using the first-in, first-out method, or market.<font style="mso-spacerun: yes">&nbsp; </font>The amount presented in the accompanying consolidated balance sheet is net of valuation allowances of $1,036,000 at December 31, 2004.<font style="mso-spacerun: yes">&nbsp; </font>The Company uses a systematic methodology that includes regular evaluations of inventory to identify costs in excess of the lower of cost or market and slow-moving inventory.</font></font></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27.35pt; LINE-HEIGHT: 9pt; mso-line-height-rule: exactly"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></b></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Depreciation and Amortization</font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt; LINE-HEIGHT: 9pt; mso-line-height-rule: exactly"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Depreciation and amortization of property and equipment are computed principally using accelerated and straight-line methods using lives from 5 to 7 years for furniture, machinery and equipment and 31.5 years for building and building improvements.<font style="mso-spacerun: yes">&nbsp; </font>Renewals and betterments, which extend the life of an existing asset, are capitalized while normal repairs and maintenance costs are expensed as incurred.</font></font></p>
		<p class=NoteText style="MARGIN: 0pt; LINE-HEIGHT: 9pt; mso-line-height-rule: exactly"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27pt; TEXT-ALIGN: justify"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of</font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.<font style="mso-spacerun: yes">&nbsp; </font>Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset.<font style="mso-spacerun: yes">&nbsp; </font>If these assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceed the fair value of the assets.<font style="mso-spacerun: yes">&nbsp; </font>Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.</font></font></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27.35pt; LINE-HEIGHT: 9pt; TEXT-ALIGN: justify; mso-line-height-rule: exactly"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></b></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27pt; TEXT-ALIGN: justify"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Stock-Based Compensation</font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt; LINE-HEIGHT: 9pt; mso-line-height-rule: exactly"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Statement of Financial Accounting Standards (SFAS) No. 123, &quot;Accounting for Stock-Based Compensation,&quot; permits entities to recognize as expense the fair value of all stock-based awards.<font style="mso-spacerun: yes">&nbsp; </font>Alternatively, SFAS No. 123 allows entities to continue to apply the provisions of APB Opinion No. 25 to employee stock-based awards under which compensation expense is recorded on the date of grant only if the current market price of the underlying stock exceeds the exercise price, and provides for disclosure of pro forma earnings and per share information for employee stock options as if the fair-value-based method defined in SFAS No. 123 had been applied.</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">The Company has elected to continue to apply the provisions of APB Opinion No. 25 and provide the pro forma disclosure provisions of SFAS No. 123, as amended by SFAS No. 148.<font style="mso-spacerun: yes">&nbsp; </font>If the Company had elected to recognize compensation cost based on the fair value at the grant dates for stock-based awards under the 1995 Stock Incentive Plan (including the modified awards), consistent with the method prescribed by SFAS No. 123, net loss and loss per share would have been changed to the pro forma amounts indicated below:</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">For purposes of this pro-forma disclosure, the estimated fair value of the stock-based awards is assumed to be amortized to expense over the stock-based award's vesting periods.</font></font></p>
		<div align="center"></div>
		<table border="0" cellpadding="0" cellspacing="0" width="498">
			<tr>
				<td width="181"></td>
				<td width="112">
					<div align="center"></div>
				</td>
				<td colspan="2">
					<div align="center">
						<b><u><font size="2">Year Ended December 31,<br>
								</font></u></b></div>
				</td>
			</tr>
			<tr>
				<td width="181"><br>
				</td>
				<td width="112"><br>
				</td>
				<td width="105">
					<div align="center">
						<u><b><font size="2">2004</font></b></u></div>
				</td>
				<td>
					<div align="center">
						<u><b><font size="2">2003</font></b></u></div>
				</td>
			</tr>
			<tr>
				<td width="181">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in"><font size="2">&nbsp;&nbsp;&nbsp;Net loss</font></p>
				</td>
				<td width="112">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in"><font size="2">As reported</font></p>
				</td>
				<td width="105"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ (248,000)</font></td>
				<td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ (387,000)</font></td>
			</tr>
			<tr>
				<td width="181"></td>
				<td width="112">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in"><font size="2">Pro forma</font></p>
				</td>
				<td width="105"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ (220,000)</font></td>
				<td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ (346,000)</font></td>
			</tr>
			<tr>
				<td width="181"><br>
				</td>
				<td width="112"><br>
				</td>
				<td width="105"><br>
				</td>
				<td><br>
				</td>
			</tr>
			<tr>
				<td width="181">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in"><font size="2">&nbsp;&nbsp;&nbsp;Loss per share</font></p>
				</td>
				<td width="112">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in"><font size="2">As reported </font></p>
				</td>
				<td width="105"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.05)</font></td>
				<td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.07)</font></td>
			</tr>
			<tr>
				<td width="181"><br>
				</td>
				<td width="112">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in"><font size="2">Pro forma </font></p>
				</td>
				<td width="105"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.04)</font></td>
				<td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.06)</font></td>
			</tr>
		</table>
		<br>
		<div align="center">
			<font size="2">22</font>
			<hr noshade>
		</div>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27pt; TEXT-ALIGN: justify"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Income Taxes</font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt; LINE-HEIGHT: 9pt; mso-line-height-rule: exactly"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.<font style="mso-spacerun: yes">&nbsp; </font>Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled.<font style="mso-spacerun: yes">&nbsp; </font>The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.<font style="mso-spacerun: yes">&nbsp; </font>Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected to be realized.</f
ont></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt">Financial Instruments</font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt; LINE-HEIGHT: 9pt; mso-line-height-rule: exactly"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=MsoBodyText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">The estimated fair values of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their carrying value because of the short-term maturity of these instruments.<font style="mso-spacerun: yes">&nbsp; </font>The fair value of long-term debt approximates its carrying value as the interest rates are comparable to rates currently offered to the Company for similar debt instruments with similar maturities.<font style="mso-spacerun: yes">&nbsp; </font>All financial instruments are held for purposes other than trading.</font></font></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt; LINE-HEIGHT: 9pt; TEXT-ALIGN: justify; mso-line-height-rule: exactly"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></b></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27pt; TEXT-ALIGN: justify"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Net Loss Per Share</font></font></b></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27.35pt; LINE-HEIGHT: 9pt; TEXT-ALIGN: justify; mso-line-height-rule: exactly"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period.<font style="mso-spacerun: yes">&nbsp; </font>Common equivalent shares, consisting primarily of stock options and warrants, of approximately 572,000 and 484,000 for the years ended December 31, 2004 and 2003, respectively, are excluded from the computation of diluted loss per share as their effect is anti-dilutive.</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt; LINE-HEIGHT: 9pt; mso-line-height-rule: exactly"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt">Foreign Currency Translation</font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt; LINE-HEIGHT: 9pt; mso-line-height-rule: exactly"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt">&nbsp;</font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">The financial statements of the Company's majority-owned subsidiary in Mexico and division in Taiwan, which were established in 1998 and 1997, respectively, are translated into U.S. dollars for financial reporting purposes.<font style="mso-spacerun: yes">&nbsp; </font>Balance sheet accounts are translated at year-end or historical rates while income and expenses are translated at weighted-average exchange rates for the year.<font style="mso-spacerun: yes">&nbsp; </font>Translation gains or losses related to net assets are shown as a separate component of shareholders' equity as accumulated other comprehensive income.<font style="mso-spacerun: yes">&nbsp; </font>Gains and losses resulting from realized foreign currency transactions (transactions denominated in a currency other than the entities' functional currency) are included in operations.<font style="mso-spacerun: yes">&nbsp; </font>The 
transactional gains and losses are not significant to the consolidated financial statements.</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt; LINE-HEIGHT: 9pt; mso-line-height-rule: exactly"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27pt; TEXT-ALIGN: justify"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">Use of Estimates</font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27.35pt; LINE-HEIGHT: 9pt; mso-line-height-rule: exactly"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">The Company's management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with accounting principles generally accepted in the United States of America.<font style="mso-spacerun: yes">&nbsp; </font>These estimates have a significant impact on the Company's valuation and reserve accounts relating to the allowance for sales returns, doubtful accounts and inventory reserves.<font style="mso-spacerun: yes">&nbsp; </font>Actual results could differ from these estimates.</font></font></p>
		<p class=HeadingLevel2 style="MARGIN: 0pt 0pt 0pt 27pt; PAGE-BREAK-AFTER: auto; tab-stops: -4.5pt; mso-pagination: widow-orphan"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0pt 0pt 0pt 27pt; tab-stops: -4.5pt"><b style="mso-bidi-font-weight: normal"><font face="Times New Roman" size=2><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt">Recent Accounting Pronouncements </font></font></b></p>
		<p class=NoteText style="MARGIN: 0pt -54pt 0pt 27pt; TEXT-ALIGN: left" align=left><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">&nbsp;</font></font></p>
		<p class=NoteText style="MARGIN: 0pt 0pt 0pt 27pt"><font face="Times New Roman" size=2><font style="FONT-SIZE: 10pt">In December 2004, the FASB issued SFAS No. 123(R), &quot;Share-Based Payment&quot;.<font style="mso-spacerun: yes">&nbsp; </font>This statement revises FASB Statement No. 123, &quot;Accounting for Stock-Based Compensation&quot; and supersedes APB Opinion No. 25, &quot;Accounting for Stock Issued to Employees.&quot; <font style="mso-spacerun: yes">&nbsp;</font>SFAS No. 123(R) focuses primarily on the accounting for transactions in which an entity obtains employee services in share-based payment transactions.<font style="mso-spacerun: yes">&nbsp; </font>SFAS No. 123(R) requires companies to recognize in the statement of operations the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of those awards (with limited exceptions).<font style="mso-spacerun: yes">&nbsp; </font>For the Company, this Statement is effective as of the first
