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<SEC-DOCUMENT>0001144204-04-008947.txt : 20040624
<SEC-HEADER>0001144204-04-008947.hdr.sgml : 20040624
<ACCEPTANCE-DATETIME>20040624064008
ACCESSION NUMBER:		0001144204-04-008947
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040624
FILED AS OF DATE:		20040624

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HIGHWAY HOLDINGS LTD
		CENTRAL INDEX KEY:			0001026785
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FABRICATED METAL PRODUCTS [3490]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-28990
		FILM NUMBER:		04878278

	BUSINESS ADDRESS:	
		STREET 1:		LEVEL 8 LANDMARK N 39 LUNG SUM AVE
		STREET 2:		STE 810
		CITY:			SHEUNG SHUI
		STATE:			K3
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		LEVEL 8 LANDMARK N 39 LUNG SUM AVE
		STREET 2:		STE 810
		CITY:			SHEUNG SHUI
		STATE:			K3
		ZIP:			999999999
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v04145_6k.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE>103179_1</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY bgcolor="#ffffff">
<A name="page_1"></A>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3>SECURITIES
  AND EXCHANGE COMMISSION</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3>Washington,
  D.C. 20549</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><BR>
</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=4><B>FORM
  6-K</B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><BR>
</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3>REPORT
  OF FOREIGN ISSUER</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3>PURSUANT
  TO RULE 13a-16 OR 15d-16 OF</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3>THE
  SECURITIES EXCHANGE ACT OF 1934</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><BR>
</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3>For
  the month of June 2004</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><BR>
</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3><U>&nbsp;&nbsp;HIGHWAY
  HOLDINGS LIMITED&nbsp;&nbsp;</U></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=2>(Translation
  of Registrant's Name Into English)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><FONT face="Times Roman" size=2></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><BR>
</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3>Suite
  810, Level 8</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3>Landmark
  North</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3>39
  Lung Sum Avenue</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3>Sheung
  Shui</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3><U>______New
  Territories, Hong Kong________</U></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=2>(Address
  of Principal Executive Offices)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><BR>
</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><FONT face="Times Roman" size=3>(Indicate
  by check mark whether the registrant files or will file annual reports under
  cover of Form 20-F or Form 40-F.)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><BR>
</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3>Form
  20-F </FONT><FONT face="Times Roman" size=3><U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></FONT><FONT face="Times Roman" size=3>&nbsp;&nbsp;&nbsp;Form
  40-F ___</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><BR>
</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><FONT face="Times Roman" size=3>(Indicate
  by check mark whether the registrant by furnishing the information contained
  in this Form is also thereby furnishing the information to the Commission pursuant
  to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><BR>
</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3>Yes
  ___&nbsp;&nbsp;&nbsp;No </FONT><FONT face="Times Roman" size=3><U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><BR>
</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><FONT face="Times Roman" size=3>(If
  "Yes" is marked, indicate below the file number assigned to the registrant in
  connection with Rule 12g3-2(b): 82-_______________.)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><BR>
</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><FONT face="Times Roman" size=3>Attached
  to this Report on Form 6-K is the press release issued by the registrant on
  June 23, 2004. </FONT></DIV>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD vAlign=top width="100%" colSpan=3> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><BR>
      </DIV></TD>
  </TR>
  <TR>
    <TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
    <TD align=middle width="33%"><FONT size=1>&nbsp;</FONT></TD>
    <TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD colSpan=3><HR noshade align="center" width="100%" size=1 color="66ff99" style="PAGE-BREAK-AFTER: ALWAYS"></TD>
  </TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD>
  </TR>
</TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=2><B>SIGNATURES</B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><BR>
</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><FONT face="Times Roman" size=2>Pursuant
