<SUBMISSION>
<ACCESSION-NUMBER>0000790730-06-000001
<TYPE>10-K
<PUBLIC-DOCUMENT-COUNT>8
<PERIOD>20051130
<FILING-DATE>20060202
<DATE-OF-FILING-DATE-CHANGE>20060202
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AMERON INTERNATIONAL CORP
<CIK>0000790730
<ASSIGNED-SIC>3270
<IRS-NUMBER>770100596
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1130
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-K
<ACT>34
<FILE-NUMBER>001-09102
<FILM-NUMBER>06574254
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>245 S LOS ROBLES AVE
<CITY>PASADENA
<STATE>CA
<ZIP>91101
<PHONE>6266834000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>245 S LOS ROBLES AVE
<CITY>PASADENA
<STATE>CA
<ZIP>91101
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>AMERON INC/DE
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>ameron_10k05v06.htm
<DESCRIPTION>AMERON INTERNATIONAL 2005 10-K
<TEXT>
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<title>Ameron International 2005 10K</title>

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<div class=Section1>

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<p class=Style0 align=center style='text-align:center; margin-top:2px'><b><FONT size=5>United States</FONT></b><br>
<b><FONT size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></b></p>
<p class=Style0 align=center style='text-align:center; margin-top:2px'><b><FONT size=2>Washington, D.C. 20549</FONT></b></p>
<p class=Style0 align=center style='text-align:center; margin-top:2px'><b><FONT size=5>FORM 10-K</FONT></b></p>
<p class=Style0 style="margin-top: 2px; margin-bottom: 0"><b><FONT size=2>(Mark One)</FONT></b></p>
<p class=Style0 align=center
style='text-align:center; margin-top:0; margin-bottom:6px'><b><FONT size=3>/x/  ANNUAL REPORT PURSUANT TO SECTION&nbsp;13 OR
15(d) OF THE SECURITIES<br>EXCHANGE ACT OF 1934</FONT></b></p>
<FONT size=2>
<p class=Style0 align=center
style='text-align:center; margin-top:0; margin-bottom:6px'><b>For the fiscal year
ended November&nbsp;30, 2005</b></p>
</FONT>
<FONT size=1>
<p class=Style0 align=center
style='text-align:center; margin-top:0; margin-bottom:6px'><b>OR</b></p>
</FONT>
<FONT size=2>
<p class=Style0 align=center
style='text-align:center; margin-top:0; margin-bottom:6px'><b><FONT size=3>&nbsp;/&nbsp; /  TRANSITION REPORT PURSUANT TO SECTION&nbsp;13 OR
15(d) OF THE SECURITIES<br>EXCHANGE ACT OF 1934</FONT></b></p>
<p class=Style0 align=center style='text-align:center; margin-top:0'><b>Commission file
number 1-9102</b></p>
<p class=Style0 align=center
style='text-align:center; margin-top:0; margin-bottom:1px'><b><FONT size=5>AMERON INTERNATIONAL CORPORATION</FONT></b></p>
<p class=Style0 align=center
style='text-align:center; margin-top:0; margin-bottom:8px'>(Exact name of
registrant as specified in its charter)</p>
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      <td width="48%" valign=top style='width:48.92%;padding:0in 0in 0in 0in'>
      <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Delaware</FONT></b></p>
      </td>
      <td width="2%" valign=bottom style='width:2.18%;padding:0in 0in 0in 0in'>
      <p class=Style0>&nbsp;</p></td>
      <td width="48%" valign=top style='width:48.9%;padding:0in 0in 0in 0in'>
      <p class=Style0 align=center style='text-align:center'><b><FONT size=2>77-0100596</FONT></b></p>
      </td>
    </tr>
    <tr>
      <td width="48%" valign=top style='width:48.92%;padding:0in 0in 0in 0in'>
      <p class=Style0 align=center style='text-align:center'><FONT size=2>(State of Incorporation)</FONT></p>
      </td>
      <td width="2%" valign=bottom style='width:2.18%;padding:0in 0in 0in 0in'>
      <p class=Style0>&nbsp;</p></td>
      <td width="48%" valign=top style='width:48.9%;padding:0in 0in 0in 0in'>
      <p class=Style0 align=center style='text-align:center'><FONT size=2>(I.R.S. Employer
  Identification No.)</FONT></p></td>
    </tr>
    <tr>
      <td width="48%" valign=top style='width:48.92%;padding:0in 0in 0in 0in'>
      <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
      <td width="2%" valign=bottom style='width:2.18%;padding:0in 0in 0in 0in'>
      <p class=Style0>&nbsp;</p></td>
      <td width="48%" valign=top style='width:48.9%;padding:0in 0in 0in 0in'>
      <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
    </tr>
    <tr style='page-break-inside:avoid'>
      <td width="100%" colspan=3 valign=top style='width:100.0%;padding:0in 0in 0in 0in'>
      <p class=Style0 align=center style='text-align:center'><b><FONT size=2>245 South Los Robles Avenue<br>Pasadena, CA 91101-3638</FONT></b></p>
      </td>
    </tr>
    <tr style='page-break-inside:avoid'>
      <td width="100%" colspan=3 valign=top style='width:100.0%;padding:0in 0in 0in 0in'>
      <p class=Style0 align=center style='text-align:center'><FONT size=2>(Address and Zip Code
  of principal executive offices)</FONT></p>
    </tr>
    <tr>
      <td width="48%" valign=top style='width:48.92%;padding:0in 0in 0in 0in'>
      <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
      <td width="2%" valign=bottom style='width:2.18%;padding:0in 0in 0in 0in'>
      <p class=Style0>&nbsp;</p></td>
      <td width="48%" valign=top style='width:48.9%;padding:0in 0in 0in 0in'>
      <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
    </tr>
    <tr style='page-break-inside:avoid'>
      <td width="100%" colspan=3 valign=top style='width:100.0%;padding:0in 0in 0in 0in'>
      <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Registrant's telephone
  number, including area code: (626) 683-4000</FONT></b></p></td>
    </tr>
  </table>
</div>
<p class=Style0 align=center style='text-align:center'><b>SECURITIES REGISTERED
PURSUANT TO SECTION&nbsp;12(b) OF THE ACT:</b></p>
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      <td width="49%" valign=bottom style='width:49.7%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
      <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>Title of each class</FONT></b></p>
      </td>
      <td width="2%" valign=bottom style='width:2.04%;padding:0in 0in 0in 0in'>
      <p class=MsoNormal><b><FONT size=2>&nbsp;</FONT></b></p></td>
      <td width="46%" valign=bottom style='width:46.46%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
      <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>Name of each exchange<br>on which registered</FONT></b></p>
      </td>
      <td width="1%" valign=bottom style='width:1.8%;padding:0in 0in 0in 0in'>
      <p class=MsoNormal><b><FONT size=2>&nbsp;</FONT></b></p></td>
    </tr>
    <tr>
      <td width="49%" valign=bottom style='width:49.7%;border:none;padding:0in 0in 0in 0in'>
      <p class=MsoNormal align=center style='text-align:center'><FONT size="2">Common Stock $2.50
  par value</FONT></p></td>
      <td width="2%" valign=bottom style='width:2.04%;padding:0in 0in 0in 0in'>
      <p class=MsoNormal>&nbsp;</p></td>
      <td width="46%" valign=bottom style='width:46.46%;border:none;padding:0in 0in 0in 0in'>
      <p class=MsoNormal align=center style='text-align:center'><FONT size="2">New York Stock
  Exchange</FONT></p></td>
      <td width="1%" valign=bottom style='width:1.8%;padding:0in 0in 0in 0in'>
      <p class=MsoNormal>&nbsp;</p></td>
    </tr>
  </table>
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<p class=Style0 align=center style='text-align:center'><b>SECURITIES REGISTERED
PURSUANT TO SECTION&nbsp;12(g) OF THE ACT: None</b></p>
<p class=Style0 style="margin-top: 0px; margin-bottom: 8px">Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities Act.&nbsp; Yes <B>/ /</B>&nbsp;&nbsp;No
/<B>x</B>/</p>
<p class=Style0 style="margin-top: 0px; margin-bottom: 8px">Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or Section 15(d) of the Act.&nbsp; Yes <B>/ /</B>&nbsp;&nbsp;No
/<B>x</B>/</p>
<p class=Style0 style="margin-top: 0px; margin-bottom: 8px">Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section&nbsp;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 (2) has been
subject to such filing requirements for the past 90 days. Yes  <b>/x/</b>&nbsp;&nbsp;No /
/</p>
<p class=Style0 style="margin-top: 0px; margin-bottom: 8px">Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K.  <b>/x/</b></p>
<p class=Style0 style="margin-top: 0px; margin-bottom: 8px">Indicate by check mark whether the registrant is an accelerated
filer (as defined in Rule 12b-2 of the Act).&nbsp; Yes  <b>/x/</b>&nbsp;&nbsp;No / /</p>
<p class=Style0 style="margin-top: 0px; margin-bottom: 8px">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).&nbsp; Yes  <b>/
/</b>&nbsp;&nbsp;No /<b>x</b> /</p>