 reporting period that begins after December 15, 2005. <font style="mso-spacerun: yes">&nbsp;</font>Accordingly, the Company will adopt SFAS 123(R) in its first quarter of fiscal 2006.<font style="mso-spacerun: yes">&nbsp; </font>The Company is currently evaluating the provisions of SFAS 123(R) and has not yet determined the impact that this Statement will have on its results of operations or financial position.</font></font></p>
		<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 27pt; TEXT-ALIGN: left" align="left"><font size="2">&nbsp;</font></p>
		<div align="center">
			<font size="2">23</font>
			<hr noshade>
		</div>
		<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt; TEXT-INDENT: -0.25in"><b><font size="2">Note 2</font><font style="mso-spacerun: yes" size="2">&nbsp; -&nbsp; Property and Equipment</font></b></p>
		<p class="NoteTextKeepWithNext" style="MARGIN: 0in -0.75in 0pt 27pt"><font size="2"><font style="mso-spacerun: yes">&nbsp;</font></font></p>
		<p class="NoteTextKeepWithNext" style="MARGIN: 0in -0.75in 0pt 27pt"><font size="2">Property and equipment, at cost, is summarized as follows:</font></p>
		<div align="center">
			<table style="BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 4.0pt 0in 4.0pt" cellspacing="0" cellpadding="0" border="0">
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 260.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="348">
						<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 14pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="19">
						<p class="ColumnHeading" style="MARGIN: 0in 0in 0pt"><font size="2"><strong>&nbsp;</strong></font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign="top" width="96" align="right">
						<p class="ColumnHeading" style="MARGIN: 0in 0in 0pt"><strong><font size="2">12/31/2004</font></strong></p>
					</td>
				</tr>
				<tr style="HEIGHT: 4pt; mso-height-rule: exactly">
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 260.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="348">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 14pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="19">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="96" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 260.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="348">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">Land</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 14pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="19">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">$</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="96" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">1,297,000</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 260.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="348">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">Buildings and improvements</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 14pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="19">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="96" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">3,693,000</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 260.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="348">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">Furniture and equipment</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 14pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="19">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="96" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">876,000</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 260.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="348">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">Computer software and equipment</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 14pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="19">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="96" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">2,131,000</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 260.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="348">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2"><font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; Total Property and Equipment</font></font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 14pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="19">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="96" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">7,997,000</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 260.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="348">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">Less: Accumulated depreciation and amortization</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 14pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="19">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign="top" width="96" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">(3,364,000)</font></p>
					</td>
				</tr>
				<tr style="HEIGHT: 4pt; mso-height-rule: exactly">
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 260.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="348">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 14pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="19">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="96" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 260.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="348">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt; TEXT-INDENT: 1.6pt"><font size="2">Property and Equipment, net</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 14pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="19">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">$</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; BACKGROUND-COLOR: transparent" valign="top" width="96" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">4,633,000</font></p>
					</td>
				</tr>
			</table>
		</div>
		<p class="MsoNormal" style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 31.5pt; TEXT-ALIGN: justify"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt; TEXT-INDENT: -0.25in"><b><font size="2">Note 3</font><font style="mso-spacerun: yes" size="2">&nbsp; -&nbsp; Long-Term Debt</font></b></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><b style="mso-bidi-font-weight: normal"><font size="2">&nbsp;</font></b></p>
		<p class="NoteTextKeepWithNext" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">Long-term debt is summarized as follows:</font></p>
		<div align="center">
			<table style="BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 4.0pt 0in 4.0pt" cellspacing="0" cellpadding="0" border="0">
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 259.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="346">
						<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.35pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="12">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 70.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="94" align="right">
						<div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid">
							<p class="ColumnHeading" style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"><strong><font size="2">12/31/2004</font></strong></p>
						</div>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 259.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="346">
						<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: justify"><font size="2">Note payable collateralized by real property, due </font></p>
						<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: justify"><font size="2"><font style="mso-spacerun: yes">&nbsp; December 31, 2009, monthly principal and interest payments of $20,000, bearing an interest rate of 6.875%</font></font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.35pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="12">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">$</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 70.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="94" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">1,326,000</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 259.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="346">
						<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt"><font size="2">Less current maturities</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.35pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="12">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 70.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign="top" width="94" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">(157,000)</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 259.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="346">
						<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.35pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="12">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">$</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 70.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; BACKGROUND-COLOR: transparent; mso-border-top-alt: solid windowtext .75pt" valign="top" width="94" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">1,169,000</font></p>
					</td>
				</tr>
			</table>
		</div>
		<p class="NoteTextKeepWithNext" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<p class="NoteTextKeepWithNext" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">Minimum future payments of long-term debt are summarized as follows:</font></p>
		<p class="NoteTextKeepWithNext" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<div align="center">
			<table style="BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 4.0pt 0in 4.0pt" cellspacing="0" cellpadding="0" border="0">
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 258.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="344">
						<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt"><font size="2">Year ending December 31:</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 10.65pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="14">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 65.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="87">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 258.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="344">
						<p class="EntryL2" style="MARGIN: 0in 0in 0pt 22pt"><font size="2">2005</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 10.65pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="14">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">$</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 65.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="87" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">160,000</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 258.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="344">
						<p class="EntryL2" style="MARGIN: 0in 0in 0pt 22pt"><font size="2">2006</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 10.65pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="14">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 65.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="87" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">171,000</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 258.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="344">
						<p class="EntryL2" style="MARGIN: 0in 0in 0pt 22pt"><font size="2">2007</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 10.65pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="14">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 65.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="87" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">183,000</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 258.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="344">
						<p class="EntryL2" style="MARGIN: 0in 0in 0pt 22pt"><font size="2">2008</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 10.65pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="14">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 65.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="87" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">196,000</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 258.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="344">
						<p class="EntryL2" style="MARGIN: 0in 0in 0pt 22pt"><font size="2">2009</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 10.65pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="14">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 65.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="87" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">616,000</font></p>