  to the requirements of the Securities Exchange Act of 1934, the registrant has
  duly caused this report to be signed on its behalf by the undersigned thereunto
  duly authorized.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><BR>
</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify>
  <TABLE width="100%" border="0" cellspacing="0" cellpadding="0">
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD colspan="2"><FONT face="Times Roman" size=2>HIGHWAY HOLDINGS LIMITED</FONT></TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD colspan="2">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD colspan="2">&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT face="Times Roman" size=2>Date: June 23, 2004</FONT><FONT id=TAB1 style="LETTER-SPACING: 9pt">&nbsp;</FONT></TD>
      <TD width="3%"><FONT face="Times Roman" size=2>By</FONT></TD>
      <TD width="47%"><FONT face="Times Roman" size=2>/s/ ROLAND W. KOHL</FONT></TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD><HR size="1" noshade></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD><FONT face="Times Roman" size=2>Roland W. Kohl</FONT></TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD><FONT face="Times Roman" size=2>Chief Executive Officer</FONT></TD>
    </TR>
  </TABLE>
</DIV>
<p></p>
  <HR noshade align="center" width="100%" size=1 color="66ff99" style="PAGE-BREAK-AFTER: ALWAYS">

<A name="page_3"></A>
<TABLE width="100%" border="0" cellspacing="0" cellpadding="0">
  <TR>
    <TD><IMG src="logo.jpg" border=0> </TD>
    <TD width="50%" align="right"><FONT face="Arial" color=#666699 size=4><B>NEWS RELEASE</B></FONT></TD>
  </TR>
</TABLE>
<p></p>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width = 22%> </TD>
    <TD width = 67%> </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left> <FONT size=2 face="Times Roman">CONTACT:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD nowrap colspan=1 align=left> <FONT size=2 face="Times Roman">Gary S. Maier/Sophie
      Xu</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
    <TD nowrap colspan=1 align=left> <FONT size=2 face="Times Roman">Maier &amp; Company,
      Inc.</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
    <TD nowrap colspan=1 align=left> <FONT face="Times Roman">(310) 442-9852</FONT>&nbsp;
    </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<B><I><FONT size=2 face="Times Roman">HIGHWAY HOLDINGS LIMITED REPORTS STRONG</FONT></I></B><BR>
<B><I><FONT size=2 face="Times Roman">FISCAL YEAR-END RESULTS </FONT></I></B>
</P>
<P align="center">
<B><FONT size=2 face="Times Roman">&#151;</FONT></B><B><I><FONT size=2 face="Times Roman">Fourth Quarter Sales Highest in Company's History</FONT></I></B><B><FONT size=2 face="Times Roman">&#151;</FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times Roman">HONG KONG &#151; June 23, 2004 &#151; </FONT></B><FONT size=2 face="Times Roman">Highway Holdings Limited (Nasdaq: HIHO) today announced financial results for its fiscal periods ended March 31, 2004,
reflecting a significant increase in sales and net income for both the fiscal fourth quarter and year. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times Roman">For the fourth quarter of fiscal 2004, net income increased more than three-fold to $408,000, or $0.12 per diluted share, from $134,000, or $0.05 per diluted share, a year ago. Net sales for
the 2004 fiscal fourth quarter climbed 24.6 percent to $6.7 million from $5.4 million in fiscal 2003.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times Roman">For the full fiscal year, net income more than doubled to $982,000, or $0.30 per diluted share, compared with net income of $485,000, or $0.17 per diluted share, last year. Net sales for the
same period increased 24.5 percent to $25.4 million from $20.4 million a year earlier.</FONT></P>
<P>
<FONT size=2 face="Times Roman"> 	"Results for fiscal 2004 reflect the second consecutive year of sales and earnings growth and the eighth consecutive growth quarter, with the fourth quarter representing the highest sales in the company's history -- a
period that historically has been impacted by a two-week holiday for the Chinese New Year," said Roland Kohl, chairman and chief executive officer of Highway Holdings. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times Roman">Kohl attributed the company's solid performance to a strategic shift in early 2003, which leverages Highway Holdings' vertically integrated technology capabilities to design, manufacture and
assemble complete components for global customers, rather than simply offering services for metal stamped parts.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times Roman">Kohl also attributed the company's strength and momentum to being more aggressive in terms of its overall marketing activities. In addition, the company continues to capitalize on its well
known and highly respected Kienzle trademark, with further benefits expected moving forward from a reorganization in fiscal 2004 of its German marketing operation, Kienzle Uhrenfabriken GmbH. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times Roman">Gross profit for the
  fourth quarter increased 71.2 percent to $1.6 million from $952,000 last year.