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  <p class=Style0 style='border:none;padding:0in'>
  </p>
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<br clear=all style='page-break-before:always'>
<p class=Style0>The aggregate market value of voting and non-voting common
equity held by non-affiliates was approximately $275 million on May 29, 2005, based upon the last reported sales price of such stock on the New York Stock
Exchange on that date.</p>
<p class=Style0>On February&nbsp;1, 2006 there were 8,695,891 shares of Common
Stock, $2.50 par value, outstanding. No other class of Common Stock exists.</p>
<p class=Style0 align=center style='text-align:center'><b>DOCUMENTS
INCORPORATED BY REFERENCE</b></p>
<p class=Style0>1. PORTIONS OF AMERON'S PROXY STATEMENT FOR THE 2006 ANNUAL
MEETING OF STOCKHOLDERS (PART III).</p>
<p class=Style0 align=center style='text-align:center'><b>PART I</b></p>
<p class=Style0 align=center style='text-align:center'><b><br>AMERON INTERNATIONAL CORPORATION</b></p>
<p class=Style0>AMERON INTERNATIONAL CORPORATION, a Delaware corporation, and
its consolidated subsidiaries are collectively referred to herein as &quot;Ameron&quot;,
the &quot;Company&quot;, the &quot;Registrant&quot; or the &quot;Corporation&quot; unless the context clearly
indicates otherwise. The business of the Company has been divided into business
segments in Item 1(c)(1), herein. Substantially all activities relate to the
manufacture of highly engineered products for sale to the industrial, chemical,
energy and construction markets. All references to &quot;the year&quot; or &quot;the fiscal
year&quot; pertain to the 12 months ended November&nbsp;30, 2005.&nbsp; All references to the
&quot;Proxy Statement&quot; pertain to the
Company's Proxy Statement to be filed
on or about February&nbsp;22, 2006 in connection with the 2006 Annual Meeting
of Stockholders. </p>
<p class=Style0><b>ITEM 1 - BUSINESS</b></p>
<p class=Style0>(a) GENERAL DEVELOPMENT OF BUSINESS.</p>
<p class=Style0>Although the Company's antecedents date back to 1907, it
evolved directly from the merger of two separate firms in 1929, resulting in
the incorporation of American Concrete Pipe Company on April&nbsp;22, 1929. Various name changes occurred between that time and 1942, at which time the
Company's
name became American Pipe and Construction Co. By the late 1960's the Company
was almost exclusively engaged in manufacturing and had expanded its product
lines to include not only concrete and steel pipe but also high-performance
protective coatings, ready-mix concrete, aggregates and fiberglass pipe and
fittings.&nbsp; At the beginning of 1970, the Company's name was changed to
Ameron, Inc. In the meantime, other manufactured product lines were added,
including concrete and steel poles for street and area lighting and steel
poles for traffic signals.&nbsp; In 1996, the Company's name was changed to
Ameron International Corporation.</p>
<p class=Style0>(b) FINANCIAL INFORMATION AS TO INDUSTRY SEGMENTS.</p>
<p class=Style0>Financial information on segments and joint ventures may be
found in Notes (1), (5) and (17) of the Notes to Consolidated
Financial Statements, under Part II, Item 8, herein.</p>
<p class=Style0>(c) NARRATIVE DESCRIPTION OF BUSINESS.</p>
<p class=Style0>(1) For geographical and operational convenience, the Company
is organized into divisions. These divisions are combined into groups serving
various industry segments, as follows:</p>
<p class=Style0>a) The Performance Coatings &amp; Finishes Group develops,
manufactures and markets high-performance coatings and surfacer systems on a
worldwide basis. These products are utilized for the preservation of
structures, such as metallic and concrete facilities and equipment, to prevent
degradation by corrosion, abrasion, marine fouling and other forms of chemical
and physical attack. The primary markets served include marine, offshore,
petrochemical, power generation, petroleum, chemical, steel, pulp and paper,
railroad, bridge, mining, metal processing and original equipment manufacturing.
These products are marketed by direct sales, as well as through manufacturers'
representatives, distributors and licensees. Competition is based upon quality,
price and service. Manufacture of these products is carried out in the
Company's plant in Arkansas, by wholly-owned subsidiaries in the Netherlands, the United Kingdom, Australia and New Zealand, by a joint venture in Saudi Arabia and by various third-party licensees.</p>
<p class=Style0>b) The Fiberglass-Composite Pipe Group develops, manufactures
and markets filament-wound and molded fiberglass pipe and fittings. These
products are used by a wide range of process industries, including industrial,
petroleum, chemical processing and petrochemical industries, for service
station piping systems, aboard marine vessels and offshore oil platforms, and
are marketed as an alternative to metallic piping systems which ultimately fail
under corrosive operating conditions. These products are marketed directly, as
well as through manufacturers' representatives, distributors and licensees.
Competition is based upon quality, price and service. Manufacture of these
products is carried out in the Company's plant in Texas, by its wholly-owned
domestic subsidiary, Centron International Inc. (&quot;Centron&quot;), at a plant in Texas, by wholly-owned subsidiaries in the Netherlands, Singapore, and Malaysia, by a joint venture in Saudi Arabia and by
a third-party licensee.</p>
<p class=Style0>c) The Water Transmission Group supplies products and services
used in the construction of water pipelines. Five pipe manufacturing plants are
located in Arizona and California. Also included within this group is American
Pipe &amp; Construction International, a wholly-owned subsidiary, with two plants
in Colombia. These plants manufacture concrete cylinder pipe, prestressed
concrete cylinder pipe, steel pipe and reinforced concrete pipe for water
transmission, storm and industrial waste water and sewage collection. These
products are marketed directly using the Company's own personnel and by
competitive bidding. Customers include local, state and federal agencies,
developers and general contractors. Normally no one customer or group of
customers will account for sales equal to or greater than 10 percent of the
Company's consolidated revenue. However, occasionally, when more than one unusually
large project is in progress, combined sales to U.S., state or local government
agencies and/or general contractors for those agencies can reach those
proportions. Besides competing with several other welded steel pipe and
concrete pipe manufacturers located in the market area, alternative products
such as ductile iron, plastic, and clay pipe compete with the Company's
concrete and steel pipe products, but ordinarily these other materials do not
offer the full diameter range produced by the Company. Principal methods of
competition are price, delivery schedule&nbsp;and service. The Company's
technology is used in the Middle East through affiliated companies. This
segment also includes the manufacturing and marketing, on a worldwide basis
directly and through manufacturers' representatives, of polyvinyl chloride and
polyethylene sheet lining for the protection of concrete pipe and cast-in-place
concrete structures from the corrosive effects of sewer gases, acids and
industrial chemicals. Competition is based upon quality, price and service.
Manufacture of this product is carried out in the Company's plant in California. This segment also includes engineered design, fabrication and direct sale of
specialized proprietary equipment which is outside the regular business of the
Company's other business segments. Competition for such work is based
upon quality, price and service. </p>
<p class=Style0>d) The Infrastructure Products Group supplies ready-mix
concrete, crushed and sized basaltic aggregates, dune sand, concrete pipe and
box culverts, primarily to the construction industry in Hawaii, and
manufactures and markets concrete and steel poles for highway, street and
outdoor area lighting and for traffic signals nationwide. Ample raw materials
are available locally in Hawaii. As to rock products, the Company has exclusive
rights to quarries containing many years' reserves. There is only one major
source of supply for cement in Hawaii. Within the market area there are
competitors for each of the segment's products. No single competitor offers the
full range of products sold by the Company in Hawaii. An appreciable portion of
the segment's business is obtained through competitive bidding. Sales of poles
are nationwide, but with a stronger concentration in the western U.S.&nbsp; Marketing
is handled by the Company's own sales force and by outside sales agents for
poles. Competition for such products is mainly based on price and quality, but
with some consideration for service and delivery. Poles are manufactured in two
plants in California, as well as in plants in Washington, Oklahoma and Alabama.</p>
<p class=Style0>e) The Company has four partially-owned affiliated
companies (&quot;joint ventures&quot;):&nbsp; Ameron Saudi Arabia, Ltd. (&quot;ASAL&quot;),
Bondstrand, Ltd. (&quot;BL&quot;), Oasis-Ameron, Ltd. (&quot;OAL&quot;) and TAMCO.&nbsp; ASAL,
owned 30% by the Company, manufactures and sells concrete pressure pipe and
provides steel pipe lining and coating services to customers in Saudi Arabia.&nbsp; BL, owned 40% by Ameron, manufactures and sells glass reinforced epoxy
pipe and fittings in Saudi Arabia.&nbsp; OAL, 40% owned by the Company, sells
protective and architectural coatings in Saudi Arabia.&nbsp; TAMCO, 50% owned
by the Company, operates a steel mini-mill in California, used for the
production of reinforcing bar sold into construction markets in the western U.S.&nbsp; ASAL is included under the Water Transmission Group segment.&nbsp; BL is in the
Fiberglass-Composite Pipe Group, and OAL is in the Performance Coatings &amp;
Finishes Group.&nbsp; TAMCO is not included in the four operating groups.</p>
<p class=Style0>The Company benefits from the payment of dividends and certain
license fees from its joint ventures.&nbsp; Additionally, Ameron's consolidated
operations sell product into Middle Eastern markets, primarily fiberglass pipe
and coatings.&nbsp; While the joint ventures in Saudi Arabia and, to a limited extent, the
Company's direct sales of products into the Middle East
are subject to political and economic conditions throughout the Middle East,
the Company's exposure is concentrated primarily in Saudi Arabia.&nbsp;
Significant unrest in the Middle East or Saudi Arabia could have a material
impact on the Company.&nbsp; Ameron's and its joint ventures' products have not
been typically sold into Iraq.&nbsp; Therefore, unrest in Iraq has not had a material impact on the Company.</p>
<p class=Style0>f) Except as individually shown in the above descriptions of
industry segments, the following comments or situations apply to all segments:</p>
<p class=Style0>(i) Because of the number of manufacturing locations and the
variety of raw materials essential to the business, no critical situations exist
with respect to supply of materials. The Company has multiple sources for raw
materials. The effects of increases in costs of energy are being mitigated to
the extent practical through conservation and through addition or substitution
of equipment to manage the use and reduce consumption of energy.</p>
<p class=Style0>(ii) The Company owns certain patents and trademarks, both U.S. and foreign, related to its products. The Company licenses its patents, trademarks,
know-how and technical assistance to various of its subsidiary and affiliated
companies and to various third-party licensees. It licenses these proprietary
items to some extent in the U.S., and to a greater degree abroad. These
patents, trademarks, and licenses do not constitute a material portion of the
Company's total business. No franchises or concessions exist.</p>
<p class=Style0>(iii) Many of the Company's products are used in connection
with capital goods, water and sewage transmission and construction of capital
facilities. Favorable or adverse effects on general sales volume and earnings
can result from weather conditions. Normally, sales volume and earnings will be
lowest in the first fiscal quarter. Seasonal effects typically accelerate or
slow the business volume and normally do not bring about severe changes in
full-year activity.</p>
<p class=Style0>(iv) With respect to working capital items, the Company does
not encounter any requirements which are not common to other companies engaged
in similar industries. No unusual amounts of inventory are required to meet
seasonal delivery requirements. All of the Company's industry segments turn
their inventory between four and nine times annually. Average days' sales in
accounts receivable range between 43 and 138 for all segments.</p>
<p class=Style0>(v) The value of backlog orders at November&nbsp;30, 2005 and 2004 by
industry segment is shown below. A substantial portion of the November&nbsp;30, 2005
backlog is expected to be billed and recorded as sales during 2006. The
Fiberglass-Composite Pipe Group experienced a 50% increase in backlog due to the
significant surge in oilfield activity. The Water Transmission Group's backlog
declined 16% from the end of 2004.&nbsp; The backlog at the end of 2004 included
a series of orders totaling approximately $76,000,000 for a major sewer upgrade
program in Sacramento, California and an award for a major water distribution
piping project in Southern California totaling $25,000,000.&nbsp; The decline in
backlog at the end of 2005 was the result of partially fulfilling these two
large orders during 2005.</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="90%"
 style='width:90.0%;margin-left:.25in;border-collapse:collapse'>
  <tr>
    <td width="71%" valign=bottom style='width:71.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>SEGMENT</FONT></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>2005</FONT></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>2004</FONT></b></p>
    </td>
  </tr>
  <tr style='page-break-inside:avoid'>
    <td width="71%" valign=bottom style='width:71.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="26%" colspan=5 valign=bottom style='width:26.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>(in thousands)</FONT></b></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><FONT size=2>Performance Coatings &amp; Finishes Group</FONT></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><B><font size="2">$</font></B></p></td>
    <td width="10%" valign=bottom style='width:10.56%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>4,880</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.56%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">6,209</FONT></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><FONT size=2>Fiberglass-Composite Pipe Group</FONT></p>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    43,240</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size=2>28,914</FONT></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><FONT size=2>Water Transmission Group</FONT></p></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>129,321</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">154,747</FONT></td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><FONT size=2>Infrastructure Products Group</FONT></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>30,222</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size=2>27,935</FONT></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><FONT size=2>Total</FONT></p></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><B><font size="2">$</font></B></p></td>
    <td width="10%" valign=bottom style='width:10.56%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  background:#CCEEFF;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    207,663</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.56%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">217,805</FONT></td>
  </tr>
</table>
<p class=Style0>(vi) There was no significant change in competitive conditions
or the competitive position of the Company in the industries and localities in
which it operates. There is no knowledge of any change in the competitive situation
which would be material to an understanding of the business.</p>
<p class=Style0>(vii) Sales contracts in all of the Company's business segments
normally consist of purchase orders, which in some cases are issued pursuant to
master purchase agreements. Contracts seldom involve commitments of
more than one year by the Company.&nbsp; In those instances when the Company commits to sell products
under longer-term contracts, the Company will typically contractually arrange
to fix a portion of the associated costs.&nbsp;&nbsp; Payment is normally due
from 30 to 60 days after shipment, with progress payments prior to shipment in
some circumstances. It is the Company's practice to require letters of credit
prior to shipment of foreign orders, subject to limited exceptions. The Company
does not typically extend long-term credit to purchasers of its products.</p>
<p class=Style0>(viii) A number of the Company's operations operate outside the
U.S. and are affected by changes in foreign exchange rates.&nbsp; Sales,
profits, assets and liabilities could be materially impacted by changes in
foreign exchange rates.&nbsp; From time to time, the Company borrows in various
currencies to reduce the level of net assets subject to changes in foreign
exchange rates or purchases foreign exchange forward and option contracts to
hedge firm commitments, such as receivables and payables, denominated in foreign
currencies. The Company does not typically hedge anticipated sales or items
subject to translation adjustments, such as intercompany transactions of a
long-term investment nature.</p>
<p class=Style0>(2) a) Approximate costs during each of the last three fiscal
years for research and development were approximately $6,729,000 in 2005, $5,645,000 in 2004,
and $5,653,000 in 2003. These costs, which are included in
selling, general and administrative expenses, relate primarily to the
development, design and testing of products, and are expensed as incurred.</p>
<p class=Style0>b) The Company's business is not dependent on any single
customer or few customers, the loss of any one or more of whom would have a
material adverse effect on its business, except as described above.</p>
<p class=Style0>c) For many years the Company has been consistently installing
or improving devices to control or eliminate the discharge of pollutants into
the environment. Accordingly, compliance with federal, state, and locally-enacted
provisions relating to protection of the environment is not having, and is not
expected to have, a material effect upon the Company's capital expenditures,
earnings, or competitive position.</p>
<p class=Style0>d) At year-end the Company and its consolidated subsidiaries
employed approximately 3,000 persons. Of those, approximately 1,000 were covered
by labor union contracts.&nbsp; One separate bargaining agreement remains
subject to renegotiation in 2006.</p>
<br clear=all style='page-break-before:always'>
<p class=Style0>(d) FINANCIAL INFORMATION ABOUT FOREIGN AND DOMESTIC OPERATIONS
AND EXPORT SALES.</p>
<p class=Style0>Export sales in the aggregate from U.S. operations during the
last three fiscal years were:</p>
<div align=center>
  <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="35%"
 style='width:35.0%;border-collapse:collapse'>
    <tr>
      <td width="53%" valign=bottom style='width:53.56%;padding:0in 0in 0in 0in'>
      <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>&nbsp;</FONT></b></p>
      </td>
      <td width="4%" valign=bottom style='width:4.94%;padding:0in 0in 0in 0in'>
      <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
      <td width="37%" colspan=2 valign=bottom style='width:37.82%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
      <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>In thousands</FONT></b></p>
      </td>
    </tr>
    <tr>
      <td width="53%" valign=top style='width:53.56%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
      <p class=MsoNormal><font size="2">2005</font></p></td>
      <td width="4%" valign=bottom style='width:4.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
      <p class=MsoNormal>&nbsp;</p></td>
      <td width="3%" valign=bottom style='width:3.7%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
      <p class=MsoNormal><font size="2">$</font></p></td>
      <td width="34%" valign=bottom style='width:34.12%;border:none;border-top:
  solid windowtext 1.0pt;background:#CCEEFF;padding:0in 0in 0in 0in'>
      <P align="right"><FONT size="2">22,858</FONT></td>
    </tr>
    <tr>
      <td width="53%" valign=top style='width:53.56%;padding:0in 0in 0in 0in'>
      <p class=MsoNormal><font size="2">2004</font></p></td>
      <td width="4%" valign=bottom style='width:4.94%;padding:0in 0in 0in 0in'>
      <p class=MsoNormal>&nbsp;</p></td>
      <td width="37%" colspan=2 valign=bottom style='width:37.82%;padding:0in 0in 0in 0in'>
      <p class=MsoNormal align=right style='text-align:right'><font size="2">20,824</font></p>
      </td>
    </tr>
    <tr>
      <td width="53%" valign=top style='width:53.56%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
      <p class=MsoNormal><font size="2">2003</font></p></td>
      <td width="4%" valign=bottom style='width:4.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
      <p class=MsoNormal>&nbsp;</p></td>
      <td width="37%" colspan=2 valign=bottom style='width:37.82%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
      <p class=MsoNormal align=right style='text-align:right'><font size="2">25,095</font></p>
      </td>
    </tr>
    <tr>
      <td width=140 style='border:none'></td>
      <td width=13 style='border:none'></td>
      <td width=10 style='border:none'></td>
      <td width=89 style='border:none'></td>
    </tr>
  </table>
</div>
<p class=Style0>Financial information about foreign and domestic operations may be found in Notes (1), (5), and (17)
of the Notes to Consolidated Financial Statements, under Part II, Item 8.</p>
<p class=Style0>(e) AVAILABLE INFORMATION</p>
<p class=Style0>(1) The Company's Internet address is <u>www.ameron.com</u></p>
<p class=Style0>(2) The Company makes available free of charge through its Internet
website, its annual report on Form 10-K, quarterly reports on Form 10-Q,
current reports on Form 8-K and amendments to those reports as soon as
reasonably practicable after the Company electronically files such material
with, or furnishes it to, the Securities and Exchange Commission (the
&quot;Commission&quot;).</p>
<p class=Style0><b>ITEM 2 - PROPERTIES</b></p>
<p class=Style0>(a) The location and general character of principal plants and
other materially important physical properties used in the Company's operations
are tabulated below. Property is owned in fee simple except where otherwise
indicated by footnote. In addition to the property shown, the Company owns
vacant land adjacent to or in the proximity of some of its operating locations
and holds this property available for use when it may be needed to accommodate
expanded or new operations. Properties listed do not include any temporary
project sites which are generally leased for the duration of the respective
projects or leased or owned warehouses that could be easily replaced. With the
exception of the Kailua, Oahu property, shown under the Infrastructure Products
Group industry segment, there are no material leases with respect to which
expiration or inability to renew would have any material adverse effect on the
Company's operations. The lease term on the Kailua property extends to the year
2052. Kailua is the principal source of quarried rock and aggregates for the
Company's operations on Oahu, Hawaii; and, in management's opinion, rock
reserves are adequate for its requirements during the term of the lease.</p>
<p class=Style0>(b) The Company believes that its existing facilities are
adequate for current and presently foreseeable operations. Because of the
cyclical nature of certain of the Company's operations, and the substantial
amounts involved in some individual orders, the level of utilization of
particular facilities may vary significantly from time to time in the normal
course of operations.</p><br clear=all style='page-break-before:always'>
<p class=Style0><b>INDUSTRY SEGMENT - GROUP</b></p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="66%" valign=bottom style='width:66.4%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0><b><FONT size=1>Division - Location</FONT></b></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="28%" valign=bottom style='width:28.02%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=1>Description</FONT></b></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">PERFORMANCE COATINGS &amp; FINISHES GROUP</font></p>
    </td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Coatings Division - USA</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Alpharetta, GA</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">*Office</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Brea, CA</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Laboratory,
  Warehouse</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Little Rock, AR</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Houston, TX</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Warehouse</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Ameron B.V.</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Geldermalsen, the Netherlands</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Huthwaite, UK</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Ameron (UK) Limited</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Hull, UK</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Ameron (Australia) Pty. Limited</font></p>
    </td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Sydney, Australia</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Adelaide, Australia</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Ameron (New Zealand) Limited</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Auckland, New Zealand</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">FIBERGLASS-COMPOSITE PIPE GROUP</font></p>
    </td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Fiberglass Pipe Division - USA</font></p>
    </td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Houston, TX</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">*Office</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Burkburnett, TX</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Centron International, Inc.</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Mineral Wells, TX</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Ameron B.V.</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Geldermalsen, the Netherlands</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Ameron (Pte) Ltd.</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Singapore</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">*Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Ameron Malaysia Sdn. Bhd.</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Malaysia</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">*Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">WATER TRANSMISSION GROUP</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Rancho Cucamonga, CA</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">*Office</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Etiwanda, CA</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Fontana, CA</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Lakeside, CA</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Phoenix, AZ</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Tracy, CA</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Protective Linings Division</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Brea, CA</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">American Pipe &amp; Construction International</font></p>
    </td>
    <td width="4%" valign=bottom style='width:4.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Bogota, Colombia</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <TR>
    <td width="66%" valign=top