					</td>
				</tr>
				<tr style="HEIGHT: 4pt; mso-height-rule: exactly">
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 258.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="344">
						<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 10.65pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="14">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: windowtext 0.75pt solid; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 65.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="87" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 258.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="344">
						<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 10.65pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="14">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">$</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 65.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-COLOR: transparent" valign="top" width="87" align="right">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">1,326,000</font></p>
					</td>
				</tr>
			</table>
		</div>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt; TEXT-INDENT: -0.25in"><b><font size="2">Note 4</font><font style="mso-spacerun: yes" size="2">&nbsp; -&nbsp; Shareholders' Equity</font></b></p>
		<p class="BulletL1" style="MARGIN: 0in 0in 6pt 0.75in; TEXT-ALIGN: justify"><font size="2">&nbsp;</font></p>
		<p class="MsoNormal" style="MARGIN: 0in 0in 0pt 27pt; TEXT-ALIGN: justify"><font size="2">There are 5,000,000 shares of authorized preferred stock, par value $.001 per share, with no shares of preferred stock outstanding. The terms of the shares are subject to the discretion of the Board of Directors.<br>
				<br>
			</font><font size="2">There are 20,000,000 shares of authorized Class A common stock, par value $.001 per share, with 4,697,646 issued and outstanding as of December 31, 2004. Each holder of Class A common stock is entitled to one vote for each share held.<br>
				<br>
			</font><font size="2">There are 762,612 shares of authorized Class B common stock, par value $.001 per share, with 762,612 shares issued and outstanding as of December 31, 2004. Each holder of Class B common stock is entitled to ten votes for each share held. The shares of Class B common stock are convertible at any time at the election of the shareholder into one share of Class A common stock, subject to certain adjustments. The Company's Chief Executive Officer is the sole beneficial owner of all the outstanding shares of Class B common stock.<br>
				<br>
			</font><font size="2">During 2004, the Company repurchased 148,520 shares of its Class A common stock on the open market for $322,000, and permanently retired the shares. Additionally, the Company issued 18,567 shares of common stock upon the exercise of stock options (Note 7).</font></p>
		<p class="MsoBodyTextIndent3" style="MARGIN: 0in 0in 0pt 27pt"><font style="FONT-SIZE: 10pt">&nbsp;</font></p>
		<div align="center">
			<font size="2">24</font>
			<hr noshade>
		</div>
		<p class="MsoBodyTextIndent3" style="MARGIN: 0in 0in 0pt 27pt"><font style="FONT-SIZE: 10pt">&nbsp;</font></p>
		<p class="MsoBodyTextIndent3" style="MARGIN: 0in 0in 0pt 27pt"><font style="FONT-SIZE: 10pt">&nbsp;</font></p>
		<p class="MsoBodyTextIndent3" style="MARGIN: 0in 0in 0pt 27pt"><font style="FONT-SIZE: 10pt">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt; TEXT-INDENT: -0.25in"><b><font size="2">Note 5</font><font style="mso-spacerun: yes" size="2">&nbsp; -&nbsp; Income Taxes</font></b></p>
		<p class="MsoBodyTextIndent3" style="MARGIN: 0in 0in 0pt 27pt"><font style="FONT-SIZE: 10pt">&nbsp;</font></p>
		<p class="NoteTextKeepWithNext" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">Income tax provision is summarized as follows:</font></p>
		<blockquote>
			<table border="0" cellpadding="0" cellspacing="2">
				<tr>
					<td width="30"><br>
					</td>
					<td width="310"></td>
					<td colspan="4" align="center" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 0.75pt solid"><font size="2"><b>Year Ended December 31,</b></font></td>
				</tr>
				<tr>
					<td width="30"></td>
					<td width="310"></td>
					<td width="9"></td>
					<td align="center" width="58" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 0.75pt solid"><font size="2"><b>2004</b></font></td>
					<td width="23"></td>
					<td align="center" width="55" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 0.75pt solid"><font size="2"><b>2003</b></font></td>
				</tr>
				<tr>
					<td width="30"></td>
					<td width="310"><font size="2">Current:</font></td>
					<td width="9"></td>
					<td width="58"></td>
					<td width="23"></td>
					<td width="55"></td>
				</tr>
				<tr>
					<td width="30"></td>
					<td width="310"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Federal</font></td>
					<td align="right" width="9"><font size="2">$</font></td>
					<td align="right" width="58"><font size="2">-&nbsp;&nbsp;</font></td>
					<td align="right" width="23"><font size="2">$</font></td>
					<td align="right" width="55"><font size="2">-</font></td>
				</tr>
				<tr>
					<td width="30"></td>
					<td width="310"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;State</font></td>
					<td width="9"></td>
					<td align="right" width="58" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 0.75pt solid"><font size="2">33,000&nbsp;&nbsp;</font></td>
					<td width="23"></td>
					<td align="right" width="55" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 0.75pt solid"><font size="2">1,000</font></td>
				</tr>
				<tr>
					<td width="30"></td>
					<td width="310"></td>
					<td width="9"></td>
					<td align="right" width="58" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 0.75pt solid"><font size="2">33,000&nbsp;&nbsp;</font></td>
					<td width="23"></td>
					<td align="right" width="55" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 0.75pt solid"><font size="2">1,000</font></td>
				</tr>
				<tr>
					<td width="30"></td>
					<td width="310"><font size="2">Deferred:</font></td>
					<td width="9"></td>
					<td align="right" width="58"></td>
					<td width="23"></td>
					<td width="55"></td>
				</tr>
				<tr>
					<td width="30"></td>
					<td width="310"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Federal</font></td>
					<td width="9"></td>
					<td align="right" width="58"><font size="2">(17,000)</font></td>
					<td width="23"></td>
					<td align="right" width="55"><font size="2">183,000</font></td>
				</tr>
				<tr>
					<td width="30"></td>
					<td width="310"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;State</font></td>
					<td width="9"></td>
					<td align="right" width="58" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 0.75pt solid"><font size="2">17,000&nbsp;&nbsp;</font></td>
					<td width="23"></td>
					<td align="right" width="55" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 0.75pt solid"><font size="2">37,000</font></td>
				</tr>
				<tr>
					<td width="30"></td>
					<td width="310"></td>
					<td width="9"></td>
					<td align="right" width="58" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 0.75pt solid"><font size="2">-&nbsp;&nbsp;</font></td>
					<td width="23"></td>
					<td align="right" width="55" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 0.75pt solid"><font size="2">220,000</font></td>
				</tr>
				<tr>
					<td width="30"></td>
					<td width="310"></td>
					<td width="9"></td>
					<td width="58"></td>
					<td width="23"></td>
					<td width="55"></td>
				</tr>
				<tr>
					<td width="30"></td>
					<td width="310"><font size="2">Income tax provision</font></td>
					<td align="right" width="9"><font size="2">$</font></td>
					<td align="right" width="58" style="BORDER-BOTTOM: windowtext 2.25pt double"><font size="2">33,000&nbsp;&nbsp;</font></td>
					<td align="right" width="23"><font size="2">$</font></td>
					<td align="right" width="55" style="BORDER-BOTTOM: windowtext 2.25pt double"><font size="2">221,000</font></td>
				</tr>
			</table>
		</blockquote>
		<div align="center"></div>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">The actual income tax provision differs from the &quot;expected&quot; tax computed by applying the Federal corporate tax rate of 34% to the loss before income taxes as follows:</font></p>
		<p class="NoteTextKeepWithNext" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<table style="BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in .05in 0in .05in" cellspacing="0" cellpadding="0" border="0">
			<tr style="mso-row-margin-right: .8pt">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 255.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="341">
					<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 11.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="16" colspan="2">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 149.35pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" colspan="3" align="center">
					<p class="ColumnHeading" style="MARGIN: 0in 0in 0pt"><strong><font size="2">Year Ended December 31,</font></strong></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent; mso-cell-special: placeholder" width="1">
					<p class="MsoNormal" style="MARGIN: 0in 0in 0pt"><strong><font size="2"></font></strong>&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 255.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="341">
					<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.2pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="12">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 71pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign="top" colspan="2" align="center">
					<p class="ColumnHeading" style="MARGIN: 0in 0in 0pt"><strong><font size="2">2004</font></strong></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="13">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 72.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign="top" width="96" colspan="2" align="center">
					<p class="ColumnHeading" style="MARGIN: 0in 0in 0pt"><strong><font size="2">2003</font></strong></p>
				</td>
			</tr>
			<tr style="HEIGHT: 4pt; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 255.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="341">
					<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.2pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="12">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 71pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" colspan="2">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="13">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 72.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="96" colspan="2">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 255.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="341">
					<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">&quot;Expected&quot; income tax expense (benefit)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.2pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="12" align="right">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 71pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" colspan="2" align="center">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">(74,000)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="13">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt 38.45pt; TEXT-ALIGN: right" align="right"><font size="2">$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" colspan="2" align="center">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;(56,000)</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 255.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="341">
					<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt"><font size="2">State tax (benefit) expense, net of Federal benefit</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.2pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="12">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 71pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" colspan="2" align="center">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;&nbsp;&nbsp;4,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="13">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" colspan="2" align="center">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;(15,000)</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 255.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="341">
