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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001144204-04-010579.txt : 20040728
<SEC-HEADER>0001144204-04-010579.hdr.sgml : 20040728
<ACCEPTANCE-DATETIME>20040727130522
ACCESSION NUMBER:		0001144204-04-010579
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040727
FILED AS OF DATE:		20040727

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:		04932912

	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>v05106.htm
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EDGARized at Vintage, LLC
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<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>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=2>Washington, D.C. 20549</FONT></DIV>
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<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=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=2>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=2>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=2>THE SECURITIES EXCHANGE ACT OF 1934</FONT></DIV>
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<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>For the month of July 2004</FONT></DIV>
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<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><U>HIGHWAY HOLDINGS LIMITED</U></FONT><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=center><FONT face="Times Roman" size=2>(Translation of Registrant&#146;s Name Into English)</FONT></DIV>
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<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>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=2>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=2>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=2>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=2><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: 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>(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=2>Form 20-F </FONT><FONT face="Times Roman" size=2><U> X </U></FONT>&nbsp;&nbsp;&nbsp;<FONT face="Times Roman" size=2>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=2>(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=2>Yes ___&nbsp;&nbsp;&nbsp;No </FONT><FONT face="Times Roman" size=2><U> X </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=2>(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=2>Attached to this Report on Form 6-K are the press releases issued by the registrant on (i) July 12, 2004, (ii) July 15, 2004, and (iii) July 26, 2004. </FONT></DIV>
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<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>
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<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>HIGHWAY HOLDINGS LIMITED</FONT></DIV></FONT></TD></TR>
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<TD><FONT face="Times Roman" size=2>Date:&nbsp;July 26, 2004</FONT></TD>
<TD><FONT face="Times Roman" size=2>By:&nbsp;&nbsp;</FONT></TD>
<TD><FONT face="Times Roman" size=2>/s/&nbsp;ROLAND W. KOHL</FONT></TD></TR>
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<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>Roland W. Kohl</FONT></DIV>
<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>Chief Executive Officer</FONT></DIV></FONT></TD></TR></TABLE><BR></DIV>
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  <DIV align="left"><img src="v05106_logo.jpg"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="ms sans serif" color=#336699 size=4>NEWS RELEASE</FONT></DIV>
    <table width="20%" border="0" cellspacing="0" cellpadding="0">
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        <td width="45%"><font face="Times Roman" size=2>CONTACTS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
        <td width="55%" nowrap><font face="Times Roman" size=2>Gary S. Maier/Sophie Xu
          </font></td>
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        <td nowrap><font face="Times Roman" size=2>Maier &amp; Company, Inc.</font></td>
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        <td>&nbsp;</td>
        <td nowrap><font face="Times Roman" size=2>(310) 442-9852</font></td>
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  <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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face=Arial size=2><B>HIGHWAY HOLDINGS SIGNS MANUFACTURING AGREEMENT WITH </B></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><B>BERGER LAHR GMBH&amp;CO., KG, A SCHNEIDER ELECTRIC SUBSIDIARY</B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face=Arial color=#000000 size=2><B></B></FONT><FONT face=Arial size=2><B>--</B></FONT><FONT face=Arial size=2><B><I>Expands OEM Clock Manufacturing Business</I></B></FONT><FONT face=Arial size=2><B>--</B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face=Arial color=#000000 size=2><B><I></I></B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0" align=left><FONT face="Times Roman" color=#000000 size=2><B>HONG KONG &#150; July 12, 2004</B></FONT><FONT face="Times Roman" color=#000000 size=2> &#150; Highway Holdings Limited (Nasdaq: HIHO) today announced it has signed a cooperative/manufacturing agreement with Berger Lahr GmbH&amp;Co., KG, a subsidiary of Schneider Electric</FONT><FONT face="Times Roman" color=#0000ff size=2><B> </B></FONT><FONT face="Times Roman" color=#000000 size=2>SA, and has already commenced manufacturing coils for Berger Lahr&#146;s induction motors. Terms were not disclosed.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0" align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>&#147;This contract with Berger Lahr reflects the ongoing success of an overall strategy implemented over the past year designed to generate increased revenues and higher margins by producing more customized and sophisticated components, subassemblies and complete assemblies with multi-production capabilities for large-scale global customers. The contract from Berger Lahr follows contracts received over the past several months from Miele and Katoh Electrical. We look forward to expanding upon this high caliber base of business,&#148; said Roland Kohl, chairman and chief executive officer.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT size=2></FONT>&nbsp;</DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0" align=left><FONT face="Times Roman" color=#000000 size=2>Separately,
    the company said it has received new product development and tooling orders
    from a major OEM customer for seven new clock products, including three radio-controlled
    clocks. In addition, the company said it received an order for development
    and production of a new radio- controlled, LCD-alarm clock from another major
    OEM customer and has commenced product delivery. Terms were not disclosed.</FONT></DIV>
<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><B></B></FONT>&nbsp;</DIV>