  Gross profit as a percentage of sales for the fourth quarter of fiscal 2004
  was 24.3 percent compared with 17.7 percent in the fiscal 2003 fourth quarter,
  reflecting product mix, an increase in the company's more profitable metal business
  and higher production efficiencies derived from larger production orders. </FONT></P>
<p align="center"><FONT size=2 face="Times Roman">(more)</font></p>
<TABLE width="100%" border="0" cellspacing="0" cellpadding="0">
  <TR>
    <TD><FONT color="#999999" size="2" face="Times Roman">T<FONT size="1">RIBECA PLAZA</FONT>
      &#8226; 12233 W<FONT size="1">EST</FONT> O<FONT size="1">LYMPIC</FONT> B<FONT size="1">OULEVARD</FONT>,
      S<FONT size="1">UITE</FONT> 322-A &#8226; L<FONT size="1">OS</FONT> A<FONT size="1">NGELES</FONT>,
      C<FONT size="1">ALIFORNIA</FONT> 90064</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#999999" size="2" face="Times Roman">&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD align="right"><FONT color="#999999" size="1" face="Times Roman">TELEPHONE&nbsp;&nbsp;&nbsp;310.442.9852</FONT></TD>
  </TR>
  <TR>
    <TD><FONT color="#999999" size="2" face="Times Roman">&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD align="right"><FONT color="#999999" size="1" face="Times Roman">FACSIMILE &nbsp;&nbsp;&nbsp;310.442.9855</FONT></TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=1 color="66ff99" style="PAGE-BREAK-AFTER: ALWAYS">



<A name="page_4"></A>
<p>
<FONT size=2 face="Times Roman">Highway Holdings Limited</FONT><BR>
<FONT face="Times Roman">2-2-2</FONT><FONT size=2 face="Times Roman">&nbsp; </FONT>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size=2 face="Times Roman"> 	Gross profit for the March 31, 2004, twelve-month period climbed 31.2 percent to $5.1 million from $3.9 million a year ago. Gross profit as a percentage of sales for the twelve months was 20.1 percent compared with 19.1
percent last year.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size=2 face="Times Roman"> 	Kohl noted that sales derived from the company's metal manufacturing division for fiscal 2004 increased by 26.5 percent. As a result, sales from metal manufacturing represented 58.3 percent of total sales, compared with
57.4 percent a year ago. Kohl attributed the division's growth to the ongoing benefits of its new strategy and an overall improved business environment. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size=2 face="Times Roman"> 	Sales for the company's camera division, which manufactures 35mm cameras and single-use cameras, grew approximately 22 percent for fiscal 2004. Camera sales represented 23.6 percent of total sales, compared with 24.1
percent a year ago.</font></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Sales of watches and clocks increased 21.4 percent, or $808,000, for fiscal 2004 over a year earlier. Nonetheless, Kohl said the sales performance did not meet the company's expectations. He attributed this to the weak
marketing performance of Kienzle AG and Kienzle GmbH, the company's marketing office in Germany, which was recently reorganized.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size=2 face="Times Roman"> 	Selling, general and administrative expenses for fiscal 2004 increased by $496,000, or 13.3 percent, but decreased slightly as a percentage of total net sales to 16.6 percent from 18.3 percent in fiscal 2004 due to the
greater increase in net sales in fiscal 2004. The increase in selling, general and administrative expenses reflects higher insurance costs, increased marketing activities, an increase in professional fees (due in part to the additional compliance
procedures imposed by the U.S. Sarbanes-Oxley Act of 2002 and related regulations), and increased transportation costs. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times Roman">The combination of increased sales, improved gross margins as a percentage of sales and controlled selling, general and administrative expenses resulted in Highway Holdings generating operating
income of $875,000 compared with $159,000 a year ago. Kohl said the company's balance sheet remains strong. At March 31, 2004, the company had working capital of $8.8 million, compared with $7.7 million at March 31, 2003. Total Shareholders' equity
improved to $12.8 million from $11.9 million last year. The company's current ratio was 2.61:1	 at March 31, 2004, with essentially no long-term debt. </FONT></P>
<P align="center">
<FONT size=2 face="Times Roman">(more)</FONT>
</P>

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<A name="page_5"></A>
<p align="left"> <FONT size=2 face="Times Roman">Highway Holdings Limited</FONT><BR>
  <FONT face="Times Roman">3-3-3</FONT></P>
<p align="left"> <B><FONT size=2 face="Times Roman">About Highway Holdings:</FONT></B></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size=2 face="Times Roman">Highway Holdings produces a wide variety
  of high-quality products for blue chip original equipment manufacturers &#151; from simple parts and components to sub-assemblies and finished products. It also manufactures clocks, clock movements and watches for sale under the company's own Kienzle Uhren brand name, as well as for unaffiliated companies. Additionally, Highway Holdings manufactures or produces other finished products, including single-use and 35mm cameras and certain electronic products. Highway Holdings is headquartered in Hong Kong and operates manufacturing facilities in Shenzhen province of the People's Republic of China.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size=2 face="Times Roman">Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements which involve risks and uncertainties, including
but not limited to economic, competitive, governmental, political and technological factors affecting the company's revenues, operations, markets, products and prices, and other factors discussed in the company's various filings with the Securities
and Exchange Commission, including without limitation the company's annual reports on Form 20-F. </FONT></P>
<P align="center">
<I><FONT size=2 face="Times Roman"># # #</FONT></I>
</P>
<P align="center">
<FONT size=2 face="Times Roman">(Financial Tables Follow)</FONT>
</P>

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<A name="page_6"></A>

<P align="center">
<B><FONT size=2 face="Times Roman">HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES</FONT></B><BR>