					<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt"><font size="2">Foreign losses</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.2pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="12">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 71pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" colspan="2" align="center">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;52,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="13">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" colspan="2" align="center">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;&nbsp;68,000&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 255.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="341">
					<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt"><font size="2">Increase in valuation allowance</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.2pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="12">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 71pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" colspan="2" align="center">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;16,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="13">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" colspan="2" align="center">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">286,000&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 255.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="341">
					<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt"><font size="2">Other</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.2pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="12">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 71pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" colspan="2" align="center">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;35,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="13">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" colspan="2" align="center">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;(62,000)</font></p>
				</td>
			</tr>
			<tr style="HEIGHT: 4pt; mso-height-rule: exactly">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 255.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="341">
					<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.2pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="12">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: windowtext 0.75pt solid; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 71pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" colspan="2" align="center">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="13">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: windowtext 0.75pt solid; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 72.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="96" colspan="2" align="center">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 255.45pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="341">
					<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">Income tax provision</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.2pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="12" align="right">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 71pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-COLOR: transparent" valign="top" colspan="2" align="center">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;33,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 9.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="13">
					<p class="Dollar" style="MARGIN: 0in 0in 0pt 38.45pt; TEXT-ALIGN: right" align="right"><font size="2">$</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-COLOR: transparent" valign="top" colspan="2" align="center">
					<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;221,000&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr height="0">
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width="341"><font size="2"></font></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width="12"><font size="2"></font></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width="4"><font size="2"></font></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width="47"><font size="2"></font></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width="13"><font size="2"></font></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width="95"><font size="2"></font></td>
				<td style="BORDER-RIGHT: #ece9d8; BORDER-TOP: #ece9d8; BORDER-LEFT: #ece9d8; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" width="1"><font size="2"></font></td>
			</tr>
		</table>
		<blockquote>

		</blockquote>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<p class="MsoNormal" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">The tax effects of temporary differences which give rise to significant portions of the deferred taxes are summarized as follows:</font></p>
		<p class="MsoNormal" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<div align="center">
			<table style="BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in .05in 0in .05in" cellspacing="0" cellpadding="0" border="0">
				<tr style="mso-row-margin-right: 67.5pt">
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent; mso-cell-special: placeholder" width="90">
						<p class="MsoNormal" style="MARGIN: 0in 0in 0pt"><font size="2"></font>&nbsp;</p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 0in; TEXT-INDENT: 0in"><b style="mso-bidi-font-weight: normal"><font size="2">Deferred tax assets:</font></b></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.75pt solid; BACKGROUND-COLOR: transparent" valign="top" width="90" align="center">
						<p class="ColumnHeading" style="MARGIN: 0in 0in 0pt"><strong><font size="2">12/31/2004</font></strong></p>
					</td>
				</tr>
				<tr style="HEIGHT: 3pt; mso-height-rule: exactly">
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 3pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 3pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 3pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="90">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">Inventory reserves</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">$</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;444,000</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">Section 263a adjustment</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;&nbsp;&nbsp;94,000</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">Allowances for bad debts and returns</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;&nbsp;&nbsp;35,000</font></p>
					</td>
				</tr>
				<tr style="HEIGHT: 9.9pt">
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 9.9pt; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">Accrued expenses</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 9.9pt; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 9.9pt; BACKGROUND-COLOR: transparent" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;&nbsp;&nbsp;27,000</font></p>
					</td>
				</tr>
				<tr style="HEIGHT: 6.75pt">
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 6.75pt; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt"><font size="2">Asset valuation reserve</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 6.75pt; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 6.75pt; BACKGROUND-COLOR: transparent" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;&nbsp;&nbsp;63,000</font></p>
					</td>
				</tr>
				<tr style="HEIGHT: 6.75pt">
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 6.75pt; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt"><font size="2">State net operating loss carry forward</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 6.75pt; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 6.75pt; BACKGROUND-COLOR: transparent" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;&nbsp;&nbsp;84,000</font></p>
					</td>
				</tr>
				<tr style="HEIGHT: 6.75pt">
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 6.75pt; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in 0in 0pt 13pt"><font size="2">Other</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 6.75pt; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 6.75pt; BACKGROUND-COLOR: transparent" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,000</font></p>
					</td>
				</tr>
				<tr style="HEIGHT: 8.4pt; mso-height-rule: exactly">
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 8.4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 8.4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: windowtext 0.75pt solid; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 8.4pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">Total deferred tax assets</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;751,000</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">Valuation allowance</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">(669,000)</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2"><b style="mso-bidi-font-weight: normal">Deferred tax liabilities:</b></font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">Depreciation<b style="mso-bidi-font-weight: normal"></b></font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;&nbsp;(11,000)</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">Deferred state taxes</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;&nbsp;(71,000)</font></p>
					</td>
				</tr>
				<tr style="HEIGHT: 3pt; mso-height-rule: exactly">
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 3pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 3pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: windowtext 0.75pt solid; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 3pt; BACKGROUND-COLOR: transparent; mso-height-rule: exactly" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p>
					</td>
				</tr>
				<tr>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 194.25pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="259">
						<p class="EntryL1" style="MARGIN: 0in -4.25pt 0pt 13pt"><font size="2">Net deferred tax assets</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 0.25in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="24">
						<p class="Dollar" style="MARGIN: 0in 0in 0pt"><font size="2">$</font></p>
					</td>
					<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0.05in; BORDER-TOP: #ece9d8; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 67.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-COLOR: transparent" valign="top" width="90" align="center">
						<p class="NumbersNormal" style="MARGIN: 0in 0in 0pt"><font size="2">-</font></p>
					</td>
				</tr>
			</table>
		</div>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<p class="MsoBodyTextIndent2" style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2">The Company has a net operating loss aggregating approximately $820,000 for state tax purposes that expires in 2015.<font style="mso-spacerun: yes">&nbsp; In assessing the realizability of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized.<font style="mso-spacerun: yes">&nbsp; Management considers the scheduled reversal of deferred tax assets, the level of historical taxable income and tax planning strategies in making the assessment of the realizability of deferred tax assets. </font></font></font></p>
		<p class="MsoBodyTextIndent2" style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2">&nbsp;</font></p>
		<div align="center">
			<font size="2">25</font>
			<hr noshade>
		</div>
		<p class="MsoBodyTextIndent2" style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt; TEXT-INDENT: -0.25in"><b><font size="2">Note 6</font><font style="mso-spacerun: yes" size="2">&nbsp; -&nbsp; 401(k) Profit Sharing Plan</font></b></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<p class="MsoBodyTextIndent2" style="MARGIN: 0in 0in 0pt 27pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2">In January 1995, the Company implemented a defined contribution profit sharing plan pursuant to Section 401(k) of the Internal Revenue Code (the Code) covering all employees of the Company. Participants once eligible, as defined by the plan, may contribute up to 15% of their compensation, but not in excess of the maximum allowed under the Code. The plan also provides for a 20% matching contribution vesting immediately, at the discretion of the Company. For the years ended December 31, 2004 and 2003, employer matching contributions aggregated approximately $12,000 in each year.<br>
				<br>
			</font><font size="2">The plan invests a portion of its assets in the common stock of the Company. The plan held 78,925 shares of the Company's common stock at December 31, 2004.</font></p>
		<p class="MsoBodyTextIndent2" style="MARGIN: 0in 0in 0pt 27pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"></p>