<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><B>About Berger Lahr</B></FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Berger Lahr offers products, systems and complete solutions for positioning and automation, supported by comprehensive consulting and engineering services - from the development stage through production and commissioning.</FONT></DIV>
<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><B></B></FONT>&nbsp;</DIV>
<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><B>About Highway Holdings </B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Highway Holdings produces a wide variety of high-quality products for blue chip original equipment manufacturers -- from simple parts and components to sub-assemblies and finished products. It also manufactures clocks, clock movements and watches for sale under the company&#146;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&#146;s Republic of China.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2><I>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 the ability of Highway Holdings to maintain and expand its relationship with Berger Lahr GmbH &amp; Co., the uncertainty of the amount of orders placed by Braun GmbH for clock products and various economic, competitive, governmental, political and technological factors affecting the company&#146;s revenues, operations, markets, products and prices, and other factors discussed in the company&#146;s various filings with the Securities and Exchange Commission, including without limitation the Registration Statement on Form F-1, as amended (Registration No. 333-05980), and the company&#146;s annual reports on Form 20-F.</I></FONT></DIV>
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<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># # #</FONT></DIV>
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  <DIV align="left"><img src="v05106_logo.jpg"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="ms sans serif" color=#336699 size=4>NEWS RELEASE</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
    <table width="20%" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td width="45%"><font face="Times Roman" size=2>CONTACTS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
        <td width="55%" nowrap><font face="Times Roman" size=2>Gary S. Maier/Sophie Xu
          </font></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td nowrap><font face="Times Roman" size=2>Maier &amp; Company, Inc.</font></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td nowrap><font face="Times Roman" size=2>(310) 442-9852</font></td>
      </tr>
    </table>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face=Arial size=2><B>HIGHWAY HOLDINGS LIMITED DECLARES ANNUAL CASH DIVIDEND </B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face=Arial color=#000000 size=2><B></B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0" align=left><FONT face="Times Roman" size=2><B>HONG KONG &#150; July 15, 2004</B></FONT><FONT face="Times Roman" size=2> &#150; Highway Holdings Limited (Nasdaq: HIHO) today announced that its board of directors has declared an annual cash dividend of $0.10 per share on the company&#146;s common stock for the fiscal year ended March 31, 2004. The dividend will be paid August 3, 2004, to shareholders of record on July 28</FONT><FONT face="Times Roman" color=#0000ff size=2><B>,</B></FONT><FONT face="Times Roman" size=2> 2004.</FONT></DIV>
<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><B></B></FONT>&nbsp;</DIV>
<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><B>About Highway Holdings </B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Highway Holdings produces a wide variety of high-quality products for blue chip original equipment manufacturers -- from simple parts and components to sub-assemblies and finished products. It also manufactures clocks, clock movements and watches for sale under the company&#146;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&#146;s Republic of China.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT size=2></FONT>&nbsp;</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># # #</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<TABLE id=PGBRK width="100%" border=0>
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<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><FONT size=1>
<HR width="100%" noShade SIZE=1>
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<TD vAlign=top width="100%" colSpan=3></TD></TR></TABLE>
<PAGE><BR>
  <DIV align="left"><img src="v05106_logo.jpg"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="ms sans serif" color=#336699 size=4>NEWS RELEASE</FONT></DIV>
    <table width="20%" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td width="45%"><font face="Times Roman" size=2>CONTACTS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
        <td width="55%" nowrap><font face="Times Roman" size=2>Gary S. Maier/Sophie Xu
          </font></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td nowrap><font face="Times Roman" size=2>Maier &amp; Company, Inc.</font></td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td nowrap><font face="Times Roman" size=2>(310) 442-9852</font></td>
      </tr>
    </table>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><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=2><B>HIGHWAY HOLDINGS REPORTS </B></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><B>FISCAL 2005 FIRST QUARTER RESULTS</B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><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=2><B>-- </B></FONT><FONT face="Times Roman" size=2><B><I>Net Income More than Doubles for Three-Month Period</I></B></FONT><FONT face="Times Roman" size=2><B> --</B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2><B>HONG KONG &#151; July 26, 2004 &#151;</B></FONT><FONT face="Times Roman" size=2> Highway Holdings Limited (Nasdaq:</FONT><FONT face="Times Roman" size=2>HIHO</FONT><FONT face="Times Roman" size=2>) today reported</FONT><FONT face="Times Roman" color=#ff6600 size=2> </FONT><FONT face="Times Roman" size=2>results for its first fiscal quarter ended June 30, 2004, representing the ninth consecutive quarter of profitability. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Net income for the fiscal first quarter more than doubled to $346,000, or $0.10 per diluted share, from $159,000, or $0.05 per diluted share, last year. Net sales for the same period increased 3.3 percent to $6.1 million from $6.0 million a year earlier.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>&#147;Results for the first fiscal quarter of 2005 reflect continued strength of our metal manufacturing division, as well as increased sales derived from our watch and clock businesses,&#148; said Roland Kohl, chairman and chief executive officer of Highway Holdings.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>He emphasized that results for the first fiscal quarter do not fully reflect management&#146;s expectations for fiscal 2005, since the ramp up of several important new contracts and pending business will only begin to be realized in the second half of the company&#146;s fiscal year.