<SUBMISSION>
<ACCESSION-NUMBER>0001104659-02-001598
<TYPE>10-Q
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20020330
<FILING-DATE>20020430
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>MONACO COACH CORP /DE/
<CIK>0000910619
<ASSIGNED-SIC>3711
<IRS-NUMBER>351880244
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0102
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-Q
<ACT>34
<FILE-NUMBER>001-14725
<FILM-NUMBER>02628153
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>91320 COBURG INDUSTRIAL WY
<CITY>COBURG
<STATE>OR
<ZIP>97408
<PHONE>5416868011
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>91320 COBURG INDUSTRIAL WAY
<CITY>COBURG
<STATE>OR
<ZIP>97408
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>j3635_10q.htm
<DESCRIPTION>10-Q
<TEXT>
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<div style="border:none;border-top:double windowtext 9.0pt;padding:0in 0in 0in 0in;">



<p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>



</div>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES

AND EXCHANGE COMMISSION</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM 10-Q</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .4in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-.4in;"><font size="3" face="Wingdings" style="font-family:Wingdings;font-size:12.0pt;">&#253;</font><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Quarterly Report Pursuant to

Section 13 or 15(d) of the Securities Exchange Act of 1934</font></b></font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">For

the period ended:&#160; March 30, 2002</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">or</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .4in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-.4in;"><b><font size="3" face="Wingdings" style="font-family:Wingdings;font-size:12.0pt;font-weight:bold;">o</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; Transition Report Pursuant to

Section 13 or 15(d) of the Securities Exchange Act of 1934</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">For

the period from

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to </font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Commission File Number:&#160; 1-14725</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">MONACO

COACH CORPORATION</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<div align="center">



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.66%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.64%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">35-1880244</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.66%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State

  of Incorporation)</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.64%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S.

  Employer Identification No.)</font></p>

  </td>

 </tr>

</table>



</div>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">91320 Industrial Way</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Coburg, Oregon 97408</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices)</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including area code <b><font style="font-weight:bold;">(541) 686-8011</font></b></font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Indicate by check mark whether

the registrant&#160; (1) has filed all

reports required to be filed by Section 13 or 15(d) of the Securities Exchange

Act of 1934 during the preceding 12 months (or for such shorter period that the

registrant was required to file such reports), and&#160; (2) has been subject to such filing requirements for the past 90

days.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">YES&#160; </font><font face="Wingdings" style="font-family:Wingdings;">&#253;</font>&#160;&#160; NO&#160; <font face="Wingdings" style="font-family:Wingdings;">o</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The number of shares outstanding

of common stock, $.01 par value, as of March 30, 2002: 28,771,447</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">



<p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



</div>





<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='',FILE='C:\C2\jgarceau\3635_6\t_574342\j3635_10q.htm',USER='jgarcea',CD='Apr 30 12:48 2002' -->
<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MONACO COACH CORPORATION</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM 10-Q</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">March 30, 2002</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INDEX</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="33%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:33.38%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#PartIFinancialInformation" title="Click to goto PART I - FINANCIAL INFORMATION">PART I - FINANCIAL INFORMATION</a></font></b></p>

  </td>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.62%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.2%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="95%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:95.8%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.2%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="95%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:95.8%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Item1_FinancialStatements" title="Click to goto Item 1.  Financial Statements">Item 1.&#160; Financial Statements.</a></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.2%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="95%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:95.8%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.2%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="95%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:95.8%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 20.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CondensedConsolidatedBalanceSheets" title="Click to goto CONDENSED CONSOLIDATED BALANCE SHEETS">Condensed

  Consolidated Balance Sheets as of December 29, 2001 and March 30, 2002.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.2%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="95%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:95.8%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.2%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="95%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:95.8%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 20.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CondensedConsolidatedStatementsOfInc" title="Click to goto CONDENSED CONSOLIDATED STATEMENTS OF INCOME">Condensed

  Consolidated Statements of Income for the quarter ended March 31, 2001 and

  March 30, 2002.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.2%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="95%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:95.8%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.2%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="95%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:95.8%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 20.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CondensedConsolidatedStatementsOfCas" title="Click to goto CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS">Condensed

  Consolidated Statements of Cash Flows for the quarter ended March 31, 2001

  and March 30, 2002.</a></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.2%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="95%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:95.8%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

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  <td width="95%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:95.8%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 20.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#NotesToCondensedConsolidatedFinancia" title="Click to goto NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS">Notes

  to Condensed Consolidated Financial Statements.</a></font></p>

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 </tr>

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  </td>

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  <td width="95%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:95.8%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Item2_ManagementsDiscussionAndAnal" title="Click to goto Item 2. Management&#146;s Discussion and Analysis of Financial Condition">Item

  2.&#160; Management&#146;s Discussion and

  Analysis of Financial Condition and Results of Operations.</a></font></b></p>

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  <td width="95%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:95.8%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Item3_QuantitativeAndQualitativeDi" title="Click to goto Item 3.  Quantitative and Qualitative Disclosures About Market Risk.">Item

  3.&#160; Quantitative and Qualitative

  Disclosures About Market Risk.</a></font></b></p>

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  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

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  <td width="33%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:33.38%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#PartIiOtherInformation" title="Click to goto PART II - OTHER INFORMATION">PART II - OTHER INFORMATION</a></font></b></p>

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  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

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  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

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  <td width="95%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:95.9%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.1%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="95%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:95.9%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Item6_ExhibitsAndReportsOnForm8" title="Click to goto Item 6.  Exhibits and Reports on Form 8-K">Item 6.&#160; Exhibits and Reports on Form 8-K.</a></font></b></p>

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  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

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  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Signatures" title="Click to goto SIGNATURES">Signatures</a></font></b></p>

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  <td width="1" style="border:none;"></td>

  <td width="211" style="border:none;"></td>

  <td width="481" style="border:none;"></td>

 </tr>

</table>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>





<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="PartIFinancialInformation"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART

I - FINANCIAL INFORMATION</font></b></a></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="Item1_FinancialStatements"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item

1.&#160; Financial Statements</font></b></a></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>





<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



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<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MONACO

COACH CORPORATION</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="CondensedConsolidatedBalanceSheets"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONDENSED

CONSOLIDATED BALANCE SHEETS</font></b></a></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Unaudited:

dollars in thousands, except share and per share data)</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



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  <td width="54%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="center" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">December