		<p class="MsoBodyTextIndent2" style="MARGIN: 0in 0in 0pt 27pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt; TEXT-INDENT: -0.25in"><b><font size="2">Note 7</font><font style="mso-spacerun: yes" size="2">&nbsp; -&nbsp; Stock Options</font></b></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27.35pt; LINE-HEIGHT: 9pt; mso-line-height-rule: exactly"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">In March 1995, the Company established the 1995 Stock Incentive Plan (the Plan) expiring in March 2005. The Plan provides for the issuance of an aggregate 1,080,000 incentive stock options, nonstatutory options or stock appreciation rights (SAR's) to directors, officers and other employees of the Company. Under the Plan, incentive stock options may be granted at prices equal to at least the fair market value of the Company's Class A common stock at the date of grant. Nonstatutory options and stock appreciation rights may be granted at prices equal to at least 85% and 100%, respectively, of the fair market value of the Company's Class A common stock at the date of grant. Outstanding options and rights vest in three equal annual installments beginning one year from the date of grant and are subject to termination provisions as defined in the Plan. The Plan also provides for automatic grants of nonstatutory options to purchase 5,000 shares of
 Class A common stock to all members of the committee administering the Plan, upon their initial election to the committee and each year thereafter. The exercise price of these options is equal to the fair market value of the Company's Class A common stock at the date of grant.<br>
				<br>
			</font><font size="2">The fair value of options and SAR's used to compute pro forma loss and loss per share disclosures is the estimated present value at grant date using the Black-Scholes option-pricing model with the following weighted average assumptions used for 2004: dividend yield of 0%; expected volatility of 24%; a risk free interest rate of approximately 5% and an expected holding period of five years; and for 2003: dividend yield of 0%; expected volatility of 41%; a risk free interest rate of approximately 4% and an expected holding period of five years.<br>
				<br>
			</font><font size="2">As described in Note 1, the Company has adopted the disclosure-only provisions of SFAS No. 123, &quot;Accounting for Stock-Based Compensation,&quot; but applies Accounting Principles Board Opinion No. 25 and related interpretations in accounting for its Plan options and SAR's.</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"></p>
		<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 27pt"><font size="2">Stock option and SAR activity during the periods indicated is as follows:</font></p>
		<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 27.35pt; LINE-HEIGHT: 10pt; mso-line-height-rule: exactly"><font style="mso-bidi-font-weight: bold"><font size="2">&nbsp;</font></font></p>
		<table style="BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt" cellspacing="0" cellpadding="0" border="0">
			<tr style="HEIGHT: 34.65pt">
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 293.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 34.65pt; BACKGROUND-COLOR: transparent" valign="top" width="391">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in"><font size="2">&nbsp;<b style="mso-bidi-font-weight: normal"></b></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 34.65pt; BACKGROUND-COLOR: transparent" valign="bottom" width="80">
					<p class="NoteText" style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: center" align="center"><b style="mso-bidi-font-weight: normal"><font size="2">&nbsp;</font></b></p>
					<p class="NoteText" style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: center" align="center"><b style="mso-bidi-font-weight: normal"><font size="2">&nbsp;</font></b></p>
					<p class="NoteText" style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: center" align="center"><b style="mso-bidi-font-weight: normal"><font size="2">Number<br>
								<u>of Shares</u></font></b></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 1in; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; HEIGHT: 34.65pt; BACKGROUND-COLOR: transparent" valign="top" colspan="2">
					<p class="NoteText" style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: center" align="center"></p>
					<p class="NoteText" style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: center" align="center"><b style="mso-bidi-font-weight: normal"><font size="2">Weighted Average</font></b></p>
					<p class="NoteText" style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: center" align="center"><b style="mso-bidi-font-weight: normal"><font size="2">Exercise<br>
								<u>Price</u></font></b></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 293.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="391">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 27pt"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="80">
					<p class="NoteText" style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="18">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;<u style="text-underline: double"></u></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 58.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="64">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in; TEXT-ALIGN: right; tab-stops: -3.45pt 5.55pt 19.05pt 35.1pt" align="right"><font size="2">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 293.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="391">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 27pt"><font size="2">Balance at December 31, 2002</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="80">
					<p class="NoteText" style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">607,350</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="18">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;<u style="text-underline: double"></u></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 58.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="64"><font size="2">2.01</font></td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 293.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="391">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 27pt"><font size="2"><font style="mso-spacerun: yes">&nbsp;&nbsp; Granted</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="80">
					<p class="NoteText" style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">109,500</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="18">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;<u style="text-underline: double"></u></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 58.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="64"><font size="2">1.02</font></td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 293.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="391">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 27pt"><font size="2"><font style="mso-spacerun: yes">&nbsp;&nbsp; Forfeited</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign="top" width="80">
					<p class="NoteText" style="MARGIN: 0in -0.9pt 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">(148,951)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="18">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;<u style="text-underline: double"></u></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 58.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="64"><font size="2">2.00</font></td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 293.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="391">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 27pt"><font size="2">Balance at December 31, 2003</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="80">
					<p class="NoteText" style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">567,899</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="18">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;<u style="text-underline: double"></u></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 58.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="64"><font size="2">1.84</font></td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 293.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="391">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 27pt"><font size="2"><font style="mso-spacerun: yes">&nbsp;&nbsp; Granted</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="80">
					<p class="NoteText" style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">80,000</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="18">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;<u style="text-underline: double"></u></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 58.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="64"><font size="2">1.74</font></td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 293.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="391">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 27pt"><font size="2"><font style="mso-spacerun: yes">&nbsp;&nbsp; Exercised</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="80">
					<p class="NoteText" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font size="2">(18,567)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="18">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;<u style="text-underline: double"></u></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 58.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="64"><font size="2">1.46</font></td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 293.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="391">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 27pt"><font size="2"><font style="mso-spacerun: yes">&nbsp;&nbsp; Forfeited</font></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" valign="top" width="80">
					<p class="NoteText" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font size="2">(30,333)</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="18">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;<u style="text-underline: double"></u></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 58.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="64"><font size="2">2.14</font></td>
			</tr>
			<tr>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 293.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="391">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 27pt"><font size="2">Balance at December 31, 2004</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 81pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; BACKGROUND-COLOR: transparent" valign="top" width="80">
					<p class="NoteText" style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">598,999</font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 13.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="18">
					<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 0in; TEXT-ALIGN: right" align="right"><font size="2">&nbsp;<u style="text-underline: double"></u></font></p>
				</td>
				<td style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 5.4pt; BORDER-TOP: #ece9d8; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #ece9d8; WIDTH: 58.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" valign="top" width="64"><font size="2">1.81</font></td>
			</tr>
		</table>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<p class="MsoNormal" style="MARGIN: 0in 0in 0pt 27pt; TEXT-ALIGN: justify"><font size="2">The weighted average fair value of options granted in 2004 and 2003 was $0.55 and<font style="mso-spacerun: yes">&nbsp; $0.68, respectively.</font></font></p>
		<p class="MsoNormal" style="MARGIN: 0in 0in 0pt 27pt; TEXT-ALIGN: justify"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">At December 31, 2004, the range of individual weighted average exercise prices was: $1.04 to $2.37.<font style="mso-spacerun: yes">&nbsp; The remaining contractual life of outstanding options is 90 days after termination of employment of option holder.</font></font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font style="mso-bidi-font-weight: bold"><font size="2">&nbsp;</font></font></p>
		<p class="MsoNormal" style="MARGIN: 0in 0in 0pt 27pt; TEXT-ALIGN: justify"><font style="mso-bidi-font-weight: bold"><font size="2">At December 31, 2004 the number of options exercisable was 438,000 and the weighted average exercise prices of those exercisable options were $1.98.</font></font></p>
		<p class="MsoNormal" style="MARGIN: 0in 0in 0pt 27pt; TEXT-ALIGN: justify"></p>
		<div align="center">
			<font size="2">26</font>
			<hr noshade>