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Gross profit as a percentage of sales for the first fiscal quarter of fiscal 2005 increased to 24 percent from 19 percent in the same period a year ago. The company attributed the improvement primarily to the increase in revenues from its metal manufacturing division, which normally has higher margins, and management&#146;s continued focus on attracting more customized business for this division from well-respected OEM customers. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" color=#000000 size=2>Sales derived from the company&#146;s metal manufacturing division during the current fiscal quarter increased 8.6 percent to $3.8 million from $3.5 million in the comparable quarter last year. As a percentage of the company&#146;s overall sales, the metal division increased to 61.5 percent compared with 58.6 percent a year earlier.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" color=#000000 size=2>Sales for the camera unit decreased in the first fiscal quarter, as anticipated, to $1.1 million from $1.6 million a year ago &#150; representing 18.6 percent of total sales compared with 27.0 percent a year ago. Since most of the company&#146;s camera products are film-based, camera sales are expected to further decline as digital photography continues to gain further market share. Clock sales climbed 94 percent to $866,000 from $447,000 a year ago &#150; representing 14.1 percent of total sales compared with 7.5 percent last year. The company attributed the sharp increase in sales to engineering and tooling orders from one of its OEM customers for future clock products.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT size=2>(more)</FONT></DIV>
<DIV>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</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="34%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR></TABLE></DIV>
<PAGE>
<DIV>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Selling, general and administrative expenses for the quarter ended June 30, 2004 was $1,134,000 compared with $1,060,000 last year, increasing as a percentage of sales to 18.4 percent from 17.8 percent a year ago. The increase in selling, general and administrative expenses mainly reflects increased transportation and energy costs, as well as salary increases. Kohl noted that over the past several years management had voluntarily accepted salary reductions of approximately 30 percent during a difficult business environment. The recent salary increases recognize the improved operations and profitability of the company.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2>Operating income for the first fiscal quarter climbed more than four-fold to $342,000 from $79,000 a year earlier due to the increase in net sales and the improvement of the gross profit ratio. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" color=#000000 size=2>Kohl highlighted the company&#146;s strong balance sheet. At June 30, 2004, the company had working capital of $9.3 million compared with $8.8 million at March 31, 2004. Total shareholders&#146; equity improved to $13.4 million from $12.8 million last year. </FONT><FONT face="Times Roman" size=2>The company&#146;s current ratio was 2.78:1 at June 30, 2004, with essentially no long-term debt.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT size=2></FONT>&nbsp;</DIV>
<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><B>About Highway Holdings </B></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: -9.35pt" align=left><FONT face="Times Roman" size=2>Highway Holdings produces a wide variety of high-quality products for blue chip original equipment manufacturers -- from simple parts and components to sub-assemblies and finished products. It also manufactures clocks, clock movements and watches for sale under the company&#146;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&#146;s Republic of China.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: -9.35pt" align=left><FONT face="Times Roman" size=2>&nbsp;</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT face="Times Roman" size=2><I>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&#146;s revenues, operations, markets, products and prices, and other factors discussed in the company&#146;s various filings with the Securities and Exchange Commission, including without limitation, the company&#146;s annual reports on Form 20-F.</I></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><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=2><I># # #</I></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>(Financial Tables Follow)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<TABLE id=PGBRK 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=center>
          <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left></DIV>
        </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><FONT size=1>
<HR width="100%" noShade SIZE=1>
</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR></TABLE>
<PAGE><BR>
<DIV></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><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=2><B>HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES</B></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><B>Consolidated Statement of Income</B></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>(Dollars in thousands, except per share data)</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>(Unaudited)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <TABLE cellSpacing=0 cellPadding=0 align=center border=0 width="100%">
    <TR>
      <TD width="80%" align=left vAlign=top>&nbsp;</TD>
      <TD colspan="4" align=middle vAlign=top><div align="center"><font face="Times Roman" size=2><b>Quarter
          Ended</b></font></div></TD>
      <TD width="2%" align=middle vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" align=left vAlign=top>&nbsp;</TD>
      <TD colspan="4" align=middle vAlign=top><div align="center"><font face="Times Roman" size=2><b>June
          30,</b></font></div></TD>
      <TD align=middle vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" align=left vAlign=top>&nbsp;</TD>
      <TD width="8%" align=middle vAlign=top>&nbsp;</TD>
      <TD width="2%" align=left vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
      <TD vAlign=top align=middle colSpan=2>&nbsp;</TD>
      <TD vAlign=top align=middle>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" align=left vAlign=top> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB1 style="LETTER-SPACING: 9pt">&nbsp;
          &nbsp;</FONT></DIV></TD>
      <TD vAlign=top align=middle> <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>2004</FONT></DIV></TD>
      <TD vAlign=top align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV></TD>
      <TD vAlign=top align=middle colSpan=2> <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>2003</FONT></DIV></TD>
      <TD vAlign=top align=middle>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" vAlign=top></TD>
      <TD vAlign=top> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=top></TD>