  29,<br>

  2001</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">March 30,<br>

  2002</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ASSETS</font></b></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current assets:</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 20.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trade receivables, net</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="17%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:17.78%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82,885</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="17%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:17.78%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101,166</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 20.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inventories</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">127,075</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">134,887</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 20.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prepaid

  expenses</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,063</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,923</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 20.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred income

  taxes</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27,327</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28,518</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total

  current assets</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">239,350</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">269,494</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notes

  receivable</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,157</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,157</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Property,

  plant and equipment, net</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">122,795</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">125,250</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="line-height:11.5pt;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt issuance costs net of accumulated amortization

  of $75 and $152, respectively</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">940</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">863</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.1pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Goodwill,

  net of accumulated amortization of $5,320 and $5,320, respectively</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:9.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55,856</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:9.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54,974</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt 40.0pt;padding:0in;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total assets</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:17.78%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">427,098</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:17.78%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">458,738</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="border:none;font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="border:none;font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="border:none;font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="border:none;font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LIABILITIES</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current liabilities:</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 20.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Book

  overdraft</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="17%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:17.78%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,889</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="17%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:17.78%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,534</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 20.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Line

  of credit</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26,004</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,004</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 20.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current

  portion of long-term note payable</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 20.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounts

  payable</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66,859</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">91,369</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 20.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income

  taxes payable</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">545</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 20.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accrued expenses

  and other liabilities</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66,904</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70,073</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total

  current liabilities</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">175,656</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">195,525</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Long-term

  note payable</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27,500</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred income

  taxes</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,312</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,209</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 40.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total

  liabilities</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">213,968</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">235,234</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commitments and contingencies (Note 8)</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">STOCKHOLDERS&#146;

  EQUITY</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.1pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common

  stock, $.01 par value; 50,000,000 shares authorized, 28,632,774 and

  28,771,447, issued and outstanding, respectively</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:9.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">286</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:9.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">288</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional

  paid-in capital</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48,522</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.08%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49,221</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Retained

  earnings</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">164,322</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">173,995</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.14%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 40.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total

  stockholders&#146; equity</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">213,130</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.08%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">223,504</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.54%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="54%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:54.14%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt 40.0pt;padding:0in;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total liabilities and

  stockholders&#146; equity</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="17%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:17.78%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">427,098</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="17%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:17.78%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">458,738</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.54%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



<p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See accompanying notes.</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>





<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='4',FILE='C:\C2\jgarceau\3635_6\t_574342\j3635_10q.htm',USER='jgarcea',CD='Apr 30 12:48 2002' -->
<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MONACO COACH CORPORATION</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="CondensedConsolidatedStatementsOfInc"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONDENSED

CONSOLIDATED STATEMENTS OF INCOME</font></b></a></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Unaudited:

dollars in thousands, except share and per share data)</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="51%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="center" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="43%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:43.62%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Quarter

  Ended</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="center" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">March 31,

  2001</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">March 30,

  2002</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net sales</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.22%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">211,228</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.22%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">293,600</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of sales</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">185,740</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">255,855</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gross profit</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,488</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37,745</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Selling, general and administrative expenses</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,239</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21,166</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amortization of goodwill</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">161</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating income</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,088</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,579</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other income, net</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">116</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest expense</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(684</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(698</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income before income taxes</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,520</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,922</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provision for income taxes</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,323</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,249</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:19.22%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,197</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:19.22%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,673</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Earnings per common share:</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.3%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.22%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">.18</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.3%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.22%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">.34</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Diluted</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.22%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">.18</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.22%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">.33</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Weighted average common shares outstanding:</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28,465,316</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28,712,998</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="51%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:51.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Diluted</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29,132,279</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="20%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:20.52%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29,624,722</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See accompanying notes.</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>





<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='5',FILE='C:\C2\jgarceau\3635_6\t_574342\j3635_10q.htm',USER='jgarcea',CD='Apr 30 12:48 2002' -->
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MONACO

COACH CORPORATION</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="CondensedConsolidatedStatementsOfCas"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONDENSED

CONSOLIDATED STATEMENTS OF CASH FLOWS</font></b></a></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Unaudited:

dollars in thousands)</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="53%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="center" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="41%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:41.66%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Quarter

  Ended</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="center" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">March 31,

  2001</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">March 30,

  2002</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Increase

  (Decrease) in Cash</font></b>:</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flows from operating activities:</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 20.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net

  income</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="18%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:18.24%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,197</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="18%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:18.24%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,673</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="left" style="line-height:11.5pt;margin:0in 0in .0001pt 20.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adjustments to reconcile net income to net cash

  (used) provided by operating activities:</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation

  and amortization</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,641</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,004</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:53.26%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred

  income taxes</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">336</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,628</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 30.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changes in working capital accounts:</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:53.26%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trade

  receivables, net</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8,772</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(18,334</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inventories</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(883</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7,812</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:53.26%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prepaid

  expenses</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(100</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,860</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounts

  payable</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">537</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24,510</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:53.26%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 40.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income

  taxes payable</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,632</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">545</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 40.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accrued expenses

  and other liabilities</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,542</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,232</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 50.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net cash (used)

  provided by operating activities</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(954</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,586</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flows from investing activities:</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:53.26%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 20.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additions

  to property, plant and equipment</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,076</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,432</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 20.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issuance of

  notes receivable</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,210</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 50.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net cash used in

  investing activities</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,286</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,432</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flows from financing activities:</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:53.26%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Book

  overdraft</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,011</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,645</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 30.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrowings

  (payments) on lines of credit, net</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,148</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(15,000</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:53.26%;">

  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issuance of common stock</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">81</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">701</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 30.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advances

  (payments) on long-term note</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,500</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 50.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net cash

  provided (provided) by financing activities</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,240</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10,154</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net

  change in cash</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:53.26%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash at

  beginning of period</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:19.54%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.26%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash at end of period</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="18%" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:18.24%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="18%" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:18.24%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



<p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See accompanying notes.</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>





<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font>



<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MONACO

COACH CORPORATION</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="NotesToCondensedConsolidatedFinancia"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOTES

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></b></a></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Unaudited)</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160; Basis of Presentation</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The interim condensed consolidated financial

statements have been prepared by Monaco Coach Corporation (the &#147;Company&#148;)

without audit.&#160; In the opinion of

management, the accompanying unaudited financial statements contain all

adjustments necessary, consisting only of normal recurring adjustments, to

present fairly the financial position of the Company as of December 29, 2001

and March 30, 2002, and the results of its operations and its cash flows for

the quarters ended March 31, 2001 and March 30, 2002.&#160; The condensed consolidated financial statements include the

accounts of the Company and its wholly-owned subsidiaries, and all significant

intercompany accounts and transactions have been eliminated in

consolidation.&#160; The balance sheet data

as of December 29, 2001 was derived from audited financial statements, but does

not include all disclosures contained in the Company&#146;s Annual Report to

Stockholders.&#160; These interim condensed

consolidated financial statements should be read in conjunction with the

audited financial statements and notes thereto appearing in the Company&#146;s

Annual Report to Stockholders for the year ended December 29, 2001.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2. &#160;&#160;&#160; Acquisition of SMC Corporation</font></b></p>