    style='background-position: 0% 0%; width:66.4%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'
    bgcolor="#CCEEFF">
    <p class=Style0><FONT size="2">Cali, Colombia</FONT></p></td>
    <td width="4%" valign=bottom

    style='background-position: 0% 0%; width:4.2%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'
    bgcolor="#CCEEFF">
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top

    style='background-position: 0% 0%; width:28.02%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'
    bgcolor="#CCEEFF">
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </TR>
  <tr>
    <td width="66%" valign=top


    style='background-position: 0% 0%; width:66.4%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=bottom


    style='background-position: 0% 0%; width:4.2%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top


    style='background-position: 0% 0%; width:28.02%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0><font size="2">INFRASTRUCTURE PRODUCTS GROUP</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top


    style='background-position: 0% 0%; width:66.4%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=bottom


    style='background-position: 0% 0%; width:4.2%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top


    style='background-position: 0% 0%; width:28.02%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0><font size="2">Hawaii Division</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top


    style='background-position: 0% 0%; width:66.4%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0><font size="2">Honolulu, Oahu, HI</font></p></td>
    <td width="4%" valign=bottom


    style='background-position: 0% 0%; width:4.2%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top


    style='background-position: 0% 0%; width:28.02%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0 align=right style='text-align:right'><font size="2">*Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0><font size="2">Kailua, Oahu, HI</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0 align=right style='text-align:right'><font size="2">*Plant, Quarry</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top


    style='background-position: 0% 0%; width:66.4%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0><font size="2">Barbers Point, Oahu, HI</font></p></td>
    <td width="4%" valign=bottom


    style='background-position: 0% 0%; width:4.2%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top


    style='background-position: 0% 0%; width:28.02%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.4%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0><font size="2">Puunene, Maui, HI</font></p></td>
    <td width="4%" valign=bottom style='width:4.2%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0 align=right style='text-align:right'><font size="2">*Office, Plant, Quarry</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top


    style='background-position: 0% 0%; width:66.44%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0><font size="2">Pole Products Division</font></p></td>
    <td width="4%" valign=bottom


    style='background-position: 0% 0%; width:4.16%;padding:0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top


    style='background-position: 0% 0%; width:28.02%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.44%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0><font size="2">Ventura, CA</font></p></td>
    <td width="4%" valign=bottom style='width:4.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0 align=right style='text-align:right'><font size="2">*Office</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top


    style='background-position: 0% 0%; width:66.44%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0><font size="2">Fillmore, CA</font></p></td>
    <td width="4%" valign=bottom


    style='background-position: 0% 0%; width:4.16%;padding:0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top


    style='background-position: 0% 0%; width:28.02%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0 align=right style='text-align:right'><font size="2">Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.44%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0><font size="2">Oakland, CA</font></p></td>
    <td width="4%" valign=bottom style='width:4.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0 align=right style='text-align:right'><font size="2">*Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top


    style='background-position: 0% 0%; width:66.44%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0><font size="2">Everett, WA</font></p></td>
    <td width="4%" valign=bottom


    style='background-position: 0% 0%; width:4.16%;padding:0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top


    style='background-position: 0% 0%; width:28.02%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0 align=right style='text-align:right'><font size="2">*Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.44%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0><font size="2">Tulsa, OK</font></p></td>
    <td width="4%" valign=bottom style='width:4.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0 align=right style='text-align:right'><font size="2">*Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top


    style='background-position: 0% 0%; width:66.44%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0><font size="2">Anniston, AL</font></p></td>
    <td width="4%" valign=bottom


    style='background-position: 0% 0%; width:4.16%;padding:0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top


    style='background-position: 0% 0%; width:28.02%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0 align=right style='text-align:right'><font size="2">*Office, Plant</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.44%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=bottom style='width:4.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top


    style='background-position: 0% 0%; width:66.44%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0><font size="2">CORPORATE</font></p></td>
    <td width="4%" valign=bottom


    style='background-position: 0% 0%; width:4.16%;padding:0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top


    style='background-position: 0% 0%; width:28.02%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.44%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0><font size="2">Corporate Headquarters</font></p></td>
    <td width="4%" valign=bottom style='width:4.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top


    style='background-position: 0% 0%; width:66.44%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0><font size="2">Pasadena, CA</font></p></td>
    <td width="4%" valign=bottom


    style='background-position: 0% 0%; width:4.16%;padding:0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top


    style='background-position: 0% 0%; width:28.02%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0 align=right style='text-align:right'><font size="2">*Office</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.44%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=bottom style='width:4.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top


    style='background-position: 0% 0%; width:66.44%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0><font size="2">Corporate Research &amp; Engineering</font></p>
    </td>
    <td width="4%" valign=bottom


    style='background-position: 0% 0%; width:4.16%;padding:0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top


    style='background-position: 0% 0%; width:28.02%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=top style='width:66.44%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0><font size="2">Long Beach, CA</font></p></td>
    <td width="4%" valign=bottom style='width:4.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top style='width:28.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=Style0 align=right style='text-align:right'><font size="2">*Office</font></p>
    </td>
  </tr>
  <TR>
    <td width="66%" valign=top


    style='background-position: 0% 0%; width:66.44%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0><FONT size="2">South Gate, CA</FONT></p>
    </td>
    <td width="4%" valign=bottom


    style='background-position: 0% 0%; width:4.16%;padding:0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0>&nbsp;</p></td>
    <td width="28%" valign=top