      <TD vAlign=top colSpan=2> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" 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>Net
          sales</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>$
          6,148</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD colSpan=2 align=right vAlign=bottom nowrap> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>$
          5,953</FONT></DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR bgcolor="#CCFFFF">
      <TD width="80%" 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>Cost
          of sales</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>4,672</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD colSpan=2 align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>4,814</FONT></DIV></TD>
      <TD align=right vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" vAlign=bottom></TD>
      <TD vAlign=bottom> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=bottom></TD>
      <TD vAlign=bottom colSpan=2> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" 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>Gross
          profit</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>1,476</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right colSpan=2> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>1,139</FONT></DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR bgcolor="#CCFFFF">
      <TD width="80%" 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>Selling,
          general and administrative expenses</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>1,134</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD colSpan=2 align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>1,060</FONT></DIV></TD>
      <TD align=right vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" vAlign=bottom></TD>
      <TD vAlign=bottom> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=bottom></TD>
      <TD vAlign=bottom colSpan=2> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" 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>Operating
          income</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>342</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right colSpan=2> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>79</FONT></DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" 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 vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right colSpan=2> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" 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>Non-operating
          items</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right colSpan=2> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR bgcolor="#CCFFFF">
      <TD width="80%" align=left vAlign=bottom> <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>Interest
          expenses</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>(24</FONT></DIV></TD>
      <TD align=right 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>)</font></DIV></TD>
      <TD colSpan=2 align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>(17</FONT></DIV></TD>
      <TD align=right vAlign=top><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>)</font></DIV></TD>
    </TR>
    <TR>
      <TD width="80%" align=left vAlign=bottom> <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>Exchange
          gain (loss), net</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>44</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right colSpan=2> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>99</FONT></DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR bgcolor="#CCFFFF">
      <TD width="80%" align=left vAlign=bottom> <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>Interest
          income</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>1</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD colSpan=2 align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>10</FONT></DIV></TD>
      <TD align=right vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" align=left vAlign=bottom> <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>Other
          income</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>36</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right colSpan=2> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>21</FONT></DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" vAlign=bottom></TD>
      <TD vAlign=bottom> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=bottom></TD>
      <TD vAlign=bottom colSpan=2> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=top>&nbsp;</TD>
    </TR>
    <TR bgcolor="#CCFFFF">
      <TD width="80%" align=left vAlign=bottom> <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>Total
          non-operating income</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>57</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD colSpan=2 align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>113</FONT></DIV></TD>
      <TD align=right vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" 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 vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right colSpan=2> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" align=left vAlign=bottom> <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>Shares
          of loss of affiliate</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>(1</FONT></DIV></TD>
      <TD vAlign=bottom align=left> <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>)</font></DIV></TD>
      <TD vAlign=bottom align=right colSpan=2> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>0</FONT></DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" 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 vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right colSpan=2> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR bgcolor="#CCFFFF">
      <TD width="80%" 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>Net
          income before income tax</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>398</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD colSpan=2 align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>192</FONT></DIV></TD>
      <TD align=right vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" 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>Income
          taxes</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>52</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right colSpan=2> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>33</FONT></DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD vAlign=bottom></TD>
      <TD vAlign=bottom> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=bottom></TD>
      <TD vAlign=bottom colSpan=2> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=top>&nbsp;</TD>
    </TR>
    <TR bgcolor="#CCFFFF">
      <TD width="80%" 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>Net
          income before minority interest</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>346</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD colSpan=2 align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>159</FONT></DIV></TD>