<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company

announced on June 25, 2001 that it had reached an agreement with Oregon based

motor home manufacturer SMC Corporation (&#147;SMC&#148;) to acquire all of the

outstanding shares of SMC pursuant to a cash tender offer at a price of $3.70

per share.&#160; On August 6, 2001, the

Company completed the back-end merger, and owned 100% of the shares.</font></p>



<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The cash paid for SMC, including transaction costs of

$3,062,000, totaled $24,320,000.&#160; The

total assets acquired and liabilities assumed of SMC based on estimated fair

values at August 6, 2001, is as follows:</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;margin-left:.5in;width:80.0%;">

 <tr>

  <td width="79%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:79.92%;">

  <p align="center" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.68%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;font-weight:bold;">(in thousands)</font></i></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:79.92%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Receivables</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.38%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,680</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.92%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inventories</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.68%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,360</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:79.92%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred

  tax asset</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.68%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21,391</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.92%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Property

  and equipment</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.68%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,800</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:79.92%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prepaids

  and other assets</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.68%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">114</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.92%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Goodwill</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.68%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37,037</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:79.92%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 20.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total assets

  acquired</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.68%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101,382</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.92%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:16.68%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:79.92%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Book

  overdraft</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.68%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,551</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.92%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notes

  payable</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.68%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(16,349</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:79.92%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounts

  payable</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.68%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(24,079</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.92%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accrued

  liabilities</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.68%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(35,083</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:79.92%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 20.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total

  liabilities assumed</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.68%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(77,062</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.92%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:16.68%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="79%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:79.92%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total assets acquired

  and liabilities assumed</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in .7pt 0in .7pt;width:15.38%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24,320</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt 23.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The allocation of

the purchase price and the related goodwill is subject to adjustment upon

resolution of pre-SMC Acquisition contingencies.&#160; The effects of resolution of pre-SMC Acquisition contingencies

occurring: (i) within one year of the acquisition date will be reflected as an

adjustment of the allocation of the purchase price and of goodwill, and (ii)

after one year they will be recognized in the determination of net income.</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>





<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='7',FILE='C:\C2\jgarceau\3635_6\t_574342\j3635_10q.htm',USER='jgarcea',CD='Apr 30 12:48 2002' -->
<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160; Inventories</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inventories are stated at lower of cost (first-in,

first-out) or market.&#160; The composition

of inventory is as follows:</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;margin-left:.5in;width:80.0%;">

 <tr>

  <td width="65%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:65.78%;">

  <p align="center" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.2%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.7%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">December

  29,<br>

  2001</font></b></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.28%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:12.76%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">March 30,<br>

  2002</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.28%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:65.78%;">

  <p align="center" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.2%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="30%" colspan="5" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:30.72%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;font-weight:bold;">(in thousands)</font></i></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.28%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:65.78%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Raw

  materials</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.2%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.28%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.4%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53,160</font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:3.28%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.12%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.62%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60,155</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.28%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt 0in .7pt;width:65.78%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Work-in-process</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.2%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.7%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44,436</font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.28%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:12.76%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48,779</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.28%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:65.78%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finished units</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.2%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.7%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29,479</font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:3.28%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:12.76%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,953</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.28%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt 0in .7pt;width:65.78%;">

  <p style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.2%;">

  <p style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in .7pt 0in .7pt;width:1.28%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.4%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">127,075</font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.28%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in .7pt 0in .7pt;width:1.12%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="11%" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:11.62%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">134,887</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.28%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160; Goodwill</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Goodwill, represents the excess of the cost of

acquisition over the fair value of net assets acquired.&#160; At each balance sheet date, management

assesses whether there has been permanent impairment in the value of

goodwill.&#160; The amount of any such

impairment is determined by comparing the fair value of the associated goodwill

with its carrying value.&#160; The factors

considered by management in performing this assessment include current

operating results, trends and prospects, as well as the effects of

obsolescence, demand, competition and other economic factors.&#160; As of March 30, 2002, as required by FASB

Statement No. 142, management has determined that there has been no impairment

of goodwill requiring a write down.&#160;

FASB Statement No. 142 also states that goodwill and other intangible

assets with indefinite lives are no longer subject to amortization.&#160; Therefore, in accordance with the

requirements of FASB Statement No. 142, the Company has not recorded

amortization for the period ending March 30, 2002.</font></p>



<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>



<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160; Line of Credit</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has a bank line of credit consisting of a

revolving line of credit of up to $70 million.&#160;

At the election of the Company, the line of credit bears interest at

varying rates that fluctuate based on the Prime rate or LIBOR, and are

determined based on the Company&#146;s leverage ratio.&#160; The Company also pays interest monthly on the unused available

portion of the line at varying rates, determined by the Company&#146;s leverage

ratio.&#160; The revolving line of credit is

due and payable in full on September 30, 2004, and requires monthly interest

payments.&#160; The balance outstanding under

the line of credit at&#160; March 30, 2002

was $11 million.&#160; The line of credit is

collateralized by all the assets of the Company and includes various

restrictions and financial covenants.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160; Earnings Per Common Share</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic earnings per common share is based on the

weighted average number of shares outstanding during the period.&#160; Diluted earnings per common share is based

on the weighted average number of shares outstanding during the period, after

consideration of the dilutive effect of stock options. The weighted average number of common shares used in the computation

of earnings per common share are as follows:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;margin-left:.5in;width:80.0%;">

 <tr>

  <td width="65%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:65.28%;">

  <p align="center" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.28%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">March 31,<br>

  2001</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.28%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">March 30,<br>

  2002</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:65.28%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Basic</font></b></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:14.28%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:14.28%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.14%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt 0in .7pt;width:65.28%;">

  <p style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issued

  and outstanding shares (weighted average)</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.28%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28,465,316</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.28%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28,712,998</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:65.28%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.28%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.28%;">

  <p align="right" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.14%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt 0in .7pt;width:65.28%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Effect

  of Dilutive Securities</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.28%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.28%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:65.28%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock options</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.28%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">666,963</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.28%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">911,724</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.14%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="top" style="padding:0in .7pt 0in .7pt;width:65.28%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Diluted</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">

  <p style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:14.28%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29,132,279</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:14.28%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29,624,722</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>





<div style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='8',FILE='C:\C2\jgarceau\3635_6\t_574342\j3635_10q.htm',USER='jgarcea',CD='Apr 30 12:48 2002' -->
<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="border:none;font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160; Long-term Note Payable</font></b></p>



<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has a long-term note payable of $37.5

million outstanding at March 30, 2002.&#160;

The term note bears interest at varying rates that fluctuate based on

the Prime rate or LIBOR, and are determined based on the Company&#146;s leverage

ratio.&#160; The term note requires monthly

interest payments and quarterly principal payments and is collateralized by all

the assets of the Company.&#160; The term

note is due and payable in full on September 28, 2005.&#160; As of&#160;

March 30, 2002, the interest rate on the term debt was 3.9%.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table displays the scheduled principal

payments by fiscal year that will be due on the term loan.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