    style='background-position: 0% 0%; width:28.02%;padding:
  0in; ; background-image:none; background-repeat:repeat; background-attachment:scroll'>
    <p class=Style0 align=right style='text-align:right'><FONT size="2">Office, Laboratory</FONT></p></td>
  </TR>
  </table>
<div class=MsoNormal><hr size=1 width="25%" noshade align=left>
</div>
<p class=Style0>*Leased</p>
<p class=Style0><b>ITEM 3 - LEGAL PROCEEDINGS</b></p>
<P class="MsoNormal">The Company is one of numerous defendants in various
asbestos-related personal injury lawsuits. These cases generally seek
unspecified damages for asbestos-related diseases based on alleged exposure to
products previously manufactured by the Company and others, and at this time the
Company is generally not aware of the extent of injuries allegedly suffered by
the individuals or the facts supporting the claim that injuries were caused by
the Company's products. Based upon the information available to it at this time,
the Company is not in a position to evaluate its potential exposure, if any, as
a result of such claims or future similar claims, if any, that may be filed. Hence, no amounts have been accrued for loss
contingencies related to these lawsuits in accordance with Statements of
Financial Accounting Standards (&quot;SFAS&quot;) No. 5, "Accounting for Contingencies." The Company continues to vigorously
defend all such lawsuits. As of November 30, 2005, the Company was a defendant
in asbestos-related cases involving 8,906 claimants, compared to 18,298
claimants as of November 30, 2004.&nbsp; The Company is not in a position to estimate
the number of additional claims that may be filed against it in the future. For
the fiscal year ended November 30, 2005, there were new claims involving 72
claimants, dismissals and/or settlements involving 9,464 claimants and no
judgments. No net costs and expenses were incurred by the Company for the fiscal year
ended November 30, 2005 in connection with asbestos-related claims.</P>
<P class="MsoNormal">The Company is one of
numerous defendants in various silica-related personal injury lawsuits. These
cases generally seek unspecified damages for silica-related diseases based on
alleged exposure to products previously manufactured by the Company and others,
and at this time the Company is not aware of the extent of injuries allegedly
suffered by the individuals or the facts supporting the claim that injuries were
caused by the Company's products.&nbsp; Based upon the information available to it at
this time, the Company is not in a position to evaluate its potential exposure,
if any, as a result of such claims or future similar claims, if any, that may be
filed.&nbsp; Hence, no amounts have been accrued for
loss contingencies related to these lawsuits in accordance with SFAS No. 5.&nbsp; The
Company continues to vigorously defend all such lawsuits.&nbsp; As of November 30,
2005, the Company was a defendant in silica-related cases involving 7,447
claimants, compared to 8,226 claimants as of November 30, 2004.&nbsp; The Company is
not in a position to estimate the number of additional claims that may be filed
against it in the future.&nbsp; For the fiscal year ended November 30, 2005, there
were new claims involving 1,187 claimants, dismissals and/or settlements
involving 1,966 claimants and no judgments.&nbsp; Net costs and expenses incurred by
the Company for the fiscal year ended November 30, 2005 in connection with
silica-related claims were approximately $.4 million.</P>
<P class="MsoNormal">In May 2003, Dominion
Exploration and Production, Inc. and Pioneer Natural Resources USA, Inc.
(collectively "Dominion") brought an action against the Company in Civil
District Court for the Parish of Orleans, Louisiana as owners of an offshore
production facility known as a SPAR constructed for Dominion by J. Ray
McDermott, Inc. and certain of its affiliates (collectively "McDermott").&nbsp;
Dominion seeks damages allegedly sustained by it resulting from delays in
McDermott's delivery of the SPAR caused by the removal and replacement of
certain coatings containing lead and/or lead chromate for which McDermott
alleged the Company was responsible.&nbsp; Dominion contends that the Company made
certain misrepresentations and warranties to Dominion concerning the lead-free
nature of those coatings.&nbsp; Dominion's petition as filed alleged a claim for
damages in an unspecified amount; however, Dominion's economic expert has since
estimated Dominion's damages at approximately $128 million, a figure which the
Company contests.&nbsp; This matter is in discovery and no trial date has yet been
established.&nbsp; The Company believes that it has meritorious defenses to this
action.&nbsp;&nbsp; Based upon the information available to it at this time, the Company
is not in a position to evaluate the ultimate outcome of this matter.</P>
<P class="MsoNormal">In April 2004, Sable
Offshore Energy Inc. ("Sable"), as agent for certain owners of the Sable
Offshore Energy Project, brought an action against various coatings suppliers
and application contractors, including the Company and two of its subsidiaries,
Ameron (UK) Limited and Ameron B.V. (collectively "Ameron Subsidiaries") in
the Supreme Court of Nova Scotia, Canada.&nbsp; Sable seeks damages allegedly
sustained by it resulting from performance problems with several coating systems
used on the Sable Offshore Energy Project, including coatings products furnished
by the Company and the Ameron Subsidiaries.&nbsp; Sable's originating notice and
statement of claim alleged a claim for damages in an unspecified amount; however,
Sable has since alleged that its claim for damages against all defendants is
approximately 428 million Canadian dollars, a figure which the Company and the
Ameron Subsidiaries contest.&nbsp; This matter is in discovery, and no trial date has
yet been established.&nbsp; The Company believes that it has meritorious defenses to
this action.&nbsp; Based upon the information available to it at this time, the
Company is not in a position to evaluate the ultimate outcome of this matter.</P>
<P class="MsoNormal">In addition, certain other
claims, suits and complaints that arise in the ordinary course of business, have
been filed or are pending against the Company. Management believes that these
matters are either adequately reserved, covered by insurance, or would not have
a material effect on the Company's financial position, cash flows, or its results of
operations if disposed of unfavorably.</P>
<P class="MsoNormal">The Company is subject to
federal, state and local laws and regulations concerning the environment and is
currently participating in administrative proceedings at several sites under
these laws. While the Company finds it difficult to estimate with any certainty
the total cost of remediation at the several sites, on the basis of currently
available information and reserves provided, the Company believes that the
outcome of such environmental regulatory proceedings will not have a material
effect on the Company's financial position, cash flows, or its results of operations.</P>
<p class=Style0><b>ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</b></p>
<p class=Style0>There was no matter submitted to a vote of security holders during the fourth quarter of
2005.</p>
<p class=Style0>Executive Officers of the Registrant</p>
<p class=Style0>The following sets forth information with respect to
individuals who served as executive officers as of November&nbsp;30, 2005 and
who are not directors of the Company. All executive officers are appointed by
the Board of Directors to serve at the discretion of the Board of Directors.</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:90%;border-collapse:collapse'>
  <tr style='page-break-inside:avoid'>
    <td width="20%" valign=top style='width:20.14%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0><b><FONT size=1>Name</FONT></b></p></td>
    <td width="3%" valign=bottom style='width:3.26%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=1>&nbsp;</FONT></b></p>
    </td>
    <td width="4%" valign=top style='width:4.84%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=1>Age</FONT></b></p>
    </td>
    <td width="3%" valign=bottom style='width:3.48%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=1>&nbsp;</FONT></b></p>
    </td>
    <td width="67%" colspan=3 valign=top style='width:67.78%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=1>Title and Year Elected as Officer</FONT></b></p>
    </td>
  </tr>
  <tr>
    <td width="20%" valign=top style='width:20.14%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Ralph S. Friedrich</font></p></td>
    <td width="3%" valign=bottom style='width:3.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=top style='width:4.84%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><font size="2">58</font></p>
    </td>
    <td width="3%" valign=bottom style='width:3.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="58%" valign=top style='width:58.2%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Vice President-Research &amp; Engineering</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.92%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="8%" valign=top style='width:8.66%;background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><font size="2">2003</font></p>
    </td>
  </tr>
  <tr>
    <td width="20%" valign=top style='width:20.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="3%" valign=bottom style='width:3.26%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=top style='width:4.84%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
    <td width="3%" valign=bottom style='width:3.48%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="58%" valign=top style='width:58.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="0%" valign=bottom style='width:.92%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="8%" valign=top style='width:8.66%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="20%" valign=top style='width:20.14%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Thomas P. Giese</font></p></td>
    <td width="3%" valign=bottom style='width:3.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=top style='width:4.84%;background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><font size="2">61</font></p>
    </td>
    <td width="3%" valign=bottom style='width:3.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="58%" valign=top style='width:58.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Vice President; Group President, Water Transmission Group</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.92%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="8%" valign=top style='width:8.66%;background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><font size="2">1997</font></p>
    </td>
  </tr>
  <tr>
    <td width="20%" valign=top style='width:20.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="3%" valign=bottom style='width:3.26%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=top style='width:4.84%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
    <td width="3%" valign=bottom style='width:3.48%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="58%" valign=top style='width:58.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="0%" valign=bottom style='width:.92%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="8%" valign=top style='width:8.66%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="20%" valign=top style='width:20.14%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">James R. McLaughlin</font></p></td>
    <td width="3%" valign=bottom style='width:3.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=top style='width:4.84%;background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><font size="2">58</font></p>
    </td>
    <td width="3%" valign=bottom style='width:3.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="58%" valign=top style='width:58.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Senior Vice President-Chief
  Financial Officer &amp; Treasurer</font></p></td>
    <td width="0%" valign=bottom style='width:.92%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="8%" valign=top style='width:8.66%;background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><font size="2">1997</font></p>
    </td>
  </tr>
  <tr>
    <td width="20%" valign=top style='width:20.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="3%" valign=bottom style='width:3.26%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=top style='width:4.84%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
    <td width="3%" valign=bottom style='width:3.48%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="58%" valign=top style='width:58.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="0%" valign=bottom style='width:.92%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="8%" valign=top style='width:8.66%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="20%" valign=top style='width:20.14%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Terrence P. O'Shea</font></p></td>
    <td width="3%" valign=bottom style='width:3.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=top style='width:4.84%;background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><font size="2">59</font></p>
    </td>
    <td width="3%" valign=bottom style='width:3.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="58%" valign=top style='width:58.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Vice President-Human Resources</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.92%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="8%" valign=top style='width:8.66%;background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><font size="2">2003</font></p>
    </td>
  </tr>
  <tr>
    <td width="20%" valign=top style='width:20.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="3%" valign=bottom style='width:3.26%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=top style='width:4.84%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
    <td width="3%" valign=bottom style='width:3.48%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="58%" valign=top style='width:58.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="0%" valign=bottom style='width:.92%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="8%" valign=top style='width:8.66%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
  </tr>
  <TR>
    <td width="20%" valign=top style='width:20.14%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">William M. Smith</font></p></td>
    <td width="3%" valign=bottom style='width:3.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=top style='width:4.84%;background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><FONT size="2">50</FONT></p>
    </td>
    <td width="3%" valign=bottom style='width:3.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="58%" valign=top style='width:58.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Senior Vice President, Operations; Group President,
  Infrastructure Products Group</font></p></td>
    <td width="0%" valign=bottom style='width:.92%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="8%" valign=top style='width:8.66%;background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><font size="2">2004</font></p>
    </td>
  </TR>
  <tr>
    <td width="20%" valign=top style='width:20.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="3%" valign=bottom style='width:3.26%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=top style='width:4.84%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
    <td width="3%" valign=bottom style='width:3.48%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="58%" valign=top style='width:58.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="0%" valign=bottom style='width:.92%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="8%" valign=top style='width:8.66%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
  </tr>
  <TR>
    <td width="20%" valign=top style='width:20.14%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Javier Solis</font></p></td>
    <td width="3%" valign=bottom style='width:3.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=top style='width:4.84%;background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><font size="2">59</font></p>
    </td>
    <td width="3%" valign=bottom style='width:3.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="58%" valign=top style='width:58.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Senior Vice President of Administration, Secretary &amp;
  General Counsel</font></p></td>
    <td width="0%" valign=bottom style='width:.92%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="8%" valign=top style='width:8.66%;background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><font size="2">1984</font></p>
    </td>
  </TR>
  <tr>
    <td width="20%" valign=top style='width:20.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="3%" valign=bottom style='width:3.26%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=top style='width:4.84%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
    <td width="3%" valign=bottom style='width:3.48%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="58%" valign=top style='width:58.2%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="0%" valign=bottom style='width:.92%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="8%" valign=top style='width:8.66%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="20%" valign=top style='width:20.14%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">Gary Wagner</font></p></td>
    <td width="3%" valign=bottom style='width:3.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="4%" valign=top style='width:4.84%;background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><font size="2">54</font></p>
    </td>
    <td width="3%" valign=bottom style='width:3.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="58%" valign=top style='width:58.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><FONT size="2">Executive Vice President &amp; Chief Operating
  Officer </FONT></p></td>
    <td width="0%" valign=bottom style='width:.92%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="8%" valign=top style='width:8.66%;background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><font size="2">1990</font></p>
    </td>
  </tr>
</table>
<p class=Style0>All of the executive officers named above have held high-level
managerial or executive positions with the Company for more than the past five
years.</p><br clear=all style='page-break-before:always'>
<p class=Style0 align=center style='text-align:center'><b>PART II</b></p>
<p class=Style0><b>ITEM 5 - MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS</b></p>
<p class=MsoNormal>The Common Stock, $2.50 par value, of the Company, its only outstanding class
of common equity, is traded on the New York Stock Exchange, the
only exchange on which it is presently listed. On February&nbsp;1, 2006, there were
1,095 stockholders of record of such stock. Information regarding incentive
stock compensation plans may be found in Note (12) of the Notes to
Consolidated Financial Statements, under Part II, Item 8.</p>
<p class=Style0>Dividends have been paid each quarter during the prior two
years. Information as to the amount of dividends paid during the reporting
period and the high and low prices of the Company's common stock during such
period are set out in Supplementary Data - Quarterly Financial Data (Unaudited) following the Notes to Consolidated Financial
Statements, under Part II, Item 8.</p>
<p class=Style0>Terms of lending agreements which place restrictions on cash
dividends are discussed in Management's Discussion and Analysis of Financial
Condition and Results of Operations under Item 7, herein, and Note (10) of the Notes
to Consolidated Financial Statements, under Part II, Item 8. </p>
<p class=MsoNormal></p>
<p class=MsoNormal><B>ISSUER PURCHASES OF
EQUITY SECURITIES</B></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
  <tr>
    <td width="39%" valign=bottom style='width:39.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>Period</FONT></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" valign=bottom style='width:13.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>(a)<br>Total<br>Number of<br>Shares (or<br>Units)<br>Purchased</FONT></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="13%" valign=bottom style='width:13.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>(b)<br>Average<br>Price<br>Paid per<br>Share (or<br>Unit</FONT></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="13%" valign=bottom style='width:13.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>(c)<br>Number of<br>Shares (or<br>Units)<br>Purchased as<br>Part of<br>Publicly<br>Announced<br>Plans or<br>Programs</FONT></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="13%" valign=bottom style='width:13.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>(d)<br>Maximum<br>Number (or<br>Approximate<br>Dollar Value) of<br>Shares (or<br>Units) that<br>May Yet Be<br>Purchased under<br>the Plans or<br>Programs**</FONT></b></p>
    </td>
  </tr>
  <tr>
    <td width="39%" valign=top style='width:39.0%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">8/29/05 thru 9/25/05</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" valign=bottom style='width:13.0%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><FONT size="2">-</FONT></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'>&nbsp;</p></td>
    <td width="13%" valign=bottom style='width:13.0%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><font size="2">N/A</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'>&nbsp;</p></td>
    <td width="13%" valign=bottom style='width:13.0%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><FONT size="2">-</FONT></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'>&nbsp;</p></td>
    <td width="13%" valign=bottom style='width:13.0%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="center"><FONT size="2">40,774</FONT></td>
  </tr>
  <tr>
    <td width="39%" valign=top style='width:39.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">9/26/05 thru 10/30/05</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" valign=bottom style='width:13.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><FONT size="2">-</FONT></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'>&nbsp;</p></td>
    <td width="13%" valign=bottom style='width:13.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><font size="2">N/A</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'>&nbsp;</p></td>
    <td width="13%" valign=bottom style='width:13.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><FONT size="2">-</FONT></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'>&nbsp;</p></td>
    <td width="13%" valign=bottom style='width:13.0%;padding:0in 0in 0in 0in'>