		</div>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font style="mso-bidi-font-weight: bold"><font size="2">&nbsp;</font></font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt; TEXT-INDENT: -0.25in"><b><font size="2">Note 8</font><font style="mso-spacerun: yes" size="2">&nbsp; -&nbsp; Net Loss Per Share</font></b></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">The following data shows a reconciliation of the numerators and the denominators used in computing loss per share and the weighted average number of shares of dilutive potential common stock.</font></p>
		<blockquote>
			<table border="0" cellpadding="3" cellspacing="0">
				<tr>
					<td width="422"></td>
					<td width="22"></td>
					<td width="84" align="center" style="BORDER-BOTTOM: windowtext 1.5pt solid"><b><font size="2">2004</font></b></td>
					<td width="22"></td>
					<td width="88" align="center" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 1.5pt solid"><b><font size="2">2003</font></b></td>
				</tr>
				<tr>
					<td width="422"><font size="2">Net loss available to common shareholders used in basic loss per share</font></td>
					<td width="22" align="right"><font size="2">$</font></td>
					<td width="84" align="right"><font size="2">(248,000)</font></td>
					<td width="22" align="right"><font size="2">$</font></td>
					<td width="88" align="right"><font size="2">(387,000)</font></td>
				</tr>
				<tr>
					<td width="422"><font size="2">Weighted average number of common shares used in basic loss per share</font></td>
					<td width="22"></td>
					<td width="84" align="right" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 0.75pt solid"><font size="2">5,464,912&nbsp;</font></td>
					<td width="22"></td>
					<td width="88" align="right" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 0.75pt solid"><font size="2">5,655,468&nbsp;</font></td>
				</tr>
				<tr>
					<td width="422"><font size="2">Basic loss per share</font></td>
					<td width="22" align="right"><font size="2">$</font></td>
					<td width="84" align="right" style="BORDER-BOTTOM: windowtext 2.25pt double"><font size="2">(.05)</font></td>
					<td width="22" align="right"><font size="2">$</font></td>
					<td width="88" align="right" style="BORDER-BOTTOM: windowtext 2.25pt double"><font size="2">(.07)</font></td>
				</tr>
				<tr>
					<td width="422"><font size="2">Effect of dilutive securities:</font></td>
					<td width="22"></td>
					<td width="84" align="right"></td>
					<td width="22"></td>
					<td width="88" align="right"></td>
				</tr>
				<tr>
					<td width="422"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; Options</font></td>
					<td width="22"></td>
					<td width="84" align="right" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 0.75pt solid"><font size="2">-&nbsp;</font></td>
					<td width="22"></td>
					<td width="88" align="right" style="BORDER-TOP: #e0dfe3; BORDER-BOTTOM: windowtext 0.75pt solid"><font size="2">-&nbsp;&nbsp;</font></td>
				</tr>
				<tr>
					<td width="422"><font size="2">Weighted number of common shares and dilutive potential<br>
							&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares used in diluted loss per share</font></td>
					<td width="22"></td>
					<td width="84" align="right" style="BORDER-BOTTOM: windowtext 2.25pt double"><font size="2">5,464,912&nbsp;</font></td>
					<td width="22"></td>
					<td width="88" align="right" style="BORDER-BOTTOM: windowtext 2.25pt double"><font size="2">5,655,468&nbsp;&nbsp;</font></td>
				</tr>
				<tr>
					<td width="422"><font size="2">Diluted loss per share</font></td>
					<td width="22" align="right"><font size="2">$</font></td>
					<td width="84" align="right" style="BORDER-BOTTOM: windowtext 2.25pt double"><font size="2">(.05)</font></td>
					<td width="22" align="right"><font size="2">$</font></td>
					<td width="88" align="right" style="BORDER-BOTTOM: windowtext 2.25pt double"><font size="2">(.07)</font></td>
				</tr>
				<tr>
					<td width="422"></td>
					<td width="22"></td>
					<td width="84" align="right"></td>
					<td width="22"></td>
					<td width="88" align="right"></td>
				</tr>
			</table>
		</blockquote>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27.35pt"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27.35pt"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt; TEXT-INDENT: -22.5pt"><b><font size="2">Note 9</font><font style="mso-spacerun: yes" size="2">&nbsp; -&nbsp; Restricted Cash</font></b></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27.35pt"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27.35pt"><font size="2">On December 31, 2004 the Company had $1,000,000 of restricted cash invested in 1-year certificate of deposit maturing on July 9, 2005.<font style="mso-spacerun: yes">&nbsp; On July 8, 2004, the Company entered into a revolving line of credit facility providing up to $3 million for operating purposes. <font style="mso-spacerun: yes">&nbsp;As of the date of this Report, the Company has not yet used this credit facility.<font style="mso-spacerun: yes">&nbsp; The agreement governing this credit facility contains security agreements covering essentially all assets of the Company and financial covenants that require the Company to retain this $1,000,000 certificate of deposit and maintain compliance with certain financial ratios.</font></font></font></font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27.35pt"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27.35pt"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt; TEXT-INDENT: -22.5pt"><b><font size="2">Note 10</font><font style="mso-spacerun: yes" size="2">&nbsp; -&nbsp; Commitments and Contingencies</font></b></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in -0.75in 0pt 27pt; TEXT-ALIGN: left" align="left"><font size="2"><font style="mso-bidi-font-weight: bold"><u>Legal and Regulatory Proceedings</u></font></font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">The Company is engaged in various legal and regulatory proceedings incidental to its normal business activities, none of which, individually or in the aggregate, are deemed to be material risk to its financial condition.<font style="FONT-SIZE: 12pt"></font></font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><u><font size="2">Inventory Purchasing</font></u></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">Outstanding commitments to purchase inventory from suppliers aggregated $955,000 as of December 31, 2004.</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<p class="HeadingLevel1" style="MARGIN: 6pt 0in 0pt 1in; TEXT-INDENT: -1in"><b><font size="2">ITEM 8.</font><font style="mso-spacerun: yes" size="2">&nbsp; CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.</font></b><font style="mso-spacerun: yes"></font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font style="FONT-SIZE: 11pt; mso-bidi-font-size: 10.0pt">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt; tab-stops: 1.0in"><font size="2"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None</font></font></p>
		<p class="MsoBodyText" style="MARGIN: 0in 0in 0pt 27pt; mso-pagination: widow-orphan; mso-hyphenate: auto; tab-stops: 1.0in"><font size="2">&nbsp;</font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><b><font size="2">ITEM 8A.</font><font style="mso-spacerun: yes" size="2">&nbsp; CONTROLS AND PROCEDURES.</font></b><font style="mso-spacerun: yes"><font style="mso-bidi-font-weight: bold"></font></font></p>
		<p class="NoteText" style="MARGIN: 0in 0in 0pt 27pt"><font size="2">&nbsp;</font></p>
		<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of the end of the fiscal period covered by this Annual Report on Form 10-KSB, an evaluation was performed under the Securities Exchange Act of 1934 under the supervision and with the participation of our management, including the Principal Executive and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures.<font style="mso-spacerun: yes">&nbsp; Based upon that evaluation, the Principal Executive and Principal Financial Officer concluded that our disclosure controls and procedures were effective.<font style="mso-spacerun: yes">&nbsp; During the three-month period ended December&nbsp;31, 2004, no change in our internal control over finan
cial reporting occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</font></font></font></font>
		<div align="center">
			<font size="2">27</font>
			<hr noshade>
		</div>
		<p style="MARGIN: 0in 0in 0pt 27pt; TEXT-ALIGN: center" align=center></p>
		<p style="MARGIN: 0in 0in 0pt 27pt; TEXT-ALIGN: center" align=center><b style="mso-bidi-font-weight: normal"><font size=2>PART III</font></b></p>
		<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>&nbsp;</font></p>
		<p class=HeadingLevel1 style="MARGIN: 6pt 0in 0pt 1in; TEXT-INDENT: -1in"><font style="FONT-SIZE: 10pt"><strong>ITEM<font style="mso-spacerun: yes">&nbsp; </font>9.<font style="mso-spacerun: yes">&nbsp; </font>DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT.</strong></font></p>
		<p style="MARGIN: 0in -0.75in 0pt 27pt"><font size=2>&nbsp;</font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt; tab-stops: 1.0in"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The information required by Item 9, with the exception of the information provided below concerning the Company's Code of Ethics, will appear in the Proxy Statement for the 2005 Annual Meeting of Shareholders (the &quot;Proxy Statement&quot;) under the captions &quot;Election of Directors&quot;, &quot;Compliance with Section&nbsp;16(a) - Beneficial Ownership Reporting&quot; and &quot;Report of the Audit Committee&quot; and is incorporated herein by this reference.<font style="mso-spacerun: yes">&nbsp; </font>The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days following December 31, 2004.</font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt; tab-stops: 1.0in"><font size=2>&nbsp;</font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt; tab-stops: 1.0in"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The Company has adopted a Code of Ethics that applies to all officers (including its principal executive officer, principal financial officer, controller and any person performing similar functions).<font style="mso-spacerun: yes">&nbsp; </font>The Code of Ethics is available on the Company's website at www.taitroncomponents.com.</font></p>
		<p style="MARGIN: 0in -0.75in 0pt 27pt"><font size=2>&nbsp;</font></p>
		<p class=HeadingLevel1 style="MARGIN: 6pt 0in 0pt 1in; TEXT-INDENT: -1in"><font style="FONT-SIZE: 10pt"><strong>ITEM 10.<font style="mso-spacerun: yes">&nbsp; </font>EXECUTIVE COMPENSATION.</strong></font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>&nbsp;</font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt; tab-stops: 1.0in"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The information required by Item 10 will appear in the Proxy Statement under the caption &quot;Executive Compensation&quot; and is incorporated herein by this reference.</font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>&nbsp;</font></p>
		<p class=HeadingLevel1 style="MARGIN: 6pt 0in 0pt 1in; TEXT-INDENT: -1in"><font style="FONT-SIZE: 10pt"><strong>ITEM 11.<font style="mso-spacerun: yes">&nbsp; </font>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.</strong></font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>&nbsp;</font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt; tab-stops: 1.0in"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The information required by Item 11 will appear in the Proxy Statement under the caption &quot;Security Ownership of Certain Beneficial Owners and Management&quot; and is incorporated herein by this reference.</font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>&nbsp;</font></p>
		<p class=HeadingLevel1 style="MARGIN: 6pt 0in 0pt 1in; TEXT-INDENT: -1in"><font style="FONT-SIZE: 10pt"><strong>ITEM 12.<font style="mso-spacerun: yes">&nbsp; </font>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.</strong></font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>&nbsp;</font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt; tab-stops: 1.0in"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The information required by Item 12 will appear in the Proxy Statement under the caption &quot;Certain Relationships and Related Transactions&quot; and is incorporated herein by this reference.</font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>&nbsp;</font></p>
		<p class=HeadingLevel1 style="MARGIN: 6pt 0in 0pt 1in; TEXT-INDENT: -1in; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt"><strong>ITEM 13.<font style="mso-spacerun: yes">&nbsp; </font>EXHIBITS.</strong></font></p>
		<table border="0" cellpadding="0" cellspacing="0">
			<tr>
				<td valign="top" width="125">