<div align="center">



<table border="0" cellspacing="0" cellpadding="0" width="45%" style="border-collapse:collapse;width:45.0%;">

 <tr>

  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:20.46%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year</font></b></p>

  </td>

  <td width="36%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:36.94%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="42%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:42.6%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount of

  payment due</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="20%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:20.46%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002</font></p>

  </td>

  <td width="36%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:36.94%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.88%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="39%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:39.72%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,500</font></p>

  </td>

 </tr>

 <tr>

  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.46%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003</font></p>

  </td>

  <td width="36%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:36.94%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="39%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:39.72%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,500</font></p>

  </td>

 </tr>

 <tr>

  <td width="20%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:20.46%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2004</font></p>

  </td>

  <td width="36%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:36.94%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.88%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="39%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:39.72%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000</font></p>

  </td>

 </tr>

 <tr>

  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.46%;">

  <p align="center" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2005</font></p>

  </td>

  <td width="36%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:36.94%;">

  <p style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="39%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:39.72%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,500</font></p>

  </td>

 </tr>

 <tr>

  <td width="20%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:20.46%;">

  <p align="center" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="36%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:36.94%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.88%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="39%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:39.72%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37,500</font></p>

  </td>

 </tr>

</table>



</div>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160; Commitments and Contingencies</font></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Repurchase Agreements</font></u></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Substantially all of the Company&#146;s sales to

independent dealers are made on terms requiring cash on delivery.&#160; However, most dealers finance units on a

&#147;floor plan&#148; basis with a bank or finance company lending the dealer all or

substantially all of the wholesale purchase price and retaining a security

interest in the vehicles.&#160; Upon request

of a lending institution financing a dealer&#146;s purchases of the Company&#146;s

product, the Company will execute a repurchase agreement.&#160; These agreements provide that, for varying

periods of up to 18 months after a unit is shipped, the Company will repurchase

its products from the financing institution in the event that they have

repossessed them upon a dealer&#146;s default.&#160;

The risk of loss resulting from these agreements is further reduced by

the resale value of the products repurchased.&#160;

The Company&#146;s contingent obligations under repurchase agreements vary

from period to period and totaled approximately $388.8 million as of March 30,

2002, with approximately&#160; 8.2%

concentrated with one dealer.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Litigation</font></u></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is involved in legal proceedings arising

in the ordinary course of its business, including a variety of product

liability and warranty claims typical in the recreational vehicle

industry.&#160; The Company does not believe

that the outcome of its pending legal proceedings will have a material adverse

effect on the business, financial condition, or results of operations of the

Company.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt Guarantee</font></u></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt 23.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2000, the

Company entered into an agreement with Outdoor Resorts of Las Vegas (&#147;ORLV&#148;)

and ORLV&#146;s parent company Outdoor Resorts of America (&#147;ORA&#148;), for the purpose

of constructing a luxury motor coach resort in Las Vegas, Nevada.&#160; In the first quarter of 2001, two additional

projects, one in Naples, Florida, and the other in Indio, California, were

added.&#160; As of March 30, 2002, the

Company advanced $8.1 million in the form of a long-term note receivable from

ORA and its respective subsidiaries.&#160;

Accrued interest receivable from the loans was $810,000 at March 30,

2002, of which approximately $752,000 was in arrears due to delays in

development of the respective projects.&#160;

Accordingly, the Company has provided an allowance on the interest

receivable of $409,000.</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>





<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='9',FILE='C:\C2\jgarceau\3635_6\t_574342\j3635_10q.htm',USER='jgarcea',CD='Apr 30 12:48 2002' -->
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</font>



<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As part of the

financing structure for the projects, the Company also agreed to act as

co-guarantor with ORLV&#146;s parent company, ORA, on an $11.2 million construction

loan for the Las Vegas resort.&#160; At March

30, 2002, ORLV and ORA had drawn approximately $10.8 million on the

construction loan.&#160; In return for the

Company&#146;s loans and guarantee commitment, ORLV and ORA has agreed to pay

interest and income participation to the Company.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aircraft Lease Committment</font></u></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has a two-year operating lease for an

aircraft, with annual renewals for up to three additional years.&#160; If at the end of the initial lease period

the Company elects to return the aircraft, the Company has guaranteed up to $16

million in the event the Lessor&#146;s net sales proceeds are less than $18.5 million.</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>





<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='10',FILE='C:\C2\jgarceau\3635_6\t_574342\j3635_10q.htm',USER='jgarcea',CD='Apr 30 12:48 2002' -->
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</font>



<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="Item2_ManagementsDiscussionAndAnal"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.&#160;&#160;&#160; Management&#146;s Discussion and Analysis of Financial Condition</font></b></a></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">and Results of Operations</font></b></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Quarterly

Report on Form 10-Q contains forward-looking statements within the meaning of

Section 27A of the Securities Act of 1933, as amended, and Section 21E of the

Securities Exchange Act of 1934, as amended.&#160;

These statements include, but are not limited to, those below that have

been marked with an asterisk (*).&#160; In

addition, the Company may from time to time make forward-looking statements

through statements that include the words &#147;believes&#148;, &#147;expects&#148;, &#147;anticipates&#148;

or similar expressions.&#160; Such

forward-looking statements involve known and&#160;

unknown risks, uncertainties and other factors that may cause actual

results, performance or achievements of the Company to differ materially from

those expressed or implied by such forward-looking statements, including those

set forth below under the caption &#147;Factors That May Affect Future Operating

Results&#148; and elsewhere in this Quarterly Report on Form 10-Q.&#160; The reader should carefully consider,

together with the other matters referred to herein, the factors set forth under

the caption &#147;Factors That May Affect Future Operating Results&#148;.&#160; The Company cautions the reader, however,

that these factors may not be exhaustive.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GENERAL</font></u></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Monaco Coach

Corporation is a leading manufacturer of premium Class A motor coaches and

towable recreational vehicles (&#147;towables&#148;).&#160;

The Company&#146;s product line currently consists of a broad line of motor

coaches, fifth wheel trailers and travel trailers under the &#147;Monaco&#148;, &#147;Holiday

Rambler&#148;, &#147;Safari&#148;, &#147;Beaver&#148;, &#147;Royale Coach&#148;, and &#147;McKenzie Towables&#148; brand

names.&#160; The Company&#146;s products, which

are typically priced at the high end of their respective product categories,

range in suggested retail price from $60,000 to $1.0 million for motor coaches

and from $20,000 to $65,000 for towables.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RESULTS OF OPERATIONS</font></u></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Quarter ended&#160; March 31, 2001 Compared to Quarter ended