<FONT size=2>
    <P class="MsoNormal" align="center">40,774</td>
  </tr>
  <tr>
    <td width="39%" valign=top style='width:39.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">10/31/05 thru 11/30/05</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" valign=bottom style='width:13.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><FONT size="2">-</FONT></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'>&nbsp;</p></td>
    <td width="13%" valign=bottom style='width:13.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><font size="2">N/A</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'>&nbsp;</p></td>
    <td width="13%" valign=bottom style='width:13.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><FONT size="2">-</FONT></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'>&nbsp;</p></td>
    <td width="13%" valign=bottom style='width:13.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
<FONT size=2>
    <P class="MsoNormal" align="center">40,774</td>
  </tr>
</table>
<div class=MsoNormal><hr size=1 width="25%" noshade align=left>
</div>
<p class=MsoNormal>**Shares may be repurchased by the Company to pay taxes
applicable to the vesting of restricted stock.&nbsp; The number of
shares does not include shares which may be repurchased to pay social security
taxes applicable to the vesting of such restricted stock.</p>
<br clear=all style='page-break-before:always'>
<p class=Style0><b>ITEM 6 - SELECTED FINANCIAL DATA</b></p>
<p class=Style0><b>SELECTED CONSOLIDATED FINANCIAL INFORMATION</b></p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;width:100.0% !msorm;border-collapse:
 collapse'>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in 0in 0in 0in 0in !msorm'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in 0in 0in 0in 0in !msorm'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="67%" colspan=14 valign=bottom
    style='border-left:medium none msorm; border-right:medium none msorm; border-top:medium none msorm; width:67.46%;border-bottom:1.0pt solid #000000;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Year ended
  November 30,</font></b></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(Dollars in thousands, except per share data)</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.5%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.14%;border:none;
  border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.68%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;border:none;
  border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2003</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.66%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2002</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;border:none;
  border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="center"><FONT size="1"><B>2001</B></FONT></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.5%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.66%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'><b>
    <font size="2">PER
  COMMON SHARE DATA (1)</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Net
  income - basic</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:3.8pt'><b><font size="2">$</font></b></p>
    </td>
    <td width="10%" valign=bottom style='width:10.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>3.88</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:3.8pt'><font size="2">$</font></p>
    </td>
    <td width="10%" valign=bottom style='width:10.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">1.63</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.74%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:6.65pt'><font size="2">$</font></p>
    </td>
    <td width="10%" valign=bottom style='width:10.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">3.77</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.7%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:6.65pt'><font size="2">$</font></p>
    </td>
    <td width="9%" valign=bottom style='width:9.42%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">3.61</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.62%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:6.5pt'><font size="2">$</font></p>
    </td>
    <td width="10%" valign=bottom style='width:10.84%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">3.58</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Net
  income - diluted</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    3.80</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">1.59</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">3.67</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">3.49</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">3.45</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Dividends</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>.80</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">.80</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">.76</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">.64</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">.64</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Weighted-average
  shares (basic)</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    8,410,563</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">8,270,487</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">7,925,229</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">7,772,032</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">7,742,690</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Weighted-average
  shares (diluted)</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>8,579,194</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">8,448,987</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">8,149,460</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">8,052,164</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">8,048,588</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Stock price
  - high</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    46.61</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">40.05</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">35.53</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">38.74</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">38.94</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Stock price
  - low</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>31.76</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">28.60</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">24.89</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">22.26</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">17.03</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Price/earnings
  ratio (range)</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    12-8</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">25-18</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">10-7</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">11-6</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">11-5</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'><b>
    <font size="2">OPERATING
  RESULTS</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="1%" valign=bottom style='width:1.5%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.66%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Sales</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.32%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:3.8pt'><b><font size="2">$</font></b></p>
    </td>
    <td width="10%" valign=bottom style='width:10.68%;padding:0in 0in 0in 0in'
    align="right"><FONT size="2"><B>704,574</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.32%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:3.8pt'><font size="2">$</font></p>
    </td>
    <td width="10%" valign=bottom style='width:10.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">605,853</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.74%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:6.65pt'><font size="2">$</font></p>
    </td>
    <td width="10%" valign=bottom style='width:10.32%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">600,495</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:6.65pt'><font size="2">$</font></p>
    </td>
    <td width="9%" valign=bottom style='width:9.42%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">539,473</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:6.5pt'><font size="2">$</font></p>
    </td>
    <td width="10%" valign=bottom style='width:10.84%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">551,396</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Gross
  profit</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>182,107</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">148,411</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">166,488</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">141,883</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">138,084</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Interest
  expense, net</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    (5,219)</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">(5,313)</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">(6,645)</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">(6,836)</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">(10,213)</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Provision
  for income taxes</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>(14,470)</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;background:#CCEEFF;padding:
  0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">(8,006)</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;background:#CCEEFF;
  padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">(14,017)</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;background:#CCEEFF;
  padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">(14,166)</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;background:#CCEEFF;
  padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">(10,624)</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Equity in
  earnings of joint venture, net of taxes</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    9,005</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">10,791</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <FONT size="2">614</FONT></p></td>
    <td width="1%" valign=bottom style='width:1.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <FONT size="2">3,309</FONT></p></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">2,373</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Net income</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>32,610</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">13,459</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">29,900</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">28,059</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">27,741</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Net
  income/sales</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    4.6%</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">2.2%</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">5.0%</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">5.2%</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">5.0%</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Return on
  equity</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>11.3%</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;background:#CCEEFF;padding:
  0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">5.0%</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;background:#CCEEFF;
  padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">12.8%</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;background:#CCEEFF;
  padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">13.5%</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;background:#CCEEFF;
  padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">14.3%</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'><b>
    <font size="2">FINANCIAL
  CONDITION AT YEAR-END</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="1%" valign=bottom style='width:1.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Working
  capital</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:3.8pt'><b><font size="2">$</font></b></p>
    </td>
    <td width="10%" valign=bottom style='width:10.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>216,126</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:3.8pt'><font size="2">$</font></p>
    </td>
    <td width="10%" valign=bottom style='width:10.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">180,813</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.74%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:6.65pt'><font size="2">$</font></p>
    </td>
    <td width="10%" valign=bottom style='width:10.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">177,009</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.7%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:6.65pt'><font size="2">$</font></p>
    </td>
    <td width="9%" valign=bottom style='width:9.42%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">149,205</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.62%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:6.5pt'><font size="2">$</font></p>
    </td>
    <td width="10%" valign=bottom style='width:10.84%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">155,356</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Property,
  plant and equipment, net</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    154,665</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">153,651</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">150,586</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">145,242</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">145,801</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Investments
  in joint ventures</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="1%" valign=bottom style='width:1.5%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.66%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Equity
  method</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    13,777</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">16,042</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">13,064</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">12,940</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">12,793</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Cost method</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>5,922</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">5,922</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">5,479</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">5,987</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">5,987</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Total
  assets</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    578,036</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">543,937</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">533,492</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">462,942</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">485,080</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Long-term
  debt, less current portion</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>77,109</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">75,349</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">86,044</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">102,823</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">137,197</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'><b>
    <font size="2">CASH
  FLOW</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="1%" valign=bottom style='width:1.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Expenditures
  for property, plant and equipment</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:3.8pt'><b><font size="2">$</font></b></p>
    </td>
    <td width="10%" valign=bottom style='width:10.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>25,371</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:3.8pt'><font size="2">$</font></p>
    </td>
    <td width="10%" valign=bottom style='width:10.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">18,312</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.74%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:6.65pt'><font size="2">$</font></p>
    </td>
    <td width="10%" valign=bottom style='width:10.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">17,107</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.7%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:6.65pt'><font size="2">$</font></p>
    </td>
    <td width="9%" valign=bottom style='width:9.42%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">14,514</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.62%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:6.5pt'><font size="2">$</font></p>
    </td>
    <td width="10%" valign=bottom style='width:10.84%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">19,297</font></p></td>
  </tr>
  <tr>
    <td width="31%" valign=bottom style='width:31.06%;padding:0in 0in 0in 0in 0in 0in 0in 0in !msorm'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Depreciation
  and amortization</font></p></td>
    <td width="1%" valign=bottom style='width:1.48%;padding:0in 0in 0in 0in 0in 0in 0in 0in !msorm'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in 0in 0in 0in 0in !msorm'>
    <P align="right"><FONT size="2"><B>18,924</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.5%;padding:0in 0in 0in 0in 0in 0in 0in 0in !msorm'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in 0in 0in 0in 0in !msorm'>
    <p class=MsoNormal align=right style='margin-right:3.8pt;text-align:right'>
    <font size="2">18,897</font></p></td>
    <td width="1%" valign=bottom style='width:1.68%;padding:0in 0in 0in 0in 0in 0in 0in 0in !msorm'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in 0in 0in 0in 0in !msorm'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">18,371</font></p></td>
    <td width="1%" valign=bottom style='width:1.66%;padding:0in 0in 0in 0in 0in 0in 0in 0in !msorm'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;padding:0in 0in 0in 0in 0in 0in 0in 0in !msorm'>
    <p class=MsoNormal align=right style='margin-right:6.65pt;text-align:right'>
    <font size="2">18,572</font></p></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in 0in 0in 0in 0in !msorm'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.44%;padding:0in 0in 0in 0in 0in 0in 0in 0in !msorm'>
    <p class=MsoNormal align=right style='margin-right:6.5pt;text-align:right'>
    <font size="2">18,633</font></p></td>
  </tr>
</table>
<div class=MsoNormal><hr size=1 width="25%" noshade align=left>
</div>
<p class=MsoNormal><i>(1) Share and per share data reflect a two-for-one stock
split declared in 2003.</i></p>
<p class=Style0><b>ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS</b></p>
<p class=MsoNormal>Ameron International Corporation (&quot;Ameron&quot; or the &quot;Company&quot;)
is a multinational manufacturer of highly-engineered products and materials for
the chemical, industrial, energy, transportation and infrastructure markets.
Ameron is a leading producer of water transmission lines; high-performance
coatings and finishes for the protection of metals and structures;
fiberglass-composite pipe for transporting oil, chemicals and corrosive fluids;
and specialized materials and products used in infrastructure projects. The
Company operates businesses in North America, South America, Europe,
Australasia and Asia. The Company has four reportable segments. The Performance
Coatings &amp; Finishes Group manufactures and markets high-performance
industrial and marine coatings. The Fiberglass-Composite Pipe Group
manufactures and markets filament-wound and molded composite fiberglass pipe,
tubing, fittings and well screens. The Water Transmission Group manufactures
and supplies concrete and steel pressure pipe, concrete non-pressure pipe,
protective linings for pipe, and fabricated steel products. The Infrastructure
Products Group manufactures and sells ready-mix concrete, sand and aggregates,
concrete pipe and culverts, and concrete and steel lighting and traffic poles.
The markets served by the Performance Coatings &amp; Finishes Group and the
Fiberglass-Composite Pipe Group are worldwide in scope. The Water Transmission
Group serves primarily the western U.S. The Infrastructure Products Group's
quarry and ready-mix business operates exclusively in Hawaii, and poles are
sold throughout the U.S. Ameron also participates in several joint-venture
companies, directly in the U.S. and Saudi Arabia, and indirectly in Egypt.</p>
<p class=MsoNormal><b>CRITICAL ACCOUNTING POLICIES AND ESTIMATES</b></p>
<p class=MsoNormal>Management's Discussion and Analysis of Liquidity and
Capital Resources and Results of Operations are based upon the Company's
consolidated financial statements, which have been prepared in accordance with
accounting principles generally accepted in the United States of America. The
preparation of these financial statements requires management to make certain
estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses, and related disclosure of contingent assets
and liabilities during the reporting periods. Management bases its estimates on
historical experience and on various other assumptions that are believed to be
reasonable under the circumstances, the results of which form the basis for
making judgments about the carrying values of assets and liabilities. Actual
results could differ from those estimates.</p>
<p class=MsoNormal>A summary of the Company's
significant accounting policies is provided in Note (1) of the Notes to
Consolidated Financial Statements, under Part II, Item 8.&nbsp; In addition, Management
believes the following accounting policies affect the more significant
estimates used in preparing the consolidated financial statements.</p>
<p class=MsoNormal>The consolidated financial statements include the accounts
of Ameron International Corporation and all wholly-owned subsidiaries. All material
intercompany accounts and transactions have been eliminated. The functional
currencies for the Company's foreign operations are the applicable local
currencies. The translation from the applicable foreign currencies to U.S.
dollars is performed for balance sheet accounts using current exchange rates in
effect at the balance sheet date and for revenue and expense accounts using a
weighted-average exchange rate during the period. The resulting translation
adjustments are recorded in accumulated other comprehensive income/(loss). The Company
advances funds to certain foreign subsidiaries that are not expected to be