					<p style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -45pt"><font size=2>3.1</font></p>
				</td>
				<td valign="top" width="564"><font size=2>Articles of Incorporation of Taitron Components Incorporated.<font style="mso-spacerun: yes">&nbsp; </font>(1)</font></td>
			</tr>
			<tr>
				<td valign="top" width="125">
					<p style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -45pt; mso-list: l9 level1 lfo2"><font size=2>3.2</font></p>
				</td>
				<td valign="top" width="564"><font size=2>Bylaws.<font style="mso-spacerun: yes">&nbsp; </font>(1)</font></td>
			</tr>
			<tr>
				<td valign="top" width="125">
					<p style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -45pt; mso-list: l3 level1 lfo3"><font size=2>4.1</font></p>
				</td>
				<td valign="top" width="564"><font size=2>Specimen certificate evidencing Class A common stock.<font style="mso-spacerun: yes">&nbsp; </font>(1)</font></td>
			</tr>
			<tr>
				<td valign="top" width="125">
					<p style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -45pt; mso-list: l8 level1 lfo4"><font size=2>4.2</font></p>
				</td>
				<td valign="top" width="564"><font size=2>Form of Underwriter's Warrant.<font style="mso-spacerun: yes">&nbsp; </font>(1)</font></td>
			</tr>
			<tr>
				<td valign="top" width="125">
					<p style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -45pt"><font size=2>10.1<b style="mso-bidi-font-weight: normal">*</b></font></p>
				</td>
				<td valign="top" width="564"><font size=2>Form of Director and Officer Indemnification Agreement.<font style="mso-spacerun: yes">&nbsp; </font>(1)</font></td>
			</tr>
			<tr>
				<td valign="top" width="125">
					<p style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -45pt"><font size=2>10.2<b style="mso-bidi-font-weight: normal">*</b></font></p>
				</td>
				<td valign="top" width="564"><font size=2>1995 Stock Incentive Plan, as Amended.<font style="mso-spacerun: yes">&nbsp; </font>(2)</font></td>
			</tr>
			<tr>
				<td valign="top" width="125">
					<p style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -45pt"><font size=2>10.3.</font></p>
				</td>
				<td valign="top" width="564"><font size=2>Business Loan Agreement, dated December 10, 2002, between the Company and General Bank. <font style="mso-spacerun: yes">&nbsp;</font>(3)</font></td>
			</tr>
			<tr>
				<td valign="top" width="125">
					<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>10.4</font></p>
				</td>
				<td valign="top" width="564"><font size=2>Promissory Note and Amendment, dated December 10, 2002, between the Company </font><font size=2>and General Bank. <font style="mso-spacerun: yes">&nbsp;</font>(3)</font></td>
			</tr>
			<tr>
				<td valign="top" width="125">
					<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>10.5</font></p>
				</td>
				<td valign="top" width="564"><font size=2>Deed of Trust, dated December 10, 2002, between the Company and General Bank. <font style="mso-spacerun: yes">&nbsp;</font>(3)</font></td>
			</tr>
			<tr>
				<td valign="top" width="125">
					<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>21.1**</font></p>
				</td>
				<td valign="top" width="564"><font size=2>List of Subsidiaries.</font></td>
			</tr>
			<tr>
				<td valign="top" width="125">
					<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>23.1**</font></p>
				</td>
				<td valign="top" width="564"><font size=2>Consent of Independent <font style="LETTER-SPACING: -0.1pt">Registered Public Accounting Firm</font> - Haskell &amp; White LLP.</font></td>
			</tr>
			<tr>
				<td valign="top" width="125">
					<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>24.1**</font></p>
				</td>
				<td valign="top" width="564"><font size=2>Power of Attorney <font style="COLOR: black">(contained on the signature page hereof)</font>.</font></td>
			</tr>
			<tr>
				<td valign="top" width="125">
					<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>31.1**</font></p>
				</td>
				<td valign="top" width="564"><font size=2><font style="mso-tab-count: 1"></font>Principal Executive and Financial Officer - Section 302 Certification.</font></td>
			</tr>
			<tr>
				<td valign="top" width="125">
					<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>32.1**</font></p>
				</td>
				<td valign="top" width="564"><font size=2>Principal Executive and Financial Officer - Section 906 Certification.</font></td>
			</tr>
		</table>
		<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>______________________________________________________________________________________</font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>&nbsp;</font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>*<font style="mso-spacerun: yes">&nbsp;&nbsp; </font><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Management contract or compensatory plan or arrangement.</font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>**<font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Filed herewith.</font></p>
		<p style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -45pt"><font size=2>(1)<font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Incorporation by reference from the Company's Registration Statement on Form SB-2, Registration No. 33-90294-LA.</font></p>
		<p style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -45pt"><font size=2>(2)<font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Incorporated by reference from the Company's Quarterly Report on Form 10-QSB for the quarter.</font><font size=2>ended June 30, 1998.</font></p>
		<p style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -45pt"></p>
		<div align="center">
			<font size="2">28</font>
			<hr noshade>
			<br>
		</div>
		<p style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -45pt"><font size=2>(3)<font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Incorporated by reference from the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2002.</font></p>
		<p style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -45pt"><font size=2>&nbsp;</font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt"><b style="mso-bidi-font-weight: normal"><font size=2>&nbsp;</font></b></p>
		<p class=HeadingLevel1 style="MARGIN: 6pt 0in 0pt 1in; TEXT-INDENT: -1in; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt"><strong>ITEM 14.<font style="mso-spacerun: yes">&nbsp; </font>PRINCIPAL ACCOUNTANT FEES AND SERVICES.</strong></font></p>
		<p style="MARGIN: 0in 0in 0pt 27pt"><font size=2>&nbsp;</font></p>
		<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Information regarding principal accountant fees and services will appear in the Proxy Statement for the 2005 Annual Meeting of Shareholders and is incorporated herein by this reference. </font></p>
		<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><b style="mso-bidi-font-weight: normal"><font size=2>&nbsp;</font></b></p>
		<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><b style="mso-bidi-font-weight: normal"><font size=2>&nbsp;</font></b></p>
		<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><b style="mso-bidi-font-weight: normal"><font size=2>&nbsp;</font></b><b style="mso-bidi-font-weight: normal"><font size=2>&nbsp;</font></b></p>
		<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><b style="mso-bidi-font-weight: normal"><font size=2>&nbsp;</font></b></p>
		<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><b style="mso-bidi-font-weight: normal"><font size=2>SIGNATURES</font></b></p>
		<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><b style="mso-bidi-font-weight: normal"><font size=2>&nbsp;</font></b></p>
		<p style="MARGIN: 0in 0in 0pt"><font size=2><b style="mso-bidi-font-weight: normal"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b>In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
		<p style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p style="MARGIN: 0in 0in 0pt; tab-stops: 3.25in"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; </font><b style="mso-bidi-font-weight: normal">Taitron Components Incorporated</b></font></p>
		<p style="MARGIN: 0in 0in 0pt; tab-stops: 3.25in"><font size=2><b style="mso-bidi-font-weight: normal"><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font></p>
		<p style="MARGIN: 0in 0in 0pt; tab-stops: 3.25in"><font size=2>Dated: <font style="mso-spacerun: yes">&nbsp;</font>March 31, 2005 <font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>By: <font style="mso-spacerun: yes">&nbsp;</font><u>/s/ Stewart Wang<font style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></u></font></p>
		<p style="MARGIN: 0in 0in 0pt; tab-stops: 3.25in"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Stewart Wang</font></p>
		<p style="MARGIN: 0in 0in 0pt; tab-stops: 3.25in"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Chief Executive Officer, President and Chief Financial Officer</font></p>
		<p style="MARGIN: 0in 0in 0pt; tab-stops: 3.25in"><font size=2>&nbsp;</font></p>
		<p style="MARGIN: 0in 0in 0pt; tab-stops: 3.25in"><font size=2>&nbsp;</font></p>
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			<br>
			<font size="2">29</font>
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<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>exh_241.htm
<DESCRIPTION>EXHIBIT 24.1
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		<P  style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B style="mso-bidi-font-weight: normal"><FONT size=2>POWER OF ATTORNEY</FONT></B></P>
		<P  style="MARGIN: 0in 0in 0pt"><FONT size=2>&nbsp;</FONT></P>
		<P class=MsoBodyText style="MARGIN: 0in 0in 0pt"><FONT size=2><FONT style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Stewart Wang his attorney-in-fact and agent, with full power of substitution, for him in any and all capacities, to sign any amendments to this Annual Report, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said attorney-in-fact, or his substitutes, may do or cause to be done by virtue hereof.</FONT></P>
		<P class=MsoBodyText style="MARGIN: 0in 0in 0pt"><FONT size=2>&nbsp;</FONT></P>
		<P class=MsoBodyText style="MARGIN: 0in 0in 0pt"><FONT size=2><FONT style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.</FONT></P>
		<P  style="MARGIN: 0in 0in 0pt"><FONT size=2>&nbsp;</FONT></P>
		<P  style="MARGIN: 0in 0in 0pt"><FONT size=2><FONT style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Signature</U><FONT style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Title</U><FONT style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="mso-tab-count: 2">&nbsp;&nbsp
;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Date</U></FONT></P>
		<P  style="MARGIN: 0in 0in 0pt; tab-stops: center 0in"><U><FONT size=2>&nbsp;</FONT></U></P>
		<P  style="MARGIN: 0in 0in 0pt; tab-stops: center 0in"><font size=2>/s/ Johnson Ku</font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2>Chairman of the Board</font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font><font size=2>March 31, 2005</font><font size=2>
				<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1.5pt solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 1pt; BORDER-BOTTOM: medium none">
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				<u></u></font><font size=2>Johnson Ku</font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></P>
		<P  style="MARGIN: 0in 0in 0pt"><FONT size=2>&nbsp;</FONT></P>
		<P  style="MARGIN: 0in 0in 0pt"><font size=2>/s/ Stewart Wang</font><font size=2><font style="mso-tab-count: 1"> </font></font><font size=2><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font><font size=2>Chief Executive Officer, President,</font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</font></font><font size=2>March 31, 2005</font><font size=2>
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			</font><font size=2>Stewart Wang</font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2>Chief Financial Officer and Director</font><font size=2><br>
			</font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</font></font><font size=2><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font size=2><font size=2>(Principal Executive, Financial and Accounting Officer)</font></font></P>
		<P  style="MARGIN: 0in 0in 0pt"><FONT size=2>&nbsp;</FONT></P>
		<P  style="MARGIN: 0in 0in 0pt"><font size=2>/s/ Richard Chiang</font><font size=2><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2>Director</font><font size=2><font style="mso-tab-count: 1">&nbsp; </font></font><font size=2><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp
;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2>March 31, 2005</font><font size=2>
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			</font><font size=2>Richard Chiang</font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></P>