March 30, 2002</font></u></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First quarter net

sales increased 39.0% to $293.6 million compared to $211.2 million for the same

period last year. Gross sales dollars on motorized products were up 41.4%,

reflecting the combination of sales from the Beaver and Safari brands which

increased sales by 22.9% over last year&#146;s first quarter. The 18.5% increase in

the Monaco and Holiday Rambler brands over last year&#146;s first quarter was due to

improved demand for motorized products and the addition of new products that

were introduced in the second half of 2001.&#160;

The Company&#146;s gross towable sales were down 3.6% as the McKenzie towable

operations reported decreases which more than offset increases on the Holiday

Rambler towable products.&#160; The Company&#146;s

overall unit sales were up 17.2% in the first quarter of 2002 with motorized

units increasing by 34.3%, and towable units decreasing by 11.0%.&#160; The Company&#146;s average unit gross selling

price increased in the first quarter of 2002 to $110,000 from $94,000 in the

comparable 2001 quarter due to the Company&#146;s strong mix of diesel motor

coaches. </font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gross profit for

the first quarter of 2002 increased to $37.7 million, up from $25.5 million in

2001, and gross margin increased to 12.9% in the first quarter of 2002 from

12.1% in the first quarter of 2001.&#160;

Gross margin in the first quarter of 2002 was improved by reductions in

sales discounts by 1.6% of sales, which were partially offset by increased cost

of goods sold as a percentage of sales due to the inclusion of operating

results and the continued integration activities of the SMC acquisition.&#160; The Company&#146;s overall gross margin may

fluctuate in future periods if the mix of products shifts from higher to lower

gross margin units or if the Company encounters unexpected manufacturing

difficulties or competitive pressures.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Selling, general

and administrative expenses increased by $5.0 million from $16.2 million in the

first quarter of 2001 to $21.2 million in the first quarter of 2002, but

decreased as a percentage of sales from 7.7% in 2001 to 7.2% in 2002.&#160; The decrease in sales, general and administrative

expenses as a percentage of sales was due to the decrease in sales discounts,

which net against gross sales, combined with higher net sales.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating income

was $16.6 million, or 5.6% of sales in the first quarter of 2002 compared to

$9.1 million, or 4.3% of sales in the similar 2001 period.&#160; The increase in operating margins reflect

improved gross profit combined with improved selling, general and

administrative costs as a percentage of sales.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net interest

expense was $698,000 in the first quarter of 2002 compared to $684,000 in the

comparable 2001 period, reflecting a higher level of borrowing during the first

quarter of 2002.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company

reported a provision for income taxes of $6.2 million, or an effective tax rate

of 39.25% in the first quarter of 2002, compared to $3.3 million, or an

effective tax rate of 39.00% for the comparable 2001 period.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>





<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='11',FILE='C:\C2\jgarceau\3635_6\t_574342\j3635_10q.htm',USER='jgarcea',CD='Apr 30 12:48 2002' -->
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income was

$9.7 million in the first quarter of 2002 compared to $5.2 million in the first

quarter of 2001 due to the increase in sales, reductions in selling, general

and administrative costs as a percentage of sales, and improved gross profit

margins.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INFLATION</font></u></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company does not believe that

inflation has had a material impact on its results of operations for the

periods presented.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CRITICAL

ACCOUNTING POLICIES</font></u></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

discussion and analysis of our financial condition and results of operations

are based upon our consolidated financial statements, which have been prepared

in accordance with accounting principles generally accepted in the United

States of America.&#160; The preparation of

these financial statements requires us to make estimates and judgments that

affect the reported amounts of assets, liabilities, revenues and expenses, and

related disclosure of contingent assets and liabilities.&#160; On an on-going basis, we evaluate our

estimates, including those related to warranty costs, product liability, and

impairment of goodwill.&#160; We base our

estimates on historical experience and on various other assumptions that are

believed to be reasonable under the circumstances.&#160; Actual results may differ from these estimates under different

assumptions or conditions.&#160; We believe

the following critical accounting policies and related judgments and estimates

affect the preparation of our consolidated financial statements.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WARRANTY

COSTS&#160; The Company provides an estimate

for accrued warranty costs at the time a product is sold.&#160; This estimate is based on historical average

repair costs, as well as other reasonable assumptions as have been deemed

appropriate by management.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; PRODUCT

LIABILITY&#160; The Company provides an

estimate for accrued product liability based on current pending cases, as well

as for those cases which are incurred but not reported.&#160; This estimate is developed by legal counsel

based on professional judgment, as well as historical experience.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; IMPAIRMENT

OF GOODWILL&#160; The Company assesses the

potential impairment of goodwill in accordance with Financial Accounting

Standards Board (FASB) Statement No. 142.&#160;

This estimate involves management comparing the fair value of goodwill

to the respective carrying value, to see if goodwill has been impaired.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FACTORS

THAT MAY AFFECT FUTURE OPERATING RESULTS</font></u></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WE

MAY EXPERIENCE UNANTICIPATED FLUCTUATIONS IN OUR OPERATING RESULTS FOR A

VARIETY OF REASONS&#160; Our net sales, gross

margin and operating results may fluctuate significantly from period to period

due to a number of factors, many of which are not readily predictable.&#160; These factors include the following:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">The margins associated with the mix of products we

sell in any particular period</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">Our ability to utilize and expand our manufacturing

resources efficiently</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">Shortages of materials used in our products</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">A determination by us that goodwill or other intangible

assets are impaired and have to be written down to their fair values, resulting

in a charge to our results of operations</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">Our ability to introduce new models that achieve

consumer acceptance</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">The introduction, marketing and sale of competing

products by others</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">The addition or loss of our dealers</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">The timing of trade shows and rallies, which we use

to market and sell our products</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">Factors affecting the recreational vehicle industry

as a whole, including economic and seasonal factors</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our

overall gross margin may decline in future periods to the extent that we

increase the percentage of sales of lower gross margin towable products or if

the mix of motor coaches we sell shifts to lower gross margin units.&#160; In addition, a relatively small variation in

the number of recreational vehicles we sell in any quarter can have a

significant impact on total sales and operating results for that quarter.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>





<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='12',FILE='C:\C2\jgarceau\3635_6\t_574342\j3635_10q.htm',USER='jgarcea',CD='Apr 30 12:48 2002' -->
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Demand

in the recreational vehicle industry generally declines during the winter

months, while sales are generally higher during the spring and summer months.

With the broader range of products we now offer, seasonal factors could have a

significant impact on our operating results in the future.&#160; Additionally, unusually severe weather

conditions in certain markets could delay the timing of shipments from one

quarter to another.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We

attempt to forecast orders for our products accurately and commence purchasing

and manufacturing prior to receipt of such orders. However, it is highly

unlikely that we will consistently accurately forecast the timing and rate of

orders.&#160; This aspect of our business

makes our planning inexact and, in turn, affects our shipments, costs,

inventories, operating results and cash flow for any given quarter.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WE

MAY EXPERIENCE DIFFICULTIES INTEGRATING THE BUSINESS OF SMC CORPORATION INTO

OUR BUSINESS AND THIS COULD AFFECT OUR FINANCIAL CONDITION AND RESULTS OF

OPERATIONS ADVERSELY&#160; We completed the

acquisition of SMC Corporation, an Oregon-based motor home manufacturer, in

August 2001.&#160; We may not achieve the

anticipated benefit of this acquisition unless we successfully complete the

integration of SMC's business into our operations. Moreover, unless we are able

to increase sales of SMC products or reduce the operating expenses of the

acquired business substantially from historical levels, the acquisition could

affect our financial condition and results of operations adversely. The

acquisition also entails a number of other risks, including the following:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">The integration process requires significant

management attention that would otherwise be available for the ongoing

development of our principal business.</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">The assimilation of SMC's operations and personnel

will cause some disruption of our existing operations.</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">We may experience difficulty in incorporating SMC's

products into our existing product line without adversely affecting sales of

our other products.</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">We are amortizing the issuance costs of debt we

incurred to finance the acquisition, and this adversely affects our operating

results.</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">We may experience difficulty in integrating the

different corporate cultures and presenting a unified corporate image.</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; THE

RECREATIONAL VEHICLE INDUSTRY IS CYCLICAL AND SUSCEPTIBLE TO SLOWDOWNS IN THE

GENERAL ECONOMY&#160; The recreational

vehicle industry has been characterized by cycles of growth and contraction in

consumer demand, reflecting prevailing economic, demographic and political

conditions that affect disposable income for leisure-time activities.&#160; For example, unit sales of recreational

vehicles (excluding conversion vehicles) peaked at approximately 259,000 units

in 1994 and declined to approximately 247,000 units in 1996.&#160; The industry peaked again in 1999 at

approximately 321,000 units and declined in 2000 and 2001 to approximately

300,000 and 257,000 units, respectively.&#160;

Our business is necessarily subject to the cyclical nature of this

industry.&#160; Some of the factors that

contribute to this cyclicality include fuel availability and costs, interest

rate levels, the level of discretionary spending, and availability of credit

and overall consumer confidence.&#160; The

recent decline in consumer confidence and slowing of the overall economy has

adversely affected the recreational vehicle market.&#160; An extended continuation of these conditions would materially

affect our business, results of operations and financial condition.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; OUR

RECENT GROWTH HAS PUT PRESSURE ON THE CAPABILITIES OF OUR OPERATING, FINANCIAL,

AND MANAGEMENT INFORMATION SYSTEMS&#160; In

the past few years, we have significantly expanded the size and scope of our

business, which has required us to hire additional employees.&#160; Some of these new employees include new

management personnel.&#160; In addition, our

current management personnel have assumed additional responsibilities.&#160; The increase in our size over a relatively

short period of time has put pressure on our operating, financial, and

management information systems.&#160; If we

continue to expand, such growth would put additional pressure on these systems

and may cause such systems to malfunction or to experience significant delays.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WE

MAY EXPERIENCE UNEXPECTED PROBLEMS AND EXPENSES ASSOCIATED WITH THE EXPANSION

OF OUR MANUFACTURING CAPACITY&#160; In the

past few years, we have significantly increased our manufacturing

capacity.&#160; In connection with this

expansion, we have also integrated some of our manufacturing facilities.&#160; We may experience unexpected building and

production problems associated with this expansion.&#160; In the past, we have had difficulties with the manufacturing of

new models and increasing the rates of production of our plants.&#160; Our expenses have increased as a result of

the expansion and we will be materially and adversely affected if the expansion

does not result in an increase in revenue from the new or additional products.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This expansion involves risks, including the

following:</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">We must rely on timely performance by contractors,

subcontractors and government agencies, whose performance we may be unable to

control.</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">The development of new products involves costs

associated with new machinery training of employees, and compliance with

environmental, health, and other government regulations.</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;<font size="1" face="Times New Roman" style="font:7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</font></font><font size="2" style="font-size:10.0pt;">We may be unable to complete a planned expansion in

a timely manner, which could result in lower production levels and an inability

to satisfy customer demand for our products.</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WE

RELY ON A RELATIVELY SMALL NUMBER OF DEALERS FOR A SIGNIFICANT PERCENTAGE OF

OUR SALES&#160; Although our products were

offered by 385 dealerships located primarily in the United States and Canada as

of March 30, 2002, a significant percentage of our sales are concentrated among

a relatively small number of independent dealers.&#160; Sales to one dealer, Lazy Days RV Center, accounted for 12.1% of total

sales in 2000 and 11.7% in 2001.&#160; Our 10

largest dealers, including Lazy Days RV Center, accounted for a total of 36% of

our sales in 2000 and 39% of our sales in 2001.&#160; The loss of a significant dealer or a substantial decrease in

sales by any of these dealers could have a material impact on our business,

results of operations and financial condition.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>





<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="3" face="Times New Roman" style="font-size:12.0pt;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WE

MAY HAVE TO REPURCHASE A DEALER&#146;S INVENTORY OF OUR PRODUCTS IN THE EVENT THAT

THE DEALER DOES NOT REPAY ITS LENDER&#160; As

is common in the recreational vehicle industry, we enter into repurchase

agreements with the financing institutions used by our dealers to finance their

purchases of our products.&#160; These

agreements require us to repurchase the dealer&#146;s inventory in the event that

the dealer does not repay its lender.&#160;

Obligations under these agreements vary from period to period, but

totaled approximately $388.8 million as of March 30, 2002, with approximately

8.2% concentrated with one dealer.&#160; If

we have to repurchase a significant number of our products in the future, it

could have a material adverse effect on our financial condition, business and

results of operations.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WE

MAY EXPERIENCE A DECREASE IN SALES OF OUR PRODUCTS DUE TO AN INCREASE IN THE

PRICE OR A DECREASE IN THE SUPPLY OF FUEL&#160;

An interruption in the supply, or a significant increase in the price or

tax on the sale, of diesel fuel or gasoline on a regional or national basis

could significantly affect our business.&#160;

Diesel fuel and gasoline have, at various times in the past, been either

expensive or difficult to obtain.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WE

DEPEND ON SINGLE OR LIMITED SOURCES TO PROVIDE US WITH CERTAIN IMPORTANT

COMPONENTS THAT WE USE IN THE PRODUCTION OF OUR PRODUCTS&#160; A number of important components for certain

of our products are purchased from single or a limited number of sources. These

include turbo diesel engines (Cummins and Caterpillar), substantially all of

our transmissions (Allison), axles (Dana) for all diesel motor coaches and

chassis (Workhorse and Ford) for certain motor home products.&#160; We have no long-term supply contracts with

these suppliers or their distributors, and we cannot be certain that these

suppliers will be able to meet our future requirements. For example, in 1997,

Allison placed all chassis manufacturers on allocation with respect to one of

the transmissions that we use, and again in 1999 Ford placed one of its

gasoline powered chassis on allocation. An extended delay or interruption in

the supply of any components that we obtain from a single supplier or from a

limited number of suppliers could adversely affect our business, results of

operations and financial condition.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; OUR

INDUSTRY IS VERY COMPETITIVE. WE MUST CONTINUE TO INTRODUCE NEW MODELS AND NEW

FEATURES TO REMAIN COMPETITIVE&#160; The

market for our products is very competitive. We currently compete with a number

of manufacturers of motor coaches, fifth wheel trailers, and travel trailers.

Some of these companies have greater financial resources than we have and

extensive distribution networks. These companies, or new competitors in the

industry, may develop products that customers in the industry prefer over our

products.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We

believe that the introduction of new products and new features is critical to

our success. Delays in the introduction of new models or product features,

quality problems associated with these introductions, or a lack of market

acceptance of new models or features could affect us adversely. For example,

unexpected costs associated with model changes have affected our gross margin

in the past. Further, new product introductions can divert revenues from

existing models and result in fewer sales of existing products.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; OUR

PRODUCTS COULD FAIL TO PERFORM ACCORDING TO SPECIFICATIONS OR PROVE TO BE

UNRELIABLE, CAUSING DAMAGE TO OUR CUSTOMER RELATIONSHIPS AND OUR REPUTATION AND

RESULTING IN LOSS OF SALES&#160; Our

customers require demanding specifications for product performance and

reliability. Because our products are complex and often use advanced components,

processes and techniques, undetected errors and design flaws may occur. Product

defects result in higher product service and warranty and replacement costs and

may cause serious damage to our customer relationships and industry reputation,

all of which will negatively affect our sales and business.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; OUR

BUSINESS IS SUBJECT TO VARIOUS TYPES OF LITIGATION, INCLUDING PRODUCT LIABILITY

AND WARRANTY CLAIMS&#160; We are subject to

litigation arising in the ordinary course of our business, typically for

product liability and warranty claims that are common in the recreational

vehicle industry. While we do not believe that the outcome of any pending

litigation, net of insurance coverage, will materially adversely affect our

business, results of operations or financial condition, we cannot provide

assurances in this regard because litigation is an inherently uncertain

process.*</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To date, we have been successful in obtaining

product liability insurance on terms that we consider acceptable. Our current

policies jointly provide coverage against claims based on occurrences within

the policy periods up to a maximum of $100.1 million for each occurrence and

$102 million in the aggregate. We cannot be certain we will be able to obtain

insurance coverage in the future at acceptable levels or that the costs of such

insurance will be reasonable. Further, successful assertion against us of one

or a series of large uninsured claims, or of a series of claims exceeding our

insurance coverage, could have a material adverse effect on our business,

results of operations and financial condition.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WE

MAY BE UNABLE TO ATTRACT AND RETAIN KEY EMPLOYEES, DELAYING PRODUCT DEVELOPMENT

AND MANUFACTURING&#160; Our success depends

in part upon attracting and retaining highly skilled professionals. A number of

our employees are highly skilled engineers and other technical professionals,

and our failure to continue to attract and retain such individuals could

adversely affect our ability to compete in the industry.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>





<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LIQUIDITY AND CAPITAL RESOURCES</font></u></b></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s

primary sources of liquidity are internally generated cash from operations and

available borrowings under its credit facilities.&#160; During the first quarter of 2002, the Company generated cash

flows of $13.9 million from operating activities.&#160; The Company generated $11.0 million from net income and non-cash

expenses such as depreciation and amortization.&#160; Additional cash flow in the amount of $24.5 million was provided

by an increase in accounts payable, due to increased inventory levels. This

amount was offset by an increase in trade receivables of $18.3 million due to

an increase in sales quarter to quarter, and an increase of $7.8 million in

inventories related to increased purchases for product model change.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has

credit facilities consisting of a revolving line of credit of up to $70.0

million (the &#147;Revolving Loan&#148;), and a term loan (the &#147;Term Loan&#148;) of $37.5

million.&#160; At the election of the

Company, the Revolving Loan and Term Loan bear interest at varying rates that

fluctuate based on the Prime rate or LIBOR, and are determined based on the

Company&#146;s leverage ratio.&#160; The Company

also pays interest monthly on the unused available portion of the Revolving

Loan at varying rates, determined by the Company&#146;s leverage ratio.&#160; The Revolving loan is due and payable in

full on September 30, 2004, while the Term Loan is due and payable in full on

September 28, 2005 and both require monthly interest payments.&#160; The balances outstanding under the Revolving

Loan, and Term Loan at&#160; March 30, 2002

were $11.0 million, and $37.5 million, respectively.&#160; The Revolving Loan is collateralized by all the assets of the

Company and includes various restrictions and financial covenants.&#160; The Company utilizes &#147;zero balance&#148; bank

disbursement accounts in which an advance on the line of credit is

automatically made for checks clearing each day.&#160; Since the balance of the disbursement account at the bank returns

to zero at the end of each day, the outstanding checks of the Company are

reflected as a liability.&#160; The

outstanding check liability is combined with the Company&#146;s positive cash

balance accounts to reflect a net book overdraft or a net cash balance for

financial reporting.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s

principal working capital requirements are for purchases of inventory and, to a

lesser extent, financing of trade receivables.&#160;

The Company&#146;s dealers typically finance product purchases under

wholesale floor plan arrangements with third parties as described below.&#160; At March 30, 2002, the Company had working

capital of approximately $74.0 million, an increase of $10.3 million from

working capital of $63.7 million at December 29, 2001.&#160; The Company has been using short-term credit

facilities and cash flow to finance its capital expenditures.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company

believes that cash flow from operations and funds available under its credit

facilities will be sufficient to meet the Company&#146;s liquidity requirements for

the next 12 months.*&#160; The Company&#146;s

capital expenditures were $3.8 million in the first quarter of 2002, primarily

for completing the Company&#146;s warranty and service center projects, computer

system updgrades, and various small plant modifications.&#160; The Company anticipates that capital

expenditures for all of 2002 will be approximately $12 to $15 million, which

includes $4 to $5 million of routine capital expenditures for computer system

upgrades and additions, smaller scale plant remodeling projects and normal

replacement of outdated or worn-out equipment.*&#160; The Company may require additional equity or debt financing to address

working capital and facilities expansion needs, particularly if the Company

significantly increases the level of working capital assets such as inventory

and accounts receivable.&#160; The Company

may also from time to time seek to acquire businesses that would complement the

Company&#146;s current business, and any such acquisition could require additional

financing.&#160; There can be no assurance

that additional financing will be available if required or on terms deemed favorable

by the Company.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As is common in

the recreational vehicle industry, the Company enters into repurchase

agreements with the financing institutions used by its dealers to finance their

purchases. These agreements obligate the Company to repurchase a dealer&#146;s

inventory under certain circumstances in the event of a default by the dealer

to its lender. If the Company were obligated to repurchase a significant number

of its products in the future, it could have a material adverse effect on the

Company&#146;s financial condition, business and results of operations. The

Company&#146;s contingent obligations under repurchase agreements vary from period

to period and totaled approximately $388.8 million as of March 30, 2002, with

approximately 8.2% concentrated with one dealer.</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As

part of the normal course of business, the Company incurs certain contractual

obligations and commitments which will require future cash payments. The

following tables summarize the significant obligations and commitments.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PAYMENTS DUE BY

PERIOD</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:31.06%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Contractual

  Obligations (in thousands)</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.9%;">

  <p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">1 year or

  less</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.88%;">

  <p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">1 to 3

  years</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.88%;">

  <p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">4 to 5

  years</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.88%;">

  <p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Thereafter</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.88%;">

  <p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="31%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:31.06%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Long-term Debt (1)</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.6%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.58%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27,500</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.58%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.58%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.58%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37,500</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="31%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:31.06%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating Leases

  (2)</font></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.9%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,204</font></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.88%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,539</font></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.88%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,350</font></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.88%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,333</font></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.88%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,426</font></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="31%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:31.06%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Contractual Cash

  Obligations</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.6%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,204</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.58%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31,039</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.58%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,350</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.58%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,333</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in .7pt 0in .7pt;width:1.3%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="9%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.58%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48,926</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.42%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMOUNT OF

COMMITMENT EXPIRATION BY PERIOD</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:30.9%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Other

  Commitments (in thousands)</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.18%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:11.38%;">

  <p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">1 year or

  less</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.9%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.88%;">

  <p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">1 to 3

  years</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.68%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.48%;">

  <p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">4 to 5

  years</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.2%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.98%;">

  <p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Thereafter</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.2%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:11.88%;">

  <p align="center" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>

  </td>

  <td width="2%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:2.34%;">

  <p align="center" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:30.9%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lines of Credit (3)</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.18%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.28%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.1%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.9%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.12%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:8.76%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70,000</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.68%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:10.48%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.2%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:10.98%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.2%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.82%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.06%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70,000</font></p>

  </td>

  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.34%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:30.9%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Guarantees</font></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.18%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:11.38%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,200</font></p>

  </td>

  <td width="2%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:2.9%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:9.88%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,039</font></p>

  </td>

  <td width="2%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:2.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>

  </td>

  <td width="10%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:10.48%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.2%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="10%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:10.98%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.2%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:11.88%;">

  <p align="right" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27,239</font></p>

  </td>

  <td width="2%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:2.34%;">

  <p align="right" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:30.9%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Repurchase

  Obligations (5)</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.18%;">

  <p align="left" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:11.38%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.9%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.88%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">388,800</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.68%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.48%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.2%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.98%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.2%;">

  <p align="left" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:11.88%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">388,800</font></p>

  </td>

  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.34%;">

  <p style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:30.9%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt 10.0pt;padding:0in;punctuation-wrap:simple;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Commitments</font></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.18%;">

  <p style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.28%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="10%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.1%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,200</font></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.9%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.12%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="8%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:8.76%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">474,839</font></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.68%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:10.48%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.2%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:10.98%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.2%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.82%;">

  <p style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="10%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.06%;">

  <p align="right" style="border:none;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">486,039</font></p>

  </td>

  <td width="2%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:2.34%;">

  <p align="right" style="border:none;font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

</table>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="1" width="25%" noshade color="black" align="left">



</font></div>





<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; See Note 7

to the financials.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; Various

leases including manufacturing facilities, aircraft, machinery and

equipment.&#160; See Note 8 to the

financials.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160; See Note

5&#160; to the financials.&#160; The amount listed represents available

borrowings on the line of credit at March 30, 2002.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160; See Note 8

to the financials.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160; Reflects

obligations under manufacturer repurchase commitments.&#160; See Note 8 to the financials.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NEWLY ISSUED FINANCIAL REPORTING PRONOUNCEMENTS</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In June 2001, FASB issued

Statement No. 143, Accounting for Asset Retirement Obligations.&#160; FASB Statement No. 143 is effective for the

fiscal years beginning after June 15, 2002.&#160;

FASB Statement No. 143, addresses financial accounting and reporting for

obligations associated with the retirement of tangible long-lived assets and

the associated asset retirement costs. FASB Statement No. 143 requires that the

fair value of a liability for an asset retirement obligation be recognized in

the period in which it is incurred if a reasonable estimate of fair value can

be made. The associated asset retirement costs are capitalized as part of the

carrying amount of the long-lived asset. The impact of this pronouncement on

the Company&#146;s financial statements is not expected to be material.</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>





<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><a name="Item3_QuantitativeAndQualitativeDi"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3.&#160; Quantitative and Qualitative Disclosures About Market Risk.</font></b></a></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable.</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>





<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><a name="PartIiOtherInformation"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART II - OTHER INFORMATION</font></b></a></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><a name="Item6_ExhibitsAndReportsOnForm8"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item

6.&#160; Exhibits and Reports on Form 8-K</font></b></a></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.2%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>

  </td>

  <td width="93%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:93.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibits</font></p>

  </td>

 </tr>

 <tr>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.2%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="93%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:93.22%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.2%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="93%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:93.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>

  </td>

 </tr>

 <tr>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.2%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="93%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:93.22%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.2%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.58%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>

  </td>

  <td width="93%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:93.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reports on Form 8-K</font></p>

  </td>

 </tr>

 <tr>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.2%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.58%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="93%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:93.22%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.2%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.58%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="93%" valign="top" style="padding:0in .7pt 0in .7pt;width:93.22%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No reports on Form 8-K were required to be filed

  during the quarter ended March 30, 2002, for which this report is filed.</font></p>

  </td>

 </tr>

</table>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>





<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><a name="Signatures"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></u></b></a></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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></p>



<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="72%" style="border-collapse:collapse;width:72.16%;">

 <tr>

  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.72%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.4%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.82%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MONACO COACH CORPORATION</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.72%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.4%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.82%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.72%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.4%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.82%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.72%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.4%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.82%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">

  <p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.72%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:</font></p>

  </td>

  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:32.4%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 30, 2002</font></p>

  </td>

  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.82%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:46.06%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&#160; P. Martin Daley</font></p>

  </td>

 </tr>

 <tr>

  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.72%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:32.4%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.82%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:46.06%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P. Martin Daley</font></p>

  </td>

 </tr>

 <tr>

  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.72%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.4%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.82%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President

  and</font></p>

  </td>

 </tr>

 <tr>

  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.72%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.4%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.82%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial

  Officer (Duly</font></p>

  </td>

 </tr>

 <tr>

  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.72%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.4%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.82%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized

  Officer and Principal</font></p>

  </td>

 </tr>

 <tr>

  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.72%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.4%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.82%;">

  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">

  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial

  Officer)</font></p>

  </td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>





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