      <TD align=right vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" 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 vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right colSpan=2> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" 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>Minority
          interest</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>0</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right colSpan=2> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>0</FONT></DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" vAlign=bottom></TD>
      <TD vAlign=bottom> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=bottom></TD>
      <TD vAlign=bottom colSpan=2> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=top>&nbsp;</TD>
    </TR>
    <TR bgcolor="#CCFFFF">
      <TD width="80%" 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>Net
          income after minority interest</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>346</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD colSpan=2 align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>159</FONT></DIV></TD>
      <TD align=right vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" vAlign=bottom></TD>
      <TD vAlign=bottom> <HR width="100%" noShade SIZE=4> </TD>
      <TD vAlign=bottom></TD>
      <TD vAlign=bottom colSpan=2> <HR width="100%" noShade SIZE=4> </TD>
      <TD vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" 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 vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right colSpan=2> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" 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>Earning
          per share - basic</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>$0.11</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right colSpan=2> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>$
          0.05</FONT></DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" vAlign=bottom></TD>
      <TD vAlign=bottom> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=bottom></TD>
      <TD vAlign=bottom colSpan=2> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=top>&nbsp;</TD>
    </TR>
    <TR bgcolor="#CCFFFF">
      <TD width="80%" 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>Weighted
          average number of shares - basic</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>3,171</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD colSpan=2 align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>2,939</FONT></DIV></TD>
      <TD align=right vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" vAlign=bottom></TD>
      <TD vAlign=bottom> <HR width="100%" noShade SIZE=4> </TD>
      <TD vAlign=bottom></TD>
      <TD vAlign=bottom colSpan=2> <HR width="100%" noShade SIZE=4> </TD>
      <TD vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" vAlign=bottom> <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>Earning
          per share - diluted</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>$0.10</FONT></DIV></TD>
      <TD vAlign=bottom align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=bottom align=right colSpan=2> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>$
          0.05</FONT></DIV></TD>
      <TD vAlign=top align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" vAlign=bottom></TD>
      <TD vAlign=bottom> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=bottom></TD>
      <TD vAlign=bottom colSpan=2> <HR width="100%" noShade SIZE=2> </TD>
      <TD vAlign=top>&nbsp;</TD>
    </TR>
    <TR bgcolor="#CCFFFF">
      <TD width="80%" 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>Weighted
          average number of shares - diluted</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>3,374</FONT></DIV></TD>
      <TD align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD colSpan=2 align=right vAlign=bottom> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>2,974</FONT></DIV></TD>
      <TD align=right vAlign=top>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%" vAlign=bottom></TD>
      <TD vAlign=bottom> <HR width="100%" noShade SIZE=4> </TD>
      <TD vAlign=bottom></TD>
      <TD vAlign=bottom colSpan=2> <HR width="100%" noShade SIZE=4> </TD>
      <TD vAlign=top>&nbsp;</TD>
    </TR>
  </TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=PGBRK 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=center>&nbsp;</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><FONT size=1>
<HR width="100%" noShade SIZE=1>
</FONT></TD></TR>
<TR>
<TD vAlign=top width="100%" colSpan=3></TD></TR></TABLE>
<PAGE><BR>
<DIV></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><B>HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES</B></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><B>Consolidated Balance Sheet</B></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>(In thousands, except per share data)</FONT></DIV>
  <TABLE border=0 align=center cellPadding=0 cellSpacing=0 width="100%">
    <TR>
      <TD width="80%" align=left vAlign=top> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV></TD>
      <TD align=right vAlign=top> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
      <TD align=right vAlign=top> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right>&nbsp;</DIV></TD>
      <TD align=right vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=middle> <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>June
          30, </FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=middle> <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>March
          31</FONT></DIV></TD>
      <TD align=middle>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=middle> <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>2004</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=middle> <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>2004</FONT></DIV></TD>
      <TD align=middle>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%"><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=2> </TD>
      <TD><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=2> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=middle> <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>(Unaudited)</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>$
          4,326</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>$
          4,158</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#CCFFFF">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>965</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>965</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>291</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>309</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#CCFFFF">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>3,546</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>3,763</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>4,890</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>4,394</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#CCFFFF">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>530</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>639</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%"><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=2> </TD>
      <TD><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=2> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=middle><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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>14,548</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>14,228</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#CCFFFF">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>3,839</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>3,780</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>6</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>7</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#CCFFFF">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>625</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>673</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%"><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=2> </TD>
      <TD><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=2> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>$
          19,018</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>$
          18,688</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%"><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=4> </TD>
      <TD><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=4> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#CCFFFF">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>$
          1,773</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>$
          1,933</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>171</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>173</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#CCFFFF">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>2,062</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>2,296</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>308</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>321</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#CCFFFF">
      <TD width="80%" align=left> <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
          professional fees</FONT></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>39</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>110</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>750</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>543</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#CCFFFF">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>136</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>78</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%"><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=2> </TD>
      <TD><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=2> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>5,239</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>5,454</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%"><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=2> </TD>
      <TD><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=2> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#CCFFFF">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>214</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>212</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>179</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>179</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#CCFFFF">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>2</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>2</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 and outstanding: 3,196,123 shares at June
          30, 2004</FONT></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>32</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>31</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#CCFFFF">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>9,273</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>9,035</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>4,301</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>3,954</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#CCFFFF">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>(169</FONT></DIV></TD>
      <TD align=left> <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>)&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>(126</FONT></DIV></TD>
      <TD> <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>)&nbsp;</font></DIV></TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 at June 30, 2004</FONT></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>(53</FONT></DIV></TD>
      <TD align=left> <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>)&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>(53</FONT></DIV></TD>
      <TD align=right> <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>)&nbsp;</font></DIV></TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%"><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=2> </TD>
      <TD><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=2> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom" bgcolor="#CCFFFF">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>13,384</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>12,841</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%"><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=2> </TD>
      <TD><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=2> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%" align=left> <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 align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>$
          19,018</FONT></DIV></TD>
      <TD align=left> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><font size="2" face="Times Roman">&nbsp;</font></DIV></TD>
      <TD align=right> <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=right><FONT face="Times Roman" size=2>$
          18,688</FONT></DIV></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="80%"><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=4> </TD>
      <TD><font size="2" face="Times Roman">&nbsp;</font></TD>
      <TD> <HR width="100%" noShade SIZE=4> </TD>
      <TD>&nbsp;</TD>
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  </TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
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        </DIV>
        <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center>
          <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center>&nbsp;</DIV>
        </DIV></TD>
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      <TD align=middle width="33%"><FONT size=1>&nbsp;</FONT></TD>
      <TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD>
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`
end

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