		<P  style="MARGIN: 0in 0in 0pt; tab-stops: 458.65pt"><FONT size=2>&nbsp;</FONT></P>
		<P  style="MARGIN: 0in 0in 0pt"><font size=2>/s/ Craig Miller</font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font><font size=2>Director</font><font size=2><font style="mso-tab-count: 1">&nbsp; </font></font><font size=2><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbs
p;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2>March 31, 2005</font><font size=2>
				<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1.5pt solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 1pt; BORDER-BOTTOM: medium none">
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						Craig Miller</font></P>
		<P  style="MARGIN: 0in 0in 0pt"><FONT size=2>&nbsp;</FONT></P>
		<P  style="MARGIN: 0in 0in 0pt"><font size=2>/s/ Felix Sung</font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2>Director</font><font size=2><font style="mso-tab-count: 1">&nbsp; </font></font><font size=2><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2><font style="mso-tab-count: 1">&nbsp
;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font size=2>March 31, 2005</font><font size=2>
				<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1.5pt solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 1pt; BORDER-BOTTOM: medium none">
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						Felix Sung</font></P>
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<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>3
<FILENAME>exh_211.htm
<DESCRIPTION>EXHIBIT 21.1
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		<p><font size=2>Exhibit 21.1<font style="mso-spacerun: yes">&nbsp; </font>List of Subsidiaries</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; tab-stops: 2.5in"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; tab-stops: 2.5in"><font size=2>&nbsp;<font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size=2>Subsidiaries of the Company</font></font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; tab-stops: 2.5in"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; tab-stops: 2.5in"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; tab-stops: 2.5in"><font size=2>Name of Subsidiary<font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Country of Incorporation</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 13.5pt; TEXT-INDENT: -13.5pt; TEXT-ALIGN: justify"><font size=2>&nbsp;</font></p>
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				<td width="476"><font size=2>Taitron Components Mexico, S.A. de C.V.<br>
						Taitron Components Taiwan Branch (U.S.A.)<br>
						<font style="mso-bidi-font-weight: bold">Taitron Components Incorporated e Representacoes do Brasil LTDA</font></font></td>
				<td><font size=2>Mexico<br>
					</font><font size=2>Taiwan<br>
					</font><font size=2><font style="mso-tab-count: 1">Brazil</font></font></td>
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		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 13.5pt; TEXT-INDENT: -13.5pt; TEXT-ALIGN: justify"><font size=2><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></p>
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<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>4
<FILENAME>exh_231.htm
<DESCRIPTION>EXHIBIT 23.1
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		<p><font size=2>Exhibit 23.1<font style="mso-spacerun: yes">&nbsp; </font>Consent of Independent <font style="LETTER-SPACING: -0.1pt">Registered Public Accounting Firm</font> - Haskell &amp; White LLP</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; tab-stops: 2.5in"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; tab-stops: 2.5in"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; tab-stops: 2.5in"><font size=2>&nbsp;</font></p>
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			<p class=OpinionHeading style="MARGIN: 0in 0in 0pt"><font style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal">Consent of Independent <font style="LETTER-SPACING: -0.1pt">Registered Public Accounting Firm</font></font></p>
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		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>We consent to the incorporation by reference in Registration Statement No.<font style="mso-spacerun: yes">&nbsp; </font>33-94102, of Taitron Components Incorporated on Form S-8 of our report dated February 28, 2005, appearing in the Annual Report on Form 10-KSB of Taitron Components Incorporated for the year ended December 31, 2004.</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; tab-stops: 45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; tab-stops: 45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 12pt">&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>/s/ Haskell &amp; White LLP</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 12pt">&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>Irvine, California</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>March 31, 2005</font></p>
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<TYPE>EX-31
<SEQUENCE>5
<FILENAME>exh_311.htm
<DESCRIPTION>EXHIBIT 31.1
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		<p><font size=2>Exhibit 31.1<font style="mso-spacerun: yes">&nbsp; </font>Principal Executive and Financial Officer - Section 302 Certification</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; tab-stops: 2.5in"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; tab-stops: 2.5in"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>Certification of </font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>Principal Executive Officer and Principal Financial Officer</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>Of Taitron Components Incorporated</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>I, Stewart Wang, certify that:</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=Byline style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; mso-hyphenate: auto; tab-stops: .5in"><font style="LETTER-SPACING: 0pt"><font size=2>1.<font style="mso-spacerun: yes">&nbsp; </font>I have reviewed this annual report on Form 10-KSB of Taitron Components Incorporated;</font></font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 13.5pt; TEXT-INDENT: -13.5pt; TEXT-ALIGN: justify"><font size=2>2.<font style="mso-spacerun: yes">&nbsp; </font>Based on my knowledge, this annual 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 annual report; </font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt; TEXT-ALIGN: justify"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 13.5pt; TEXT-INDENT: -13.5pt; TEXT-ALIGN: justify"><font size=2>3.<font style="mso-spacerun: yes">&nbsp; </font>Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this annual report; </font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 13.5pt; TEXT-INDENT: -13.5pt; TEXT-ALIGN: justify"><font size=2>4.<font style="mso-spacerun: yes">&nbsp; </font>The small business issuer's other certifying officer(s) 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 small business issuer and we have:</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 30pt; TEXT-ALIGN: justify"><font size=2>a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,<font style="mso-spacerun: yes">&nbsp; </font>to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 30pt; TEXT-ALIGN: justify"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 30pt; TEXT-ALIGN: justify"><font size=2>b) Evaluated the effectiveness of the small business issuer's disclosure controls and procedures and presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this annual report based on such evaluation; and</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 30pt; TEXT-ALIGN: justify"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 30pt; TEXT-ALIGN: justify"><font size=2>c) Disclosed in this annual report any change in the small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter (the small business issuer's fourth quarter in the case of an annual report) that has materially affected, or is likely to materially affect, the small business issuer's internal control over financial reporting; and</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 30pt; TEXT-ALIGN: justify"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 13.5pt; TEXT-INDENT: -13.5pt; TEXT-ALIGN: justify"><font size=2>5.<font style="mso-spacerun: yes">&nbsp; </font>The small business issuer&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of small business issuer&#146;s board of directors (or persons performing the equivalent function):</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoBodyTextIndent3 style="MARGIN: 0in 0in 0pt 0.5in"><font style="FONT-SIZE: 10pt">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 small business issuer's ability to record, process, summarize and report financial data and have identified for the small business issuer's ability to record, process, summarize and report financial information; and</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 0.5in"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 0.5in"><font size=2>b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
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				<td width="257"><font size=2>Dated<font style="mso-spacerun: yes">&nbsp; </font>March<font style="mso-spacerun: yes">&nbsp; </font>31, 2005</font></td>
				<td width="35"><font size=2>By:</font></td>
				<td><font size=2><font style="mso-tab-count: 1">&nbsp;</font><u>/s/ Stewart Wang</u></font></td>
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				<td width="257"></td>
				<td width="35"></td>
				<td><font size=2>Stewart Wang</font></td>
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				<td width="257"></td>
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				<td><font size=2>Principal Executive Officer and Principal Financial Officer</font></td>
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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>6
<FILENAME>exh_321.htm
<DESCRIPTION>EXHIBIT 32.1
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		<p><FONT size=2>Exhibit 32.1<FONT style="mso-spacerun: yes">&nbsp; </FONT>Principal Executive and Financial Officer - Section 906 Certification</FONT></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><b style="mso-bidi-font-weight: normal"><font style="FONT-FAMILY: 'CG Times'; LETTER-SPACING: -0.1pt"><font size=2>&nbsp;</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><b style="mso-bidi-font-weight: normal"><font style="FONT-FAMILY: 'CG Times'; LETTER-SPACING: -0.1pt"><font size=2>&nbsp;</font></font></b></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><font size=2>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, and accompanies the annual report on Form 10-KSB (the &quot;Form 10-KSB&quot;) for the year ended December 31, 2004 of Taitron Components Incorporated (the &quot;Issuer&quot;).</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>I, Stewart Wang, the Principal Executive Officer and Principal Financial Officer of the Issuer, certify that to the best of my knowledge:</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 0.8in; TEXT-INDENT: -0.55in"><font size=2>(i) <font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>the Form 10-KSB fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and:</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 0.25in"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt 0.8in; TEXT-INDENT: -0.55in"><font size=2>(ii) <font style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>the information contained in the Form 10-KSB fairly presents, in all material respects, the financial condition and results of operation of the Issuer.</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
		<p class=MsoNormal style="MARGIN: 0in 0in 0pt"><font size=2>&nbsp;</font></p>
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				<td width="257"><font size=2>Dated<font style="mso-spacerun: yes">&nbsp; </font>March<font style="mso-spacerun: yes">&nbsp; </font>31, 2005</font></td>
				<td width="35"><font size=2>By:</font></td>
				<td><font size=2><font style="mso-tab-count: 1">&nbsp;</font><u>/s/ Stewart Wang</u></font></td>
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				<td width="257"></td>
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				<td><font size=2>Stewart Wang</font></td>
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				<td width="257"></td>
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				<td><font size=2>Principal Executive Officer and Principal Financial Officer</font></td>
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