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<SEC-DOCUMENT>0001144204-05-002896.txt : 20050201
<SEC-HEADER>0001144204-05-002896.hdr.sgml : 20050201
<ACCEPTANCE-DATETIME>20050131211033
ACCESSION NUMBER:		0001144204-05-002896
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050131
FILED AS OF DATE:		20050201
DATE AS OF CHANGE:		20050131

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:		05563639

	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>v012014_6-k.htm
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Washington, D.C. 20549</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif"><STRONG>FORM 6-K</STRONG></FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">REPORT OF FOREIGN ISSUER</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">PURSUANT TO RULE 13a-16 OR 15d-16 OF</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">THE SECURITIES EXCHANGE ACT OF 1934</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">For the month of January 2005</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><U>HIGHWAY HOLDINGS LIMITED</U></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Translation of Registrant's Name Into English)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Suite 810, Level 8</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Landmark North</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">39 Lung Sum Avenue</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Sheung Shui</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><U>New Territories, Hong Kong</U></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address of Principal Executive Offices)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(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: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Form 20-F </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><U>X </U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Form 40-F ___</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(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: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Yes ___ No </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><U>X</U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">_</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(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: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Attached to this Report on Form 6-K is the press release issued by the registrant on January 31, 2005. </FONT></DIV>
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<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SIGNATURES</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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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<TD colSpan=2><FONT face="Times New Roman" size=2><STRONG>HIGHWAY HOLDINGS LIMITED</STRONG></FONT></TD></TR>
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<TD><FONT face="Times New Roman" size=2>Date:&nbsp;January 31, 2005</FONT></TD>
<TD><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp;</FONT></TD>
<TD><FONT face="Times New Roman" size=2>/s/&nbsp;ROLAND W. KOHL</FONT></TD></TR>
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<TD><FONT face="Times New Roman" size=2>Roland W. Kohl<BR>Chief Executive Officer</FONT></TD></TR></TABLE><BR></DIV>
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<TD width="50%" align=right><FONT face="CopprplGoth Bd BT" color=#336699 size=5>NEWS RELEASE</FONT></TD></TR></TABLE></DIV>
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<TD width="10%"><FONT size=2>CONTACTS:</FONT></TD>
<TD width="50%"><FONT size=2>Gary S. Maier/Sophie Xu </FONT></TD></TR>
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<TD width="50%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Maier &amp; Company, Inc.</FONT></TD></TR>
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<TD width="50%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(310) 442-9852</FONT></TD></TR></TABLE></DIV></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 81pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>HIGHWAY HOLDINGS REPORTS </STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>FISCAL 2005 THIRD QUARTER RESULTS</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>HONG KONG &#151;January 31, 2005 &#151;</STRONG></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> Highway Holdings Limited (Nasdaq:</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">HIHO</FONT></A><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">) today announced financial results for its 2005 fiscal third quarter ended December 31, 2004, reflecting sales strength from its metal components and clock divisions.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net sales for the quarter increased 13 percent to $7.3 million compared with $6.5 million in fiscal 2004. Net income for the quarter was $116,000, or $0.03 per diluted share, compared with $214,000, or $0.07 per diluted share, a year ago. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For the nine-month period, net sales increased 6.5 percent to $19.9 million from $18.6 million a year earlier. Net income for the nine months of fiscal 2005 was $490,000 or $0.15 per diluted share, compared with $574,000, or $0.19 per diluted share, in fiscal 2004. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#147;Although net sales increased for the quarter and nine months, results for the third fiscal quarter were still impacted by substantial increases for raw materials and related services. We are working with our major customers to address the escalating raw material increases and have already imposed, and are continuing to impose, price increases, on lower-margin customers,&#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: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">He added that metal prices have increased approximately 27 percent, with plastic material prices climbing 30 to 45 percent and transportation costs increasing by more than 20 percent since the company&#146;s fiscal year end in March 2004. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#147;While the increased material costs lowered our profitability for the quarter, the losses were mainly the result of restructuring expenses associated with the company&#146;s sales office in Germany, and by a strong decline in our camera business,&#148; Kohl said.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#147;While raw materials costs are certainly of concern, we are nonetheless encouraged by the recent commencement of original equipment manufacturing production of light fixtures for OSRAM GmbH, a subsidiary of Siemens AG (NYSE:SI), which had been delayed,&#148; Kohl said.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kohl said the company&#146;s camera business continues to be weak, as digital cameras and mobile phones gain market share from lower-cost traditional photography products like single-use cameras. He added that Highway Holding&#146;s specialty under-water photography product sales are encouraging, but not enough to offset weakness in its other camera product lines. Kohl indicated that the company is seriously evaluating strategic options to stop the losses and address its camera business overall. </FONT></DIV>
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<DIV><BR>
<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="34%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
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<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>

<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sales of metal stamped parts and components for the third fiscal quarter of 2005 amounted to $5.2 million, an increase of $1.3 million, or 34.9 percent, over a year ago &#151; representing 70.8 percent of the company&#146;s total sales. Sales in the metal manufacturing operations reflect revenues generated from the previously announced orders from the company&#146;s larger OEM clients, such as OSRAM, Miele, Berger Lehr and KEM. In addition to being the largest segment of Highway Holdings&#146; three business segments, metal manufacturing also provides the company with its largest gross margins. However, the recent increases in cost of materials offset the impact on the company&#146;s gross profit that otherwise would have been realized from a 34.9 percent increase in metal sales. As a result of the cost increases,
gross profit for the third fiscal quarter remained unchanged, despite the significant increase in sales.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 189pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Clock and watches sales for the quarter increased by 30.8 percent to $1.5 million from $1.2 million last year, representing approximately 20.8 percent of total sales. Kohl noted that sales of clocks and watches were positively affected by the commencement of new OEM clock orders, as well as strong sales contributions from the company&#146;s restructured German sales office. &#147;Despite a turnaround in sales from our German office, our German operations continue to operate at a heavy loss and management is focused on finalizing the restructuring and on bottom-line improvement,&#148; Kohl said.&nbsp;</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 189pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As anticipated, s</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">ales for the camera unit decreased further in the fiscal third quarter to $613,000 from $1.5 million a year ago - representing 8.4 percent of total sales compared with 22.6 percent a year ago.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Selling, general and administrative expenses for the third quarter increased to $1.4 million from $1.1 million a year ago. The increase of the selling, general and administrative expenses mainly reflects a primarily non-cash legal settlement expenses with the company&#146;s patent attorney associated with its camera patents and the concluded Fuji litigation, in addition to personnel costs at its German sales operation. The company does not expect any additional future costs associated with the Fuji lawsuit.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a result of (i) price increases of raw material, (ii) price increases of oil and related components and services, and (iii) increased selling, general and administrative expenses, the company incurred a loss in its operations of $169,000 in the December 31, 2004, fiscal third quarter, compared with operating income of $76,000 during the same fiscal quarter last year. However, excluding the non-cash selling, general and administrative expenses, the company would have had operating income.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -15.3pt" align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kohl emphasized that the</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"> company&#146;s balance sheet remains very strong. At December 31, 2004, the company had working capital of $9.6 million compared with $8.8 million at March 31, 2004. Total shareholders&#146; equity improved to $13.3 million from $12.8 million last year. </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The company&#146;s current ratio was 2.25:1 at December 31, 2004. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -15.1pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>About Highway Holdings</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -15.3pt" align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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's own Kienzle Uhren brand name, as well as for unaffiliated companies. Additionally, Highway Holdings manufactures or produces other finished products, including single-use and 35mm cameras and certain electronic products. Highway Holdings is headquartered in Hong Kong and operates manufacturing facilities in Shenzhen province of the People's Republic of China</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -15.3pt" align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements which involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company's revenues, operations, markets, products and prices, and other factors discussed in the company&#146;s various filings with the Securities and Exchange Commission, including without limitation, the company&#146;s annual reports on Form 20-F.</EM></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"># # # </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -15.3pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Financial Tables Follow)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -15.3pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -15.3pt" align=left><BR></DIV>
<DIV valign="top"></DIV><BR>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>

<TR>
<TD vAlign=bottom width="100%" colSpan=3>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR style="PAGE-BREAK-AFTER: always" color=black noShade SIZE=2>
</FONT></TD></TR></TABLE>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>

<TR>
<TD vAlign=bottom width="100%"></TD></TR></TABLE><BR><BR>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Consolidated Statement of Income</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Dollars in thousands, except per share data)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Unaudited)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB1 style="MARGIN-LEFT: 9pt"></FONT></DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">

<TR>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="26%" colSpan=5>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Three Months Ended</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>December 31,</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="25%" colSpan=5>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Nine Months Ended</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>December 31,</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="12%" colSpan=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2004</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="12%" colSpan=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2003</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="12%" colSpan=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2004</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%" colSpan=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2003</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net sales</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,309</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,457</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT id=TAB1 style="MARGIN-LEFT: 0px"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT id=TAB1 style="MARGIN-LEFT: 0px"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,861</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,644</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cost of sales</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,111</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,259</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,080</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,179</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross profit</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,198</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,198</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,781</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,465</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Selling, general and administrative expenses</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,367</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,122</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,634</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,101</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating income (loss)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(169</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">76</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">147</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">364</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-operating expense</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest expenses</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(26</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(13</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(75</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(54</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exchange gain, net</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">308</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">214</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">430</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">321</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest income</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other income</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">67</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total non-operating income</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">310</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">212</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">434</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">327</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Share of loss of affiliate</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net income before taxes</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">141</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">288</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">580</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">691</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income taxes</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">74</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">90</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">116</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net income before minority interest</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">116</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">214</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">490</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">575</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minority interest</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net income</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">116</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">214</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">490</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">574</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earning per share - basic</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.04</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.07</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.15</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.19</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Weighted average number of shares - basic</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,227</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,993</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,227</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,034</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Earning per share - diluted</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.03</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.07</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.15</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.18</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Weighted average number of shares - diluted</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3,339</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3,255</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3,343</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3,253</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV><BR>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>

<TR vAlign=top>
<TD width="100%" colSpan=3></TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<HR style="PAGE-BREAK-AFTER: always" color=black noShade SIZE=2>
</FONT></TD></TR></TABLE>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>

<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Consolidated Balance Sheet</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(In thousands, except per share data)</FONT></DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">

<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="12%" colSpan=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>December 31 </STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%"><STRONG>&nbsp;</STRONG></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="11%" colSpan=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>March 31</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%"><STRONG>&nbsp;</STRONG></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%"><STRONG>&nbsp;</STRONG></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%"><STRONG>&nbsp;</STRONG></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="12%" colSpan=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2004</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%"><STRONG>&nbsp;</STRONG></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="11%" colSpan=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2004</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="12%" colSpan=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Unaudited)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current assets</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash and cash equivalents</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,673</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,158</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Restricted cash</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">965</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">965</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Short term investment</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">298</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">309</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts receivable, net of doubtful accounts</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,554</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,763</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Inventories</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,080</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,394</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prepaid expenses and other current assets</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">701</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">639</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=middle width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total current assets</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,271</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,228</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Property, plant and equipment, net</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,771</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,780</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment and advance in affiliate</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Industrial property rights</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">590</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">673</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total assets</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,639</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,688</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current liabilities:</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Short-term borrowings</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,920</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,933</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current portion of long-term debt</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">350</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">173</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts payable</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,683</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,296</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accrual payroll and employee benefits</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">394</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">321</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accrued professional fees</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">268</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">110</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other liabilities and accrued expenses</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">903</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">543</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income tax payable</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">175</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">78</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 117pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total current liabilities</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,693</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,454</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-term debt</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">495</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">212</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred income taxes</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">179</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">179</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minority interest</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shareholders&#146; equity:</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common shares, $0.01 par value</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Authorized, 20,000,000 shares; issued 3,305,987 shares at December 31, 2004; outstanding shares at Dec. 31, 2004: 3,268,187 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional paid-in capital</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,458</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,035</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Retained earnings</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,119</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,954</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accumulated other comprehensive income</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(287</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(126</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Treasury shares, at cost-37,800 shares at December 31, 2004</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(53</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(53</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 117pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total shareholders&#146; equity</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,270</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12,841</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#b7ffb7>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 117pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total liabilities and shareholders&#146; equity</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,639</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,688</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #b7ffb7 solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="100%" bgColor=#ffffff>

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<TD width="25%">&nbsp;</TD>
<TD width="25%">&nbsp;</TD>
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`
end

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