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<SEC-DOCUMENT>0000897101-09-000366.txt : 20090226
<SEC-HEADER>0000897101-09-000366.hdr.sgml : 20090226
<ACCEPTANCE-DATETIME>20090226151523
ACCESSION NUMBER:		0000897101-09-000366
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090225
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090226
DATE AS OF CHANGE:		20090226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INSIGNIA SYSTEMS INC/MN
		CENTRAL INDEX KEY:			0000875355
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS MANUFACTURING INDUSTRIES [3990]
		IRS NUMBER:				411656308
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13471
		FILM NUMBER:		09637492

	BUSINESS ADDRESS:	
		STREET 1:		8799 BROOKLYN BLVD.
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55445
		BUSINESS PHONE:		7633926200

	MAIL ADDRESS:	
		STREET 1:		8799 BROOKLYN BLVD.
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55445
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>insignia090892_8k.htm
<DESCRIPTION>FORM 8-K DATED FEBRUARY 25, 2009
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<TITLE>INSIGNIA SYSTEMS, INC. FORM 8-K DATED FEBRUARY 25, 2009</TITLE>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Washington, DC 20549-1004</font></p>

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

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<p style=' margin-bottom:6pt; margin-top:6pt;text-align:center;'><B><font SIZE=6>FORM 8-K</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>THE SECURITIES EXCHANGE ACT OF 1934</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>Date of Report:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>February 25, 2009</font></p>

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

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<p style=' margin-bottom:0pt; margin-top:6pt;text-align:center;'><B><font SIZE=6>INSIGNIA SYSTEMS, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact name of registrant as specified in its chapter)</font></p>

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


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<p   align=center style='text-align:center'><b><font size=3>Minnesota</font></b></p>  </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=3>1-13471</font></b></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=3>41-1656308</font></b></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(State or other jurisdiction</font><br> <font size=2>of incorporation)</font></p> </td>

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<p
style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Commission </font><br> <font size=2>File Number)</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(IRS Employer </font><br> <font size=2>Identification No.)</font></p> </td> </tr></table>
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<p   align=center style='text-align:center'><b><font size=3>8799 Brooklyn Blvd., Minneapolis, Minnesota</font></b></p>  </td>

        <td width="212" >
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=3>55445</font></b></p> </td> </tr>
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<p   align=center style='text-align:center'><font size=2>(Address of principal executive offices)</font></p>  </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Zip Code)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>Registrant&#146;s telephone number, including area code&nbsp;&nbsp;</font><b><font size=3>(763) 392-6200</font></b></p>

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


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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Former name or former address, if changed since last report)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font size=3>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>

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


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> </td> </tr></table>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr></table>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> </td> </tr></table>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=3>Item 2.02.</font></b><font size=3>&nbsp;&nbsp;</font><b><font size=3>Results of Operations and Financial Condition.</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>On February 25, 2009, the registrant issued a press release disclosing financial information regarding the fourth quarter ended December 31, 2008. A copy of the press release is attached as Exhibit 99.1.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=3>Item 9.01.</font></b><font size=3>&nbsp;&nbsp;</font><b><font size=3>Financial Statements and Exhibits.</font></b></p>

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


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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>99.1</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Press Release dated February 25, 2009.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:10pt;text-align:center;'><B><font SIZE=3>SIGNATURES</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </font></p>

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


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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Insignia Systems, Inc.</font></b></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Registrant)</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p
style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Date:&nbsp;&nbsp;&nbsp;February 25, 2009</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Scott F. Drill</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Scott F. Drill, President and Chief Executive Officer</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>

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


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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=3>Exhibit 99.1</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:-0.12in;text-align:left;'><font size=2>&nbsp;</font></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><i><b><small>FOR</small> <small>IMMEDIATE</small> <small>RELEASE</small></b></i></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Contact:  Scott Drill, President and CEO</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(763) 392-6200; (800) 874-4648</font></p>
<p style='margin-left:0pt;text-indent:204.0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:normal'><font size=1>&nbsp;</font></p>  </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:normal'><img src="img1.jpg"><br> </p>  </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:-0.12in;text-align:center;'><b><font size=3>Insignia Systems, Inc. Reports Record Fourth Quarter POPS Revenue,</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>An Increase of 88%; 2009 Outlook Challenging</font></b></p>