repaid in the foreseeable future. Translation adjustments arising from these
advances are also included in accumulated other comprehensive income/(loss). The
timing of repayments of intercompany advances could materially impact the
Company's consolidated financial statements. Additionally, earnings of foreign
subsidiaries are often reinvested outside the U.S. Unforeseen repatriation of
such earnings could result in significant unrecognized U.S. tax liability. Gains or losses resulting from foreign currency transactions are included in
other income, net.</p>
<p class=MsoNormal>Revenue for the Performance Coatings &amp; Finishes,
Fiberglass-Composite Pipe and Infrastructure Products segments is recognized
when risk of ownership and title pass, primarily at the time goods are shipped,
provided that an agreement exists between the customer and the Company, the
price is fixed or determinable and collection is reasonably assured. In limited
circumstances within the Performance Coatings &amp; Finishes Group, revenue
recognition associated with shipment of coatings for marine dry dockings is
delayed until product returns are processed. Revenue is recognized for the
Water Transmission Group primarily under the percentage-of-completion method,
typically based on completed units of production, since products are
manufactured under enforceable and binding construction contracts, are typically designed for specific applications, are not interchangeable between
projects, and are not manufactured for stock. In some cases, if products are
manufactured for stock or are not related to specific construction contracts,
revenue is recognized under the same criteria used by the other three segments.
Revenue under the percentage-of-completion method is subject to a greater level
of estimation, which affects the timing of revenue recognition, costs and
profits. Estimates are reviewed on a consistent basis and are adjusted
periodically to reflect current expectations.</p>
<p class=MsoNormal>The Company expenses environmental clean-up costs related to
existing conditions resulting from past or current operations on a site-by-site
basis. Liabilities and costs associated with these matters, as well as other
pending litigation and asserted claims arising in the ordinary course of
business, require estimates of future costs and judgments based on the
knowledge and experience of management and its legal counsel. When the
Company's exposures can be reasonably estimated and are probable, liabilities and
expenses are recorded. The ultimate resolution of any such exposure to the
Company may differ due to subsequent developments.</p>
<p class=MsoNormal>Inventories are stated at the lower of cost or market with
cost determined principally on the first-in, first-out (&quot;FIFO&quot;) method. Certain
steel inventories used by the Water Transmission Group are valued using the
last-in, first-out (&quot;LIFO&quot;) method. Significant changes in steel inventory
levels or costs could materially impact the Company's financial statements.
Reserves are established for excess, obsolete and rework inventories based on
age, estimates of salability and forecasted future demand. Management records
an allowance for doubtful accounts receivable based on historical experience
and expected trends. A significant reduction in demand or a significant
worsening of customer credit quality could materially impact the Company's
consolidated financial statements.</p>
<p class=MsoNormal>Investments in unconsolidated joint ventures or affiliates
(&quot;joint ventures&quot;) over which the Company has significant influence are
accounted for under the equity method of accounting, whereby the investment is
carried at the cost of acquisition, plus the Company's equity in undistributed
earnings or losses since acquisition. Investments in joint ventures over which
the Company does not have the ability to exert significant influence over the
investees' operating and financing activities are accounted for under the cost
method of accounting. The Company's investment in TAMCO, a steel mini-mill in California, is accounted for under the equity method. Investments in Ameron Saudi Arabia,
Ltd., Bondstrand, Ltd. and Oasis-Ameron, Ltd. are accounted for under the cost
method due to management's current assessment of the Company's influence over
these joint ventures.</p>
<p class=Style0>Property, plant and equipment is stated on the basis of cost
and is depreciated principally using a straight-line method based on the
estimated useful lives of the related assets, generally three to 40 years.</p>
<p class=Style0>The Company reviews long-lived assets for impairment whenever
events or changes in circumstances indicate that the carrying value of such
assets may not be recoverable. If the estimated future, undiscounted cash flows
from the use of an asset are less than its carrying value, a write-down is
recorded to reduce the related assets to estimated fair value. The Company
also reviews intangible assets for impairment at least annually, based on the
estimated future, discounted cash flows associated with such assets. Actual
cash flows may differ significantly from estimated cash flows. Additionally,
current estimates of future cash flows may differ from subsequent estimates of
future cash flows. Changes in estimated or actual cash flows could materially
impact the Company's consolidated financial statements. </p>
<p class=MsoNormal>The Company is self insured for a portion of the losses and
liabilities primarily associated with workers' compensation claims and general,
product and vehicle liability. Losses are accrued based upon the Company's
estimates of the aggregate liability for claims incurred using historical
experience and certain actuarial assumptions followed in the insurance
industry. The estimate of self insurance liability includes an estimate of
incurred but not reported claims, based on data compiled from historical experience.
Actual experience could differ significantly from these estimates and could
materially impact the Company's consolidated financial statements.</p>
<p class=MsoNormal>The Company follows the guidance of Statements of Financial
Accounting Standards (&quot;SFAS&quot;) No. 87, &quot;Employers' Accounting for Pensions,&quot; and
SFAS No. 106, &quot;Employers Accounting for Postretirement Benefits Other Than
Pensions,&quot; when accounting for pension and other postretirement benefits. Under
these accounting standards, assumptions are made regarding the valuation of
benefit obligations and, in certain cases, the performance of plan assets that
are controlled and invested by third-party fiduciaries. Delayed recognition of
differences between actual results and expected or estimated results is a
guiding principle of these standards. Such delayed recognition provides a
gradual recognition of benefit obligations and investment performance over the
working lives of the employees who benefit under the plans, based on various
assumptions. Assumed discount rates are used to calculate the present value of
benefit payments which are projected to be made in the future, including
projections of increases in employees annual compensation and health care
costs. Management also projects the future return on invested assets based
principally on prior performance and future expectations. These projected
returns reduce the net benefit costs the Company records in the current period.
Management consults with actuaries when determining these assumptions. Actual results could vary significantly from projected results, and such
deviation could materially impact the Company's consolidated financial
statements. Unforecasted program changes, including termination, freezing of
benefits or acceleration of benefits, could result in an immediate recognition
of unrecognized benefit obligations; and such recognition could materially
impact the Company's consolidated financial statements.</p>
<p class=MsoNormal>During 2005, the Company changed the assumed discount rate
and projected rates of increase in compensation levels and health care costs.
The discount rate is based on market interest rates. At November 30, 2005, the Company decreased the discount rate from
5.85% to 5.60% as a result of the
market interest rates on long-term, fixed-rate debt securities of highly-rated
corporations. In estimating the expected return on assets, the Company
considers past performance and future expectations for various types of
investments as well as the expected long-term allocation of assets. At November 30, 2005, the Company maintained the expected long-term rate of return on assets
assumption at 8.75% to reflect expectations for future returns from
investments in the equity markets. In projecting the rate of increase in
compensation levels, the Company considers movements in inflation rates as
reflected by market interest rates. At November 30, 2005, the Company decreased the assumed annual rate of compensation increase
from 3.35% to 3.10%. In
selecting the rate of increase in health care costs, the Company considers past
performance and forecasts of future health care cost trends. At November 30, 2005, the Company
increased the rate of increase in health care costs from
9.00% to 10.00%, decreasing ratably until reaching 5.00% in 2010 and beyond.</p>
<p class=MsoNormal>Different assumptions would impact the Company's projected
benefit obligations and annual net periodic benefit costs related to pensions,
and the accrued other benefit obligations and benefit costs related to
postretirement benefits. The following reflects the impact associated with a change
in certain assumptions (in thousands):</p>
<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
  <tr style='page-break-inside:avoid'>
    <td width="43%" valign=bottom style='width:43.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="24%" colspan=5 valign=bottom style='width:24.94%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">1% Increase</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.08%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="26%" colspan=5 valign=bottom style='width:26.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">1% Decrease</font></b></p>
    </td>
  </tr>
  <tr style='page-break-inside:avoid'>
    <td width="43%" valign=bottom style='width:43.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 rowspan=4 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid #000000; width:12.0%;
  padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Increase/<br>(Decrease)<br>in Benefit<br>Obligations</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="10%" colspan=2 rowspan=4 valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:1px solid #000000; width:10.94%;
  border-top:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Increase/<br>(Decrease)<br>in Benefit<br>Costs</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.08%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 rowspan=4 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid #000000; width:12.98%;
  padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Increase/<br>(Decrease)<br>in Benefit<br>Obligations</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 rowspan=4 valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:1px solid #000000; width:12.0%;
  border-top:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Increase/<br>(Decrease)<br>in Benefit<br>Costs</font></b></p>
    </td>
  </tr>
  <tr style='page-break-inside:avoid'>
    <td width="43%" valign=bottom style='width:43.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.08%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
  </tr>
  <tr style='page-break-inside:avoid'>
    <td width="43%" valign=bottom style='width:43.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.08%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
  </tr>
  <tr style='page-break-inside:avoid'>
    <td width="43%" valign=bottom style='width:43.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.08%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
  </tr>
  <tr>
    <td width="43%" valign=bottom style='width:43.02%;border:none;background:
  #CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Discount Rate:</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-bottom:medium none; width:12.0%;background:#CCEEFF;padding:0in; ; border-top-color:inherit'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-bottom:medium none; width:10.94%;background:#CCEEFF;padding:0in; ; border-top-color:inherit'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.08%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-bottom:medium none; width:12.98%;background:#CCEEFF;padding:0in; ; border-top-color:inherit'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-bottom:medium none; width:12.0%;background:#CCEEFF;padding:0in; ; border-top-color:inherit'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="43%" valign=bottom style='width:43.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Pensions</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(27,174)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(2,666)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.08%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.42%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="11%" valign=bottom style='width:11.56%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">
	33,478</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">3,167</font></p>
    </td>
  </tr>
  <tr>
    <td width="43%" valign=bottom style='width:43.02%;border:none;background:
  #CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Other
  postretirement benefits</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(345)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.94%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(51)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.08%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.98%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">407&nbsp;
	</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">52</font></p>
    </td>
  </tr>
  <tr>
    <td width="43%" valign=bottom style='width:43.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Expected
  rate of return on assets</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">N/A</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.94%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(1,555)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.08%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.98%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">N/A</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">1,555</font></p>
    </td>
  </tr>
  <tr>
    <td width="43%" valign=bottom style='width:43.02%;border:none;background:
  #CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Rate of
  increase in compensation levels</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">5,435</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.94%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">918</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.08%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.98%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(4,873)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(832)</font></p>
    </td>
  </tr>
  <tr>
    <td width="43%" valign=bottom style='width:43.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Rate of
  increase in health care costs</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">189</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.94%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">38</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.08%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.98%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(160)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(33)</font></p>
    </td>
  </tr>
</table>
<p class=MsoNormal>Additional information regarding pensions and other
postretirement benefits may be found in Note (15) of the Notes to Consolidated
Financial Statements, under Part II, Item 8.</p>
<p class=MsoNormal>Management incentive compensation is accrued based on
current estimates of the Company's ability to achieve short-term and long-term
performance targets.</p>
<p class=MsoNormal>Deferred income tax assets and liabilities are computed for
differences between the financial statement and income tax bases of assets and
liabilities. Such deferred income tax asset and liability computations are
based on enacted tax laws and rates applicable to periods in which the
differences are expected to reverse. Valuation allowances are established,
when necessary, to reduce deferred income tax assets to the amounts expected to
be realized. Quarterly income taxes are estimated based on the mix of income by
jurisdiction forecasted for the full fiscal year. The Company believes that it
has adequately provided for tax-related matters. The Company is subject to
examination by taxing authorities in various jurisdictions. Matters raised upon
audit may involve substantial amounts, and an adverse finding could have a material impact on the
Company's consolidated financial statements.</p>
<p class=MsoNormal><b>LIQUIDITY AND CAPITAL RESOURCES</b></p>
<p class=MsoNormal>During 2005, the Company generated $37.2 million of cash
from operating activities compared to $10.1 million in the same period in 2004.
The higher operating cash flow in 2005 was primarily due to higher earnings,
excluding the gains on property sales in 2004 and 2005,
partially offset by an increase in net operating capital.&nbsp; The increase in
operating assets was the result of higher receivables and inventories due to
higher sales.&nbsp; Operating liabilities increased due to higher
trade payables and pension liabilities.</p>
<p class=MsoNormal>Net cash used in investing activities totaled $21.5 million
in 2005, compared to $4.2 million provided by in 2004.&nbsp; Net cash used in 2005 for investing
activities consisted of proceeds from the sale of assets, including $1.8 million
from the sale of excess property held by the Company's European coatings
business, offset by capital
expenditures which were primarily for normal replacement and upgrades of
machinery and equipment and for a new fiberglass pipe plant in Malaysia.&nbsp; In 2004, the Company
generated $15.3 million from the sale of property vacated as part of a plant
consolidation within the Water Transmission Group, and $7.2 million from the
liquidation of life insurance policies.&nbsp; During the fiscal year
ending November 30, 2006, the Company anticipates spending between
approximately $25 and $35 million on capital expenditures. Capital
expenditures are expected to be funded by existing cash balances, cash
generated from operations or additional borrowings.</p>
<p class=MsoAcetate>No net cash was provided by financing activities
in 2005, compared to $5.0 million used in 2004.&nbsp; Cash used in 2005 consisted
of payment of common stock dividends of $6.8 million, debt issuance costs of $.3
million, offset by issuance of debt
of $2.4 million, and a net $4.8
million from the issuance of common stock related to the exercise of stock
options and treasury shares used to pay withholding taxes on vested restricted
shares.</p>
<p class=MsoNormal>In November 2005, the Company amended and extended a $100.0
million revolving credit facility with six banks (the &quot;Revolver&quot;). Under the
amendment, the maturity date of the Revolver was extended to September 2010. Under the Revolver, the Company may, at its
option, borrow at floating interest rates based on specified margins over money
market rates, at any time until September 2010, when all borrowings under the
Revolver must be repaid. Also in November 2005, the Company issued SGD51.0
million, equivalent to
approximately US$30.0 million, of senior secured notes payable to an insurance
company at a fixed rate of 4.25% per annum. Proceeds from the notes payable were used to
repatriate earnings from a foreign subsidiary in connection with The American
Jobs Creation Act of 2004. These fixed-rate notes are payable in Singapore
dollars equivalent to approximately US$6.0 million per year, beginning in November
2008, with a final maturity in November 2012. </p>
<p class=MsoNormal>The Company's lending agreements contain various restrictive
covenants, including the requirement to maintain specified amounts of net worth
and restrictions on cash dividends, borrowings, liens, investments and
guarantees. The Company is required to maintain consolidated net worth of
$181.4 million plus 50% of net income and 75% of proceeds from any equity
issued after January 24, 2003. The Company's consolidated net worth exceeded
the covenant amount by $79.2 million as of November 30, 2005. The Company is required to maintain a consolidated leverage ratio of consolidated funded
indebtedness to earnings before interest, taxes, depreciation and amortization
(&quot;EBITDA&quot;) of no more than 2.5 times. As of November 30, 2005, the Company maintained a consolidated leverage ratio of
1.32 times EBITDA. Lending agreements
require that the Company maintain qualified consolidated tangible assets at
least equal to the outstanding secured funded indebtedness. As of November 30,
2005, qualifying tangible assets equaled 2.05 times funded indebtedness. Under
the most restrictive fixed charge coverage ratio, the sum of EBITDA and rental
expense less cash taxes must be at least 1.25 times the sum of interest expense,
rental expense, dividends and scheduled funded debt payments. As of November 30, 2005, the Company maintained such a fixed charge coverage ratio of
1.72 times.</p>
<p class=MsoNormal>Cash and cash equivalents at November 30, 2005 totaled $44.7 million, an increase of $14.5 million from November 30, 2004. At November 30, 2005, the Company had total debt outstanding of $95.4 million and
approximately $118.0 million in unused committed and uncommitted credit lines
available from foreign and domestic banks. The Company's highest borrowing and
the average borrowing levels during 2005 were $128.1 million and $107.0 million,
respectively.&nbsp; Debt and cash increased at November 30, 2005 partly due to
the timing of the issuance of the fixed-rate notes outlined above.</p>
<p class=MsoNormal>Management believes that cash flows from operations and
current cash balances, together with currently available lines of credit will
be sufficient to meet operating requirements in 2006. The Company expects to
contribute $16.6 million to the U.S. pension plan and $1.3 million for the
non-U.S. pension plan in 2006.&nbsp; Cash available from
operations could be affected by any general economic downturn or any downturn
or any decline or adverse changes in the Company's business, such as loss of
customers or significant raw material price increases. Management believes it
is unlikely that business or economic conditions will worsen or that operating
costs will increase sufficiently to impact short-term liquidity.</p>