<B><FONT size=2 face="Times Roman">Consolidated Statement of Income</FONT></B><br><FONT size=2 face="Times Roman"> (Dollars in thousands, except per share data) </FONT></P>
<TABLE cellpadding="0" cellspacing="0" border="0" width="100%">
  <TR valign="bottom">
    <TD colspan=1 align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=5 align=center nowrap><B><FONT size=2 face="Times Roman">Quarter Ended</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan=5 align=center nowrap> <B><FONT size=2 face="Times Roman">Twelve Months
      Ended</FONT></B> </TD>
    <TD colspan=1 align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=1 align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=5 align=center nowrap> <FONT size="2" face="Times Roman">(Unaudited)</FONT>
    </TD>
    <TD>&nbsp;</TD>
    <TD colspan=5 align=center nowrap><FONT size="2" face="Times Roman">(Audited)</FONT></TD>
    <TD colspan=1 align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=1 align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=5 align=center nowrap> <FONT size=2 face="Times Roman">March 31,</FONT>
    </TD>
    <TD>&nbsp;</TD>
    <TD colspan=5 align=center nowrap><FONT size=2 face="Times Roman">March 31,</FONT></TD>
    <TD colspan=1 align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=1 align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align=center nowrap><FONT size=2 face="Times Roman">2004</FONT><FONT size=2 face="Times Roman">&nbsp;</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=2 align=center nowrap><FONT size=2 face="Times Roman">2003</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align=center nowrap><FONT size=2 face="Times Roman">2004</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=2 align=center nowrap><FONT size=2 face="Times Roman">2003</FONT></TD>
    <TD colspan=1 align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=1 align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align=right nowrap><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align=right nowrap><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align=right nowrap><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align=right nowrap><HR noshade size=1></TD>
    <TD colspan=1 align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=1 align=left nowrap> <FONT size=2 face="Times Roman">Net sales</FONT>&nbsp;
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;&nbsp;&nbsp;
      </DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">&nbsp;&nbsp;6,712</FONT> </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;&nbsp;&nbsp;
      </DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">&nbsp;&nbsp;5,385</FONT> </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;&nbsp;&nbsp;
      </DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">25,356</FONT>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;&nbsp;&nbsp;
      </DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">20,370</FONT>
    </TD>
    <TD colspan=1 align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#66FF99">
    <TD colspan=1 align=left nowrap> <FONT size=2 face="Times Roman">Cost of sales</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">5,083</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">4,433</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">20,262</FONT>
    </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">16,488</FONT>
    </TD>
    <TD colspan=1 align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan =1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD colspan =1>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left> <FONT size=2 face="Times Roman">Gross profit</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD nowrap colspan=1 align=left> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">1,629</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">952</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">5,094</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">3,882</FONT> </TD>
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#66FF99">
    <TD colspan=1 align=left nowrap> <FONT size=2 face="Times Roman">Selling, general
      and administrative expenses</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">1,118</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">914</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">4,219</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">3,723</FONT> </TD>
    <TD colspan=1 align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan =1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD colspan =1>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left> <FONT size=2 face="Times Roman">Operating income</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD nowrap colspan=1 align=left> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">511</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">38</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">875</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">159</FONT> </TD>
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="70%">&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left> <FONT size=2 face="Times Roman">Non-operating items</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD nowrap colspan=1 align=left> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=left> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=left> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=left> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=left> </TD>
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#66FF99">
    <TD colspan=1 align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times Roman">Interest
      expenses</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">(23</FONT> </TD>
    <TD><FONT size=2 face="Times Roman">)</FONT>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">(19</FONT> </TD>
    <TD><FONT size=2 face="Times Roman">)</FONT>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">(77</FONT> </TD>
    <TD><FONT size=2 face="Times Roman">)</FONT>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">(64</FONT> </TD>
    <TD colspan=1 align=left nowrap> <FONT size=2 face="Times Roman">)</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left>&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;<FONT size="2" face="Times Roman">Exchange gain (loss), net&nbsp; </FONT></TD>
    <TD><FONT size="2" face="Times Roman">&nbsp;</FONT> </TD>
    <TD nowrap colspan=1 align=left> <DIV align="left"><FONT size="2"><FONT face="Times Roman"><FONT face="Times Roman"></FONT></FONT></FONT></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size="2" face="Times Roman">(43</FONT> </TD>
    <TD><FONT size=2 face="Times Roman">)</FONT>&nbsp;<FONT size="2" face="Times Roman">&nbsp;</FONT>
    </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"><FONT size="2"><FONT face="Times Roman"><FONT face="Times Roman"></FONT></FONT></FONT></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size="2" face="Times Roman">38</FONT> </TD>
    <TD><FONT size="2" face="Times Roman">&nbsp;</FONT> </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"><FONT size="2"><FONT face="Times Roman"><FONT face="Times Roman"></FONT></FONT></FONT></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size="2" face="Times Roman">278</FONT> </TD>
    <TD><FONT size="2" face="Times Roman">&nbsp;</FONT> </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"><FONT size="2"><FONT face="Times Roman"><FONT face="Times Roman"></FONT></FONT></FONT></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size="2" face="Times Roman">344</FONT> </TD>
    <TD nowrap colspan=1 align=left><FONT size="2" face="Times Roman">&nbsp;</FONT> </TD>
  </TR>
  <TR valign="bottom" bgcolor="#66FF99">
    <TD colspan=1 align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times Roman">Interest
      income</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">(1</FONT> </TD>
    <TD><FONT size=2 face="Times Roman">)</FONT>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">5</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">9</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">20</FONT> </TD>
    <TD colspan=1 align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times Roman">Other
      income</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD nowrap colspan=1 align=left> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">55</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">57</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">105</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">81</FONT> </TD>
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan =1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD colspan =1>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#66FF99">
    <TD colspan=1 align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times Roman">Total
      non-operating income (expense)</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">(12</FONT> </TD>
    <TD><FONT size=2 face="Times Roman">)</FONT>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">81</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">315</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">381</FONT> </TD>
    <TD colspan=1 align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="70%">&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left> <FONT size=2 face="Times Roman">Affiliates</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD nowrap colspan=1 align=left> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=left> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=left> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=left> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=left> </TD>
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times Roman">Impairment
      of investment in an affiliate</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD nowrap colspan=1 align=left> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">(109</FONT> </TD>
    <TD><FONT size=2 face="Times Roman">)</FONT>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">0</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">(109</FONT> </TD>
    <TD><FONT size=2 face="Times Roman">)</FONT> </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">0</FONT> </TD>
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#66FF99">
    <TD colspan=1 align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times Roman">Equity
      in (loss) income of an affiliate</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">2</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">0</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">2</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">(5</FONT> </TD>
    <TD colspan=1 align=left nowrap> <FONT size=2 face="Times Roman">)</FONT>&nbsp;
    </TD>
  </TR>
  <TR>
    <TD colspan =1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD colspan =1>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD nowrap colspan=1 align=left> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">(107</FONT> </TD>
    <TD><FONT size=2 face="Times Roman">)</FONT>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">0</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">(107</FONT> </TD>
    <TD><FONT size=2 face="Times Roman">)</FONT>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">(5</FONT> </TD>
    <TD nowrap colspan=1 align=left> <FONT size=2 face="Times Roman">)</FONT>&nbsp;
    </TD>
  </TR>
  <TR>
    <TD width="70%">&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#66FF99">
    <TD colspan=1 align=left nowrap> <FONT size=2 face="Times Roman">Net income before
      income taxes</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">392</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">119</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">1,083</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">535</FONT> </TD>
    <TD colspan=1 align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left> <FONT size=2 face="Times Roman">Income taxes</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD nowrap colspan=1 align=left> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">(16</FONT>
    </TD>
    <TD><FONT size=2 face="Times Roman">)</FONT>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">(15</FONT>
    </TD>
    <TD><FONT size=2 face="Times Roman">)</FONT>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">100</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">50</FONT> </TD>
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan =1> </TD>
    <TD> </TD>
    <TD colspan =1> <DIV align="left">
        <HR noshade size=1>
      </DIV></TD>
    <TD colspan =1><HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <DIV align="left">
        <HR noshade size=1>
      </DIV></TD>
    <TD colspan =1><HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <DIV align="left">
        <HR noshade size=1>
      </DIV></TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <DIV align="left">
        <HR noshade size=1>
      </DIV></TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD colspan =1>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#66FF99">
    <TD colspan=1 align=left nowrap> <FONT size=2 face="Times Roman">Net income before
      Minority Interest</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">408</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">134</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">983</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">485</FONT> </TD>
    <TD colspan=1 align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="70%">&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left> <FONT size=2 face="Times Roman">Minority Interest</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD nowrap colspan=1 align=left> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">0</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">0</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">(1</FONT> </TD>
    <TD><FONT size=2 face="Times Roman">)</FONT>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">0</FONT> </TD>
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan =1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=1 noshade> </TD>
    <TD colspan =1> <HR noshade size=1> </TD>
    <TD colspan =1>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#66FF99">
    <TD colspan=1 align=left nowrap> <FONT size=2 face="Times Roman">Net income after
      Minority Interest</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">408</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">134</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">982</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">485</FONT> </TD>
    <TD colspan=1 align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan =1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD colspan =1>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="70%">&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%">&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left> <FONT size=2 face="Times Roman">Earnings per share
      - basic</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD nowrap colspan=1 align=right> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">0.13</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">0.05</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">0.32</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">0.17</FONT> </TD>
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan =1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD colspan =1>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#66FF99">
    <TD colspan=1 align=left nowrap> <FONT size=2 face="Times Roman">Weighted average
      number of shares</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">3,030</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">2,903</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">3,030</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">2,902</FONT> </TD>
    <TD colspan=1 align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan =1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD colspan =1>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="70%">&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="left"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left> <FONT size=2 face="Times Roman">Earnings per share
      -diluted</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD nowrap colspan=1 align=right> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">0.12</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">0.05</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">0.30</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=right nowrap> <DIV align="left"><FONT size=2 face="Times Roman">$</FONT>&nbsp;
      </DIV></TD>
    <TD nowrap colspan=1 align=right> <FONT size=2 face="Times Roman">0.17</FONT> </TD>
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan =1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD colspan =1>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#66FF99">
    <TD colspan=1 align=left nowrap> <FONT size=2 face="Times Roman">Weighted average
      number of shares</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">3,258</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">2,903</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">3,258</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=1 align=left nowrap> <DIV align="left"></DIV></TD>
    <TD colspan=1 align=right nowrap> <FONT size=2 face="Times Roman">2,902</FONT> </TD>
    <TD colspan=1 align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan =1> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD> </TD>
    <TD colspan =1> <HR align="left" size=2 noshade> </TD>
    <TD colspan =1> <HR noshade size=2> </TD>
    <TD colspan =1>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=1 color="66ff99" style="PAGE-BREAK-AFTER: ALWAYS">

<A name="page_7"></A>
<P align="center">
<B><FONT size=2 face="Times Roman">HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES</FONT></B><BR>
<B><FONT size=2 face="Times Roman">Consolidated Balance Sheet</FONT></B><br>
  <FONT size=2 face="Times Roman"> (In thousands, except per share data) </FONT></P>

<TABLE border=0 align=center cellPadding=0 cellSpacing=0 id=10001 width="100%">
    <TR>
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center></DIV></TD>
      <TD>&nbsp;</TD>

    <TD colspan="2" align=center vAlign=bottom nowrap><FONT face="Times Roman" size=2>March
      31 </FONT></TD>
      <TD align=center vAlign=bottom nowrap>&nbsp;</TD>
      <TD colspan="2" align=center vAlign=bottom nowrap> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>March
          31</FONT></DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD colspan="2" align=center vAlign=bottom nowrap> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>2004</FONT></DIV></TD>
      <TD align=center vAlign=bottom nowrap>&nbsp;</TD>
      <TD colspan="2" align=center vAlign=bottom nowrap> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>2003</FONT></DIV></TD>
      <TD vAlign=bottom align=left>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" vAlign=bottom>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD vAlign=bottom align=right colSpan=2> <HR width="100%" noShade SIZE=1>
      </TD>
      <TD vAlign=bottom align=left>&nbsp;</TD>
      <TD vAlign=bottom align=right colSpan=2> <HR width="100%" noShade SIZE=1>
      </TD>
      <TD vAlign=bottom align=left>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD vAlign=bottom align=left>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD vAlign=bottom align=left>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Current
          assets</FONT></DIV></TD>
      <TD>&nbsp;</TD>
      <TD vAlign=bottom align=left>&nbsp;</TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD vAlign=bottom align=left>&nbsp;</TD>
      <TD vAlign=bottom align=left>&nbsp;</TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD vAlign=bottom align=left>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Cash
          and cash equivalents</FONT></DIV></TD>
      <TD bgcolor="#ffffff">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV></TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>4,158</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV></TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>3,148</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Restricted
          cash</FONT></DIV></TD>
      <TD bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>965</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>1,157</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Short
          term investment</FONT></DIV></TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>309</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>0</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Accounts
          receivable, net of doubtful accounts</FONT></DIV></TD>
      <TD bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>3,763</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>2,872</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Inventories</FONT></DIV></TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>4,394</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>4,572</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Prepaid
          expenses and other current assets</FONT></DIV></TD>
      <TD bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>639</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>254</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD colSpan=2 align=right vAlign=bottom bgcolor="#ffffff"> <HR width="100%" noShade SIZE=1>
      </TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD colSpan=2 align=right vAlign=bottom bgcolor="#ffffff"> <HR width="100%" noShade SIZE=1></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 126pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Total
          current assets</FONT></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>14,228</FONT></DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>12,003</FONT></DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV></TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Property,
          plant and equipment, net</FONT></DIV></TD>
      <TD bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>3,780</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>3,657</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Investment
          and advance in affiliate</FONT></DIV></TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>7</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>109</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Industrial
          property rights</FONT></DIV></TD>
      <TD bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>673</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>725</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD colSpan=2 align=right vAlign=bottom bgcolor="#ffffff"> <HR width="100%" noShade SIZE=1>
      </TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD colSpan=2 align=right vAlign=bottom bgcolor="#ffffff"> <HR width="100%" noShade SIZE=1>
      </TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Total
          assets</FONT></DIV></TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>$</FONT></DIV></TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>18,688</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>$</FONT></DIV></TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>16,494</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD colSpan=2 align=right vAlign=bottom bgcolor="#ffffff"> <HR width="100%" noShade SIZE=4>
      </TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD colSpan=2 align=right vAlign=bottom bgcolor="#ffffff"> <HR width="100%" noShade SIZE=4>
      </TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Current
          liabilities:</FONT></DIV></TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Short-term
          borrowings</FONT></DIV></TD>
      <TD bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>$</FONT></DIV></TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>1,933</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>$</FONT></DIV></TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>1,156</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Current
          portion of long-term debt</FONT></DIV></TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>173</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>125</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Accounts
          payable</FONT></DIV></TD>
      <TD bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>2,296</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>1,917</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Accrued
          mold charges</FONT></DIV></TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>233</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>147</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Accrual
          payroll and employee benefits</FONT></DIV></TD>
      <TD bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>321</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>349</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Payable
          to affiliate</FONT></DIV></TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>0</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>109</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Other
          liabilities and accrued expenses</FONT></DIV></TD>
      <TD bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>420</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>447</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Income
          tax payable</FONT></DIV></TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>78</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>0</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD colSpan=2 align=right vAlign=bottom bgcolor="#ffffff"> <HR width="100%" noShade SIZE=1>
      </TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD colSpan=2 align=right vAlign=bottom bgcolor="#ffffff"> <HR width="100%" noShade SIZE=1>
      </TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 126pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Total
          current liabilities</FONT></DIV></TD>
      <TD bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>5,454</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>4,250</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD colSpan=2 align=right vAlign=bottom bgcolor="#ffffff"> <HR width="100%" noShade SIZE=1>
      </TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD colSpan=2 align=right vAlign=bottom bgcolor="#ffffff"> <HR width="100%" noShade SIZE=1>
      </TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Long-term
          debt</FONT></DIV></TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>212</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>105</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Deferred
          income taxes</FONT></DIV></TD>
      <TD bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>178</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>231</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Minority
          interest</FONT></DIV></TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>2</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#ffffff"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>1</FONT></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Shareholders&#146;
          equity:</FONT></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Common
          shares, $0.01 par value</FONT></DIV></TD>
      <TD bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Authorized,
          20,000,000 shares; issued 3,074,123 shares at March 31, 2004; </FONT></DIV></TD>
      <TD bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"></DIV></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom bgcolor="#66FF99"><DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>outstanding
          3,036,323 shares at March 31, 2004</FONT></DIV></TD>
      <TD bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"><FONT face="Times Roman" size=2>31</FONT></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
      <TD align=right vAlign=bottom bgcolor="#66FF99"><FONT face="Times Roman" size=2>30</FONT></TD>
      <TD align=left vAlign=bottom bgcolor="#66FF99">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Additional
          paid-in capital</FONT></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>9,035</FONT></DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>8,793</FONT></DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
    </TR>
    <TR bgcolor="#66FF99">
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Retained
          earnings</FONT></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>3,955</FONT></DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>3,210</FONT></DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Accumulated
          other comprehensive income</FONT></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>(126</FONT></DIV></TD>
      <TD align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>)</FONT></DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>(73</FONT></DIV></TD>
      <TD align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>)</FONT></DIV></TD>
    </TR>
    <TR bgcolor="#66FF99">
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Treasury
          shares, at cost-37,800 shares</FONT></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>(53</FONT></DIV></TD>
      <TD align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>)</FONT></DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>(53</FONT></DIV></TD>
      <TD align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>)</FONT></DIV></TD>
    </TR>
    <TR>
      <TD width="85%" vAlign=bottom>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colSpan=2 align=right vAlign=bottom> <HR width="100%" noShade SIZE=1>
      </TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD colSpan=2 align=right vAlign=bottom> <HR width="100%" noShade SIZE=1>
      </TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 126pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Total
          shareholders&#146; equity</FONT></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>12,842</FONT></DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>11,907</FONT></DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px">&nbsp;</DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
    </TR>
    <TR bgcolor="#66FF99">
      <TD width="85%" align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 126pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Total
          liabilities and shareholders&#146; equity</FONT></DIV></TD>
      <TD>&nbsp;</TD>
      <TD align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>$</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>18,688</FONT></DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
      <TD align=left vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>$</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0px"><FONT face="Times Roman" size=2>16,494</FONT></DIV></TD>
      <TD align=left vAlign=bottom>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="85%" vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD bgcolor="#ffffff">&nbsp;</TD>
      <TD colSpan=2 align=right vAlign=bottom bgcolor="#ffffff"> <HR width="100%" noShade SIZE=4>
      </TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
      <TD colSpan=2 align=right vAlign=bottom bgcolor="#ffffff"> <HR width="100%" noShade SIZE=4>
      </TD>
      <TD align=left vAlign=bottom bgcolor="#ffffff">&nbsp;</TD>
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`
end

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