<p style=' margin-bottom:0pt; margin-top:10pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><B><font SIZE=2>MINNEAPOLIS </font></B><font size=2>&#150;</font><b><font size=2> February 25, 2009 </font></b><font size=2>&#150; Insignia Systems, Inc. (Nasdaq: ISIG) today reported net sales of $8,668,000 for the fourth quarter ended December 31, 2008, an increase of 75.6%, compared to net sales of $4,936,000 for the fourth quarter of 2007. The operating loss for the fourth quarter of 2008 was $(80,000) compared to an operating loss of $(608,000) for the fourth quarter of 2007. Included in these operating losses was News America related legal expense of $816,000 and $472,000, respectively. Without the News America related legal expense the Company would have recorded operating income of $736,000 for the fourth quarter of 2008 and an operating loss of $(136,000) for the fourth quarter of 2007. The net loss for the fourth quarter of 2008 was $(2,173,000) or $(0.14) per share, compared to a net income of
$1,625,000, or $0.10 per share (basic and fully diluted), for the fourth quarter of 2007. The net loss for the fourth quarter of 2008 included a provision for income taxes of $2,138,000, primarily related to the establishment of a 100% valuation allowance against deferred tax assets. The net income for the fourth quarter of 2007 included a tax benefit of $2,169,000 primarily related to the reduction of the valuation allowance against deferred tax assets. The increase to the valuation allowance in 2008 and the reduction of the valuation allowance in 2007 were based upon changes in the Company&#146;s expectations regarding its ability to realize certain deferred tax assets. Insignia Point-of-Purchase Services<sup>&reg; </sup>(POPS) revenue for the fourth quarter was $8,101,000, an increase of 88.0% compared to the fourth quarter 2007 POPS revenue of $4,308,000. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>For the year ended December 31, 2008, net sales were $31,406,000, an increase of 28.6%, compared to net sales of $24,431,000 for 2007. The operating loss for the year ended December 31, 2008 was $(299,000) compared to operating income of $81,000 for the year ended December 31, 2007. Included in the operating loss and operating income was News America related legal expense of $4,086,000 and $1,758,000, respectively. Without the News America related legal expense the Company would have recorded operating income of $3,787,000 for the year ended December 31, 2008 and operating income of $1,839,000 for the year ended December 31, 2007. The net loss for the year ended December 31, 2008 </font></p>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>February 25, 2009</font></p> </td>

        <td valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><i><font size=2>Insignia Systems, Inc. Reports Fourth Quarter Results</font></i></p> </td>

        <td width="120" valign=top >
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>was $(2,257,000) or $(0.15) per share, compared to net income
of $2,343,000, or $0.15 per basic share ($0.14 per fully diluted share) for the
2007 year. The net loss for the year ended December 31, 2008 included a
provision for income taxes of $2,138,000 primarily related to the establishment
of a 100% valuation allowance against deferred tax assets. The net income for
the year ended December 31, 2007 included a tax benefit of $2,109,000 primarily
related to the reduction of the valuation allowance against deferred tax assets.
The increase to the valuation allowance in 2008 and the reduction of the
valuation allowance in 2007 were based upon changes in the Company&#146;s
expectations regarding its ability to realize certain deferred tax assets.
Insignia POPS revenue for the year ended December 31, 2008 was $28,931,000, an
increase of 34.0%, compared to POPS revenue of $21,589,000 for 2007.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>CEO Scott Drill commented, &#147;Overall, 2008 was a good year for Insignia. The record POPS revenue achieved in both the third and fourth quarters were certainly highlights, as was the 34% full-year 2008 POPS revenue increase over 2007. Our relationship with Valassis continued to grow and this was evidenced by both the POPS revenue growth and the addition of several new retail chains. Absent the News America related legal expense we would have reported operating income for both the fourth quarter and the year of 2008. Last of all, we made great progress on the legal front in our lawsuit against News America. The schedule calls for us to be trial ready in early May. After many years, we are anxious to get the case in front of a jury.&#148;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>Drill continued, &#147;The big disappointment in 2008 was the loss of Safeway on December 31<sup>st</sup>. After a great eight-plus year relationship, Safeway elected to sign an exclusive contract with News America. While this strengthens our position in the litigation, it certainly is a blow to the business. We are hopeful we can re-establish the relationship with Safeway at some point in the future. In the meantime, there are a number of initiatives in place to help offset the loss. In addition, we continue to be active on the retail distribution recruitment front.&#148;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>Drill went on to say, &#147;Our business in the first quarter of 2009 is satisfactory in that we have approximately $5,600,000 of POPS customer orders with roughly one week of selling time left. First quarter 2009 operating expenses should be offset by a $1,387,500 preliminary settlement we reached with an insurance company related to our defense of News America&#146;s counterclaims. Finally, cash at year-end was $11,052,000 and News America related legal expense for the fourth quarter of 2008 was $816,000.&#148;</font></p>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>February 25, 2009</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><i><font size=2>Insignia Systems, Inc. Reports Fourth Quarter Results</font></i></p> </td>

        <td width="69" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>Page 3</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;line-height: 150%;'><b><font size=2>Conference Call</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>The Company will host a conference call today, February 25, at 4:00 p.m. Central Time. To access the live call, dial 888-364-3109. The conference code is 8996546. Please be sure to call in about 5-10 minutes before the call is scheduled to begin. Audio replay will be available approximately three hours after the call for 10 days. To access the replay, dial 888-203-1112 and reference the passcode 8996546. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>Insignia Systems, Inc. is an innovative developer and marketer of in-store advertising products, programs and services to retailers and consumer goods manufacturers. Through its Point-Of-Purchase Services (POPS) business, Insignia is contracted with more than 8,800 chain retail supermarkets and drug stores, including Kroger, ShopRite and SuperValu. Through the nationwide POPS network, over 200 major consumer goods manufacturers, including General Mills, Kellogg Company, Kraft, Nestl&#233;, Ocean Spray, Reckitt Benckiser, Schwans Bakery and Tyson Foods, have taken their brand messages to the point-of-purchase. For additional information, contact (888) 474-7677, or visit the Insignia website at www.insigniasystems.com.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height: 150%;'><font size=2>Except
for the historical information contained herein, the matters discussed in this
news release are forward-looking statements. The Company&#146;s actual results
could differ materially from these forward-looking statements as a result of a
number of factors, including risks and uncertainties as described in the
Company&#146;s SEC Form 10-K for the year ended December 31, 2007 and other
recent filings with the Securities and Exchange Commission. The Company wishes
to caution readers not to place undue reliance upon any such forward-looking
statements, which speak only as of the date made.</font></p>

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

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        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><i><font size=2>Insignia Systems, Inc. Reports Fourth Quarter Results</font></i></p> </td>

        <td width="83" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>Page 4</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Insignia Systems, Inc. </font></b></p>

<p style=' margin-bottom:3pt; margin-top:3pt;text-align:center;'><B><font SIZE=3>S</font><font SIZE=2>TATEMENTS OF </font><font SIZE=3>O</font><font SIZE=2>PERATIONS</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(</font></b><u><b><font size=2>Unaudited</font></b></u><b><font size=2>)</font></b></p>

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<p style='margin-left:.25in;text-indent:-.25in;text-align:center;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>

        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>December 31,</font></b></p> </td>

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<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>

        <td
colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Year Ended</font></b><br> <b><font size=1>December 31,</font></b></p> </td>

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<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:.25in;text-indent:-.25in;text-align:center;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>

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<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2007</font></b></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>

        <TD VALIGN="BOTTOM" STYLE="border-top:solid black 1.0pt; background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:white'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2007</font></b></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD WIDTH="43%" VALIGN="TOP" STYLE="background:#D6F3E8">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Net Sales</font></p> </td>

        <TD WIDTH="3%" VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD WIDTH="10%" VALIGN="BOTTOM" STYLE="border-top:solid black 1.0pt; background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,668,000</font></p> </td>

        <TD WIDTH="3%" VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD WIDTH="10%" VALIGN="BOTTOM" STYLE="border-top:solid black 1.0pt; background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,936,000</font></p> </td>

        <TD WIDTH="3%" VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD WIDTH="10%" VALIGN="BOTTOM" STYLE="border-top:solid black 1.0pt; background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>31,406,000</font></p> </td>

        <TD WIDTH="3%" VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD WIDTH="10%" VALIGN="BOTTOM" STYLE="border-top:solid black 1.0pt; background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>24,431,000</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Cost of Sales</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,111,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,520,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>14,522,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,889,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:#D6F3E8">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Gross Profit</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,557,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,416,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,884,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,542,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Operating Expenses:</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:27.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Selling</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,643,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,369,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,521,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,664,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:#D6F3E8">
<p style='margin-left:27.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Marketing</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>391,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>360,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,602,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,412,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:27.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Warrant expense </font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>-</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>-</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>-</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,521,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2><sup>(1)</sup></font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:#D6F3E8">
<p style='margin-left:27.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>General &amp; administrative</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,603,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,295,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,060,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,864,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Operating Income (Loss)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(80,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(608,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(299,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>81,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:#D6F3E8">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Other Income, net</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>45,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>64,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>180,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>153,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Income (Loss) before Taxes</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(35,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(544,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(119,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>234,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:#D6F3E8">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Income Tax (Expense) Benefit</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(2,138,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,169,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(2,138,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,109,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Net Income (Loss)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(2,173,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,625,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(2,257,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,343,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Net Income (Loss) per Share</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:#D6F3E8">
<p style='margin-left:22.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Basic</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(0.14</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.10</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(0.15</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.15</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:22.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Diluted</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(0.14</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.10</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:1.5pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(0.15</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.14</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Shares used in calculation of Net Income (Loss) per Share:</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:#D6F3E8">
<p style='margin-left:22.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Basic</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,233,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,539,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8;">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,484,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,411,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:22.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Diluted</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,233,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,220,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,484,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,186,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="16" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="25" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Reflects a one-time non-cash charge related to a warrant issued in the third quarter of 2007 to Valassis Communications, Inc. for the development and integration of new retailer relationships. </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:3pt; margin-top:12pt;text-align:center;'><I><B><font SIZE=2>SELECTED BALANCE SHEET DATA</font></B></I></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(</font></b><u><b><font size=2>Unaudited</font></b></u><b><font size=2>)</font></b></p>

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


<div align=left>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse:collapse">
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP">
<p style='margin-left:.25in;text-indent:-.25in;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM">
<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>December 31,</font></b><br> <b><font size=1>2008</font></b></p> </td>

        <TD VALIGN="BOTTOM">
<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
<p
style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>December 31,</font></b><br> <b><font size=1>2007</font></b></p> </td>

        <TD VALIGN="BOTTOM">
<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD WIDTH="71%" VALIGN="TOP" STYLE="background:#D6F3E8">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Cash and cash equivalents</font></p> </td>

        <TD WIDTH="3%" VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD WIDTH="10%" VALIGN="BOTTOM" STYLE="border-top:solid black 1.0pt; background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,052,000</font></p> </td>

        <TD WIDTH="3%" VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <TD WIDTH="10%" VALIGN="BOTTOM" STYLE="border-top:solid black 1.0pt; background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,393,000</font></p> </td>

        <TD WIDTH="1%" VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Working capital</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,396,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,751,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:#D6F3E8">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Total assets</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,593,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,340,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:white">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Total liabilities</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,322,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,663,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:white">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <TD VALIGN="TOP" STYLE="background:#D6F3E8">
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Shareholders&#146; equity</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,271,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,677,000</font></p> </td>

        <TD VALIGN="BOTTOM" STYLE="background:#D6F3E8">
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.45in;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.45in;text-align:center;'><font size=2>####</font></p>

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

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