<p class=MsoNormal>The Company's contractual obligations and commercial
commitments at November 30, 2005 are summarized as follows (in thousands):</p>
<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="99%"
 style='width:99.0%;border-collapse:collapse;border:none'>
  <tr style='page-break-inside:avoid'>
    <td width="34%" valign=bottom style='width:34.32%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="63%" colspan=14 valign=bottom style='width:63.66%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Payments Due by
  Period</font></b></p></td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.32%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">Contractual Obligations</font></b></p>
    </td>
    <td width="2%" valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:11.12%;padding:0in; ; border-bottom-color:windowtext'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Total</font></b></p>
    </td>
    <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; width:2.02%;border-top:1.0pt solid windowtext;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-right:medium none;
  padding:0in; ; border-bottom-color:windowtext'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Less than<br>1 year</font></b></p>
    </td>
    <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; width:2.02%;border-top:1.0pt solid windowtext;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-right:medium none;
  padding:0in; ; border-bottom-color:windowtext'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">1-3<br>years</font></b></p>
    </td>
    <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; width:2.02%;border-top:1.0pt solid windowtext;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-right:medium none;
  padding:0in; ; border-bottom-color:windowtext'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">3-5<br>years</font></b></p>
    </td>
    <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; width:2.02%;border-top:1.0pt solid windowtext;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-right:medium none;
  padding:0in; ; border-bottom-color:windowtext'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">After 5<br>years</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.32%;border:none;background:
  #CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Long-Term
  Debt (a)</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.32%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.8%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">95,442</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.32%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.8%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">18,333</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.32%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.8%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">26,031</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.32%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.8%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">
	23,313</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.32%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.8%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">
	27,765</font></p>
    </td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.32%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <TR>
    <td width="34%" valign=bottom
    style='width:34.32%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <FONT size="2">Interest Payments on Debt</FONT></p>
    </td>
    <td width="2%" valign=bottom
    style='width:2.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">
    19,419</FONT></p></td>
    <td width="2%" valign=bottom
    style='width:2.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">4,603</FONT></p></td>
    <td width="2%" valign=bottom
    style='width:2.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">6,260</FONT></p></td>
    <td width="2%" valign=bottom
    style='width:2.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">3,348</FONT></p></td>
    <td width="2%" valign=bottom
    style='width:2.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">
    5,208</FONT></p></td>
  </TR>
  <TR>
    <td width="34%" valign=bottom
    style='width:34.32%;border:none;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="2%" valign=bottom
    style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="2%" valign=bottom
    style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="2%" valign=bottom
    style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="2%" valign=bottom
    style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="2%" valign=bottom
    style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    &nbsp;</td>
  </TR>
  <TR>
    <td width="34%" valign=bottom
    style='width:34.32%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <FONT size="2">Operating Leases</FONT></p>
    </td>
    <td width="2%" valign=bottom
    style='width:2.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">
    42,430</FONT></p></td>
    <td width="2%" valign=bottom
    style='width:2.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">4,619</FONT></p></td>
    <td width="2%" valign=bottom
    style='width:2.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">8,490</FONT></p></td>
    <td width="2%" valign=bottom
    style='width:2.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">7,440</FONT></p></td>
    <td width="2%" valign=bottom
    style='width:2.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">
    21,881</FONT></p></td>
  </TR>
  <TR>
    <td width="34%" valign=bottom style='width:34.32%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </TR>
  <tr>
    <td width="34%" valign=bottom style='width:34.32%;border:none;background:
  #CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <FONT size="2">Purchase Obligations (b)</FONT></p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:11.12%;background:#CCEEFF;padding:0in; ; border-bottom-color:#000000'>
    <P class="MsoNormal" align="right"><FONT size="2">1,333</FONT></td>
    <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:11.12%;background:#CCEEFF;padding:0in; ; border-bottom-color:#000000'>
    <P class="MsoNormal" align="right"><FONT size="2">1,333</FONT></td>
    <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:11.12%;background:#CCEEFF;padding:0in; ; border-bottom-color:#000000'>
    <P class="MsoNormal" align="right"><FONT size="2">-</FONT></td>
    <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:11.12%;background:#CCEEFF;padding:0in; ; border-bottom-color:#000000'>
    <P class="MsoNormal" align="right"><FONT size="2">-</FONT></td>
    <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:11.12%;background:#CCEEFF;padding:0in; ; border-bottom-color:#000000'>
    <P class="MsoNormal" align="right"><FONT size="2">-</FONT></td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.32%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.32%;border:none;background:
  #CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Total
  Contractual Obligations (c)</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;background:#CCEEFF;
  padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1.32%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000; border-bottom-width:1px'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9.8%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000; border-bottom-width:1px'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">158,624</font></p>
    </td>
    <td width="2%" valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;background:#CCEEFF;
  border-bottom-color:#000000; border-bottom-width:1px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1.32%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000; border-bottom-width:1px'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9.8%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000; border-bottom-width:1px'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">28,888</font></p>
    </td>
    <td width="2%" valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;background:#CCEEFF;
  border-bottom-color:#000000; border-bottom-width:1px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1.32%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000; border-bottom-width:1px'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9.8%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000; border-bottom-width:1px'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">40,781</font></p>
    </td>
    <td width="2%" valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;background:#CCEEFF;
  border-bottom-color:#000000; border-bottom-width:1px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1.32%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000; border-bottom-width:1px'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9.8%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000; border-bottom-width:1px'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">34,101</font></p>
    </td>
    <td width="2%" valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;background:#CCEEFF;
  border-bottom-color:#000000; border-bottom-width:1px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1.32%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000; border-bottom-width:1px'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9.8%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000; border-bottom-width:1px'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">
	54,854</font></p>
    </td>
  </tr>
</table>
<p class=MsoNormal>&nbsp;</p>
<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="99%"
 style='width:99.0%;border-collapse:collapse;border:none'>
  <tr style='page-break-inside:avoid'>
    <td width="34%" valign=bottom style='width:34.32%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="63%" colspan=14 valign=bottom style='width:63.66%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Commitments<br>Expiring Per Period</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.32%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">Contractual Commitments</font></b></p>
    </td>
    <td width="2%" valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:11.12%;padding:0in; ; border-bottom-color:windowtext'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Total</font></b></p>
    </td>
    <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; width:2.02%;border-top:1.0pt solid windowtext;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:10%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-right:medium none;
  padding:0in; border-bottom-color:windowtext'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Less than<br>1 year</font></b></p>
    </td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; width:2%;border-top:1.0pt solid windowtext;
  padding:0in; border-bottom-color:#000000'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-right:medium none;
  padding:0in; ; border-bottom-color:windowtext'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">1-3<br>years</font></b></p>
    </td>
    <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; width:2.02%;border-top:1.0pt solid windowtext;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-right:medium none;
  padding:0in; ; border-bottom-color:windowtext'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">3-5<br>years</font></b></p>
    </td>
    <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; width:2.02%;border-top:1.0pt solid windowtext;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-right:medium none;
  padding:0in; ; border-bottom-color:windowtext'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">After 5<br>years</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.32%;border:none;background:
  #CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Standby
  Letters of Credit (d)</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1.32%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9.8%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">2,010</font></p>
    </td>
    <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1.32%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9%;background:#CCEEFF;
  padding:0in; border-bottom-color:#000000'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">2,010</font></p>
    </td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2%;background:#CCEEFF;
  padding:0in; border-bottom-color:#000000'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1.32%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9.8%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">-</FONT></p></td>
    <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1.32%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9.8%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">-</FONT></p></td>
    <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1.32%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9.8%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">-</FONT></p></td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.32%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:10%;border:medium none;
  padding:0in; '>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td valign=bottom style='width:2%;border:medium none;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.12%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.32%;border:none;background:
  #CCEEFF;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Total
  Commercial Commitments (c)</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;border:none;background:#CCEEFF;
  padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1.32%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9.8%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">2,010</font></p>
    </td>
    <td width="2%" valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;background:#CCEEFF;
  border-bottom-color:#000000; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1.32%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9%;background:#CCEEFF;
  padding:0in; border-bottom-color:#000000'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">2,010</font></p>
    </td>
    <td valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:2%;background:#CCEEFF;
  padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt; border-bottom-color:#000000'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1.32%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9.8%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">-</FONT></p></td>
    <td width="2%" valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;background:#CCEEFF;
  border-bottom-color:#000000; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1.32%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9.8%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">-</FONT></p></td>
    <td width="2%" valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:2.02%;background:#CCEEFF;
  border-bottom-color:#000000; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1.32%;background:#CCEEFF;
  padding:0in; ; border-bottom-color:#000000'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9.8%;background:#CCEEFF;
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    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">-</FONT></p></td>
  </tr>
</table>
<p class="MsoNormal">(a)&nbsp;Included in long-term debt is $1,251 outstanding under
a revolving credit facility which is supported by the Revolver.</p>
<p class="MsoNormal">(b)&nbsp;Obligation to purchase sand used in the Company's
ready-mix operations in Hawaii.</p>
<p class="MsoNormal">(c)&nbsp;The Company has no capitalized lease obligations,
guarantees or standby repurchase obligations.</p>
<p class="MsoNormal">(d) Not
included are standby letters of credit totaling $16,065 supporting industrial
development bonds with principal of $15,700. The principal amount of the
industrial development bonds is included in long-term debt. The standby letters
of credit are issued under the Revolver.</p>
<p class="MsoNormal"><b>RESULTS OF OPERATIONS: 2005 COMPARED WITH 2004</b></p>
<p class="MsoNormal"><b><i>General</i></b></p>
<P class="MsoNormal">Net income totaled $32.6
million, or $3.80 per diluted share, on sales of $704.6 million for the year
ended November 30, 2005, compared to net income of $13.5 million, or $1.59 per
diluted share, on sales of $605.9 million for the same period in 2004.&nbsp; Net
income rose in 2005 primarily due to improved operations.&nbsp; Additionally,
net income in 2004 was adversely impacted by labor strikes, the costs associated with the
termination of two executive benefit plans and increased reserves associated
with LIFO accounting of certain steel inventories, partially offset by the gain
on the sale of property.</P>
<P class="MsoNormal">All
operating segments had higher sales and segment income in 2005 compared to 2004.&nbsp;
The Water Transmission Group had record sales in 2005 due principally to a major
sewer upgrade project in Northern California.&nbsp; The Infrastructure Products
Group had significantly higher sales and profits due to the strong construction
sector in Hawaii and throughout the U.S.&nbsp; In 2004, the Water Transmission and
Infrastructure Products Groups were disrupted by labor
strikes.&nbsp; The Fiberglass-Composite Pipe Group achieved record sales
and profits in 2005 as a result of the increased demand for oilfield piping in
North America, continued strong demand in the marine market worldwide and
increased shipments to the Middle East from Ameron's Asian operations.&nbsp; The
Performance Coatings &amp; Finishes Group had higher sales, primarily from U.S.
operations, due to improved market conditions, and from operations in Australia
and New Zealand, due to volume gains and favorable currency translation.&nbsp; Equity
income from TAMCO, Ameron's 50%-owned steel mini-mill in Southern California,
declined $1.8 million from 2004's record level.&nbsp; The decline was
attributable to higher conversion costs, primarily energy costs.</P>
<P class="MsoNormal"><B><I>Sales</I></B></P>
<P class="MsoNormal">Sales increased $98.7
million in 2005, compared to 2004.&nbsp; Sales increased due to a large
sewer pipe project, increased demand for protective lining products, higher demand for
onshore oilfield piping, the impact of foreign exchange rates on the Company's
foreign coatings and fiberglass pipe operations and higher demand for concrete
and steel poles due to the continued
strength of housing construction throughout the U.S.&nbsp;&nbsp; Prior-year sales
were
adversely impacted by the labor strikes within the Water Transmission and
Infrastructure Products Groups.</P>
<P class="MsoNormal">Performance Coatings &amp;
Finishes' sales increased $10.2 million in 2005.&nbsp; The sales increase resulted
from improved market conditions in the U.S., higher selling prices, higher
shipments of lighter-duty product finishes by Ameron's Australian and New
Zealand operations, and favorable foreign currency exchange rates.&nbsp;&nbsp; Ameron's
European coatings operations had essentially flat sales as lower shipments to the
Middle East and lower intumescent sales due to timing of product introductions
offset selling price gains in Europe.&nbsp; The relative strength of the euro
and the British pound constrained exports of Ameron's&nbsp; European operations,
and sales of marine coatings declined primarily due to the loss in the middle of
2004 of a contract to supply coatings to the U.S. Navy.&nbsp; The
U.S. coatings market has strengthened, and orders are increasing.&nbsp; The Performance
Coatings &amp; Finishes Group should benefit as the U.S. market improves.&nbsp; In addition, the business is expected to participate
in the rebuilding of the chemical, oil and industrial infrastructure along the
U.S. Gulf Coast.</P>
<P class="MsoNormal">The Fiberglass-Composite Pipe
Group's sales increased $17.8 million in 2005 due primarily to demand for
onshore oilfield piping in the U.S. and Canada, higher fiberglass pipe demand
for marine applications and increased shipments from Ameron's Asian operations
of fiberglass pipe to the Middle East for industrial projects.&nbsp; Sales of
piping supplied by Ameron's operations in Europe declined due to market
conditions and the impact of the appreciated euro on exports into the Middle
East and the former Soviet Union.&nbsp; The strength of demand for oilfield and
marine piping continues to be driven by high oil prices and the high cost of
steel piping, the principal substitute for fiberglass pipe.&nbsp; Ameron's new
state-of-the-art fiberglass pipe plant in Malaysia is scheduled to begin
production during the second quarter of 2006.&nbsp; The backlog
for the Fiberglass-Composite Pipe Group increased compared to the level at
year-end 2004, and the key market segments such as oilfield and marine remain
strong.&nbsp; The outlook for the Fiberglass-Composite Pipe Group is favorable.</P>
<P class="MsoNormal">The Water Transmission
Group's sales increased $38.5 million in 2005 compared to the same period in
2004.&nbsp; The sales improvement was primarily due to pipe sales for a major sewer upgrade project
in Northern California, higher demand for protective lining products that are used to
provide corrosion protection of concrete sewer pipe, and sales of towers used
for wind-powered electrical generation.&nbsp; Also, the Group's
operations and sales were adversely affected by labor disputes at two plants
in 2004.&nbsp; Revenue is recognized in the Water Transmission Group primarily under
the percentage of completion method and is subject to a certain level of
estimation, which affects the timing of revenue recognition, costs and profits.&nbsp;
Estimates are reviewed on a consistent basis and are adjusted when actual
results are expected to significantly differ from those estimates.&nbsp; The Water
Transmission Group entered 2006 with a lower backlog due to completion of most
of the major sewer project.&nbsp; Market conditions
remain soft due to fiscal constraints and continuation of a cyclical slowdown in water
infrastructure spending in the Company's markets.</P>
<P class="MsoNormal">Infrastructure Products'
sales increased $32.7 million in 2005 compared to 2004 due to higher housing and
commercial construction spending in Hawaii and throughout the U.S. &nbsp;&nbsp;In
addition, Ameron's Hawaiian operations recovered from a labor dispute in 2004 at
the Company's principal aggregates and ready-mix concrete operations on Oahu in
Hawaii.&nbsp; Construction spending in Hawaii and demand for aggregates and ready-mix
concrete used for public infrastructure, housing and military construction,
remain strong.&nbsp; Sales of steel and concrete poles increased due to the
continued strength of housing construction throughout the U.S.&nbsp;&nbsp; Additionally,
Ameron benefited from a major pole-replacement program sponsored by a utility in
Southern California.&nbsp; The forecast for the Infrastructure Products Group remains
positive due to expectations of continued high level of spending on residential,
commercial, and military construction spurred partly by low
interest rates.</P>
<P class="MsoNormal"><B><I>Gross Profit</I></B></P>
<P class="MsoNormal">Gross profit in 2005 was
$182.1 million, or 25.8% of sales, compared to gross profit of $148.4 million,
or 24.5% of sales, in 2004.&nbsp; Gross profit increased $33.7 million due to higher
sales and improved margins due to a favorable mix of projects.</P>
<P class="MsoNormal">In 2005, gross profit of the
Performance Coatings &amp; Finishes Group was essentially equal to gross profit in
2004.&nbsp; Higher profit of $2.9 million from increased sales was offset
by lower margins.&nbsp; Profit margins were adversely impacted by
higher raw material costs and underutilization of plant capacity.</P>
<P class="MsoNormal">The Fiberglass-Composite
Pipe Group's gross profit increased $.8 million in 2005 compared to gross profit
in 2004 due to higher sales.&nbsp; Higher sales generated $6.2 million higher gross
profit, offset by lower margins of $5.4 million due to an unfavorable shift in
product mix to industrial and onshore oilfield from higher margin offshore applications, higher raw
material costs and lower plant utilization in Europe.</P>
<P class="MsoNormal">Gross profit of the Water
Transmission Group increased $16.0 million in 2005 compared to gross profit in
2004.&nbsp; Gross profit increased $7.6 million because of higher sales and $8.4
million due to higher margins.&nbsp; Profit margins were higher largely due to a
favorable change in product and project mix due primarily to the large sewer
project.&nbsp; Profits were impacted in 2004 by
inefficient plant utilization caused by two labor strikes, higher workers'
compensation costs and weak market conditions.&nbsp; The margins on projects in
backlog at the beginning of 2006 are lower than achieved in 2005 due to the soft
market in the Western U.S. and competitive pressures.</P>
<P class="MsoNormal">The Infrastructure Products
Group's gross profit increased $8.4 million compared to gross profit in 2004.&nbsp;
Gross profit increased $6.7 million from higher sales and $1.7 million due to
higher margins.&nbsp; Profit margins were higher due to improved plant utilization,
improved pricing, and a favorable change in product mix.&nbsp; Plant operating
efficiency had been adversely affected by a labor strike in Hawaii in 2004.</P>
<P class="MsoNormal">Additionally, consolidated
gross profit was $8.4 million lower in 2004 compared to the same period in 2005
due primarily to increased reserves in 2004 associated with LIFO accounting of certain
steel inventories used by the Water Transmission Group.&nbsp; The LIFO method is used
to defer income taxes on operating profit of the Water Transmission Group.&nbsp;
Income taxes and the LIFO reserves are not allocated to the operating segments.</P>
<P class="MsoNormal"><I><B>Selling, General and
Administrative Expenses ("SG&amp;A")</I></B></I></P>
<P class="MsoNormal">SG&amp;A totaled $146.0 million,
or 20.7% of sales, in 2005, compared to $137.5 million, or 22.7% in 2004.&nbsp; SG&amp;A
increased $8.5 million due to higher legal expenses of $5.1 million, higher
severance costs of $1.2 million, higher stock and incentive compensation expense
of $3.4 million, offset by insurance recoveries of $1.5 million.</P>
<P class="MsoNormal"><B><I>Pension Plan
Curtailment/Settlement</I></B></P>
<P class="MsoNormal">In June 2004, the Company
terminated two executive benefit plans and incurred a pretax expense of $12.8
million due to the termination of the plans and distribution to plan
participants.</P>
<P class="MsoNormal"><B><I>Other Income, Net</I></B></P>
<P class="MsoNormal">Other income decreased to
$7.1 million in 2005 from $17.9 million in 2004.&nbsp; Other income included
royalties and fees from licensees, foreign currency transaction gains and
losses, and other miscellaneous income.&nbsp; Included in 2004 was a gain of $13.1
million on the sale of excess property vacated as part of a program to
streamline pipe manufacturing operations within the Water Transmission Group.&nbsp;
Included in 2005 was a gain of $1.8 million on the sale of excess properties
held by the Performance Coatings &amp; Finishes Group.&nbsp; Income from investments accounted for under the cost method increased from $.4
million in 2004 to $1.8 million in 2005 due to the timing of dividend payments.&nbsp;
The fiberglass pipe and coatings ventures continued to perform well due to the
strength of oilfield and infrastructure markets in Saudi Arabia.&nbsp; The concrete
pipe venture experienced a cyclical lull and increased competition from
alternative products.</P>
<P class="MsoNormal"><B><I>Interest</I></B></P>
<P class="MsoNormal">Net interest expense totaled
$5.2 million in 2005, compared to $5.3 million in 2004.&nbsp; The decrease reflected
higher interest income from short-term investments offset partially by higher
average borrowing levels and slightly higher interest rates.</P>
<P class="MsoNormal"><B><I>Provision for Income
Taxes</I></B></P>
<P class="MsoNormal">Income taxes increased to
$14.5 million compared to $8.0 million in 2004.&nbsp; The effective tax rate
decreased from 75% in 2004 to 38% in 2005.&nbsp; The effective tax rate was
significantly higher in 2004 due to IRS limitations on the deductibility of a
portion of the settlements associated with the executive benefit plan
termination.&nbsp; Approximately $18.5 million of the $24.7 million paid to
participants of the terminated plans did not receive an associated tax benefit.&nbsp;
Excluding the impact of the termination of the benefit plans, the effective rate
in 2005 would have been higher than in 2004 due to higher levels of earnings
from domestic operations.&nbsp; Income from certain foreign operations is taxed at
rates that are lower than the U.S. statutory tax rates.&nbsp; Also, the rate in
2005 was higher as a result of the one-time repatriation of foreign earnings
under the American Jobs Creation Act of 2004.</P>
<P class="MsoNormal"><B><I>Equity in Earnings of
Joint Venture, Net of Taxes</I></B></P>
Equity income, which consists of Ameron's share of the results of TAMCO, decreased from $10.8
million in 2004 to $9.0 million in 2005.&nbsp; Ameron owns 50% of TAMCO, a mini-mill
that produces steel rebar for the construction industry in the western U.S.&nbsp;&nbsp;
Equity income is shown net of income taxes.&nbsp; Dividends from TAMCO are taxed at
an effective rate of 10.4%, reflecting the dividend exclusion provided to the
Company under current tax laws.&nbsp; The decline in TAMCO's earnings was
attributable principally to higher conversion costs, primarily energy.&nbsp; TAMCO
sales in 2005 were at a record level, reflecting the continued strong
construction market and the high prices of steel worldwide.<p class="MsoNormal"><b>RESULTS OF OPERATIONS: 2004 COMPARED WITH 2003</b></p>
<p class="MsoNormal"><b><i>General</i></b></p>
<p class="MsoNormal">Net income totaled $13.5 million, or $1.59 per diluted
share, on sales of $605.9 million for the year ended November 30, 2004, compared
to net income of $29.9 million, or $3.67 per diluted share, on sales of $600.5
million for the same period in 2003.&nbsp;All operating segments had higher sales
except the Water Transmission Group.&nbsp;Sales of the Water Transmission Group
declined in 2004 because of labor disputes that resulted in strikes at two of
its plants and weak demand in its primary market, the western U.S.&nbsp;Net income
was lower in 2004 as lower gross profits, higher SG&amp;A and the curtailment and settlement costs
associated with the termination of the benefit plans were partially offset by
higher other income, lower taxes and higher equity in the earnings of TAMCO.
Excluding income from joint ventures, the Fiberglass-Composite Pipe Group had
higher segment income, while the Performance Coatings &amp; Finishes, Water
Transmission and Infrastructure Products Groups had lower segment income.</p>
<p class="MsoNormal"><b><i>Sales</i></b></p>
<p class="MsoNormal">Sales increased $5.4 million in 2004, compared to 2003.
Sales increased due to the impact of changing foreign exchange rates on the
Company's foreign coatings and fiberglass pipe operations and higher demand for
poles, partially offset by reduced demand in markets served by the Water
Transmission Group.</p>
<p class="MsoNormal">Performance Coatings &amp; Finishes' sales increased $9.3
million in 2004 due to the appreciation of foreign currencies relative to the
U.S. dollar. Sales in local currencies by operations outside the U.S. increased,
while sales in the U.S. were lower. Improvements came from sales of fire
protection coatings in Europe and coil coatings in New Zealand.&nbsp;Sales of
protective coatings in the U.S. and Europe declined as a result of continued
weakness in spending in the heavy-industrial and chemical markets.&nbsp;
Additionally, sales of coatings for use in offshore oil and gas exploration and
production weakened in 2004 as offshore construction slowed in the U.S.&nbsp;The
anticipated upturn in spending by industrial customers in the U.S. and Europe
remained slower than expected in 2004.</p>
<p class="MsoNormal">Fiberglass-Composite Pipe's sales increased $1.7 million in
2004 due primarily to the impact of favorable foreign exchange rates and partly
to the strength of Asian operations. Asian operations, which serve the marine
construction markets located in Korea, China and Japan, benefited from the
strong worldwide demand for oil tankers and offshore production vessels. New
marine construction in Asia increased due to high oil prices and regulations
requiring double-hull tankers.&nbsp;The industrial markets in the U.S. and Europe
remained slow due to general economic conditions and a shift of new facilities
to Asia and other developing markets. Sales in the U.S. were down due to the
weak industrial market and lower activity in the U.S. offshore construction
market.&nbsp;Sales of oilfield tubing for onshore applications were flat as spending
was concentrated on larger offshore projects constructed in Asia.&nbsp;</p>
<p class="MsoNormal">The Water Transmission Group's sales decreased $11.3 million
in 2004 due to weak market conditions and labor disputes at two of the Groups
principal plants in Southern California in the first half of 2004.&nbsp; Workers
at the two plants struck in early February. Agreement was reached at one of the
plants in the first quarter, at the end of February, and the second plant in the
second quarter, at the end of March.&nbsp;Sales of protective-lining products for
sewer pipe also declined due to a cyclical slowdown in the waste water market
and increased competition from alternative products and suppliers. Water Transmission's year-end backlog
was significantly higher than at the end of 2003 as a series of large projects
were successfully bid.&nbsp;</p>
<p class="MsoNormal">Infrastructure Products' sales increased $5.8 million in
2004 due to strong housing and commercial construction spending, which was
spurred by low interest rates. Ameron's Hawaiian operations recovered from a
labor dispute at the Company's principal aggregates and ready-mix concrete
operations on Oahu in Hawaii which began in February and ended in early April.
Construction spending in Hawaii was deferred during the strikes. Ameron's pole business had
higher sales of concrete poles used in street lighting, primarily associated
with housing starts. Sales of steel traffic poles also increased. </p>
<p class="MsoNormal"><b><i>Gross Profit</i></b></p>
<p class="MsoNormal">Gross profit in 2004 was $148.4 million, or 24.5% of sales,
compared to gross profit of $166.5 million, or 27.7% of sales, in 2003. Gross
profit decreased $18.1 million due to lower margins, the impact in the first
half of the strikes on plant utilization and a net $7.3 million expense related
to an increase in LIFO reserves caused by higher steel prices.</p>
<p class="MsoNormal">In 2004, gross profit of the Performance Coatings &amp;
Finishes Group was flat compared to gross profit in 2003.&nbsp;Higher profit of $2.8
million from increased sales was offset by a similar reduction in gross profit
due to lower margins.&nbsp;Profit margins were adversely impacted by higher
manufacturing costs of $1.8 million in the U.S. and Europe, due to inefficient
plant utilization, and higher raw material costs of $.7 million.&nbsp;The Group was
unable to increase prices sufficiently to cover additional costs due to
competitive pressures, especially in dollar-based markets in the Middle East and
the former Soviet Union served by the Company's European operations.</p>
<p class="MsoNormal">The Fiberglass-Composite Pipe Group's gross profit increased
$2.4 million in 2004 due to higher sales and improved margins.&nbsp;Higher sales
generated $.6 million higher gross profit, while improved margins contributed
$1.8 million.&nbsp;The margin increase resulted from the mix of products sold in
2004, especially from Asian operations which benefited from the strength of
local markets, and improved conditions in worldwide oilfield markets. </p>
<p class="MsoNormal">Gross profit of the Water Transmission Group decreased
$11.1 million in 2004.&nbsp;Gross profit decreased $2.7 million because of lower
sales and $8.4 million due to lower margins.&nbsp;Profit margins were lower due to
competitive pressures brought on by slow market conditions and increased workers'
compensation costs of $1.2 million.&nbsp;Margins in 2004 and 2003 were adversely
affected by the San Francisco/Oakland Bay Bridge project, for which the Water
Transmission Group provided lower-margin steel pilings.&nbsp;Deliveries to the San
Francisco/Oakland Bay Bridge project were completed in 2004.</p>
<p class="MsoNormal">The Infrastructure Products Group's gross profit declined
slightly as profit on higher sales was offset by slightly lower margins. Margins
declined due to wet weather and the labor dispute in Hawaii in the first half of
2004, reducing profits $1.6 million.&nbsp;Higher concrete poles sales generated
increased gross profit of approximately $1.3 million.</p>
<p class="MsoNormal">Additionally, consolidated gross profit was $7.8 million
lower in 2004 compared to the same period in 2003 due primarily to increased
reserves associated with LIFO accounting of certain steel inventories used by
the Water Transmission Group.&nbsp;The LIFO method is used to defer income taxes on
operating profit of the Water Transmission Group. Income taxes and the LIFO
reserves are not allocated to the operating segments.&nbsp;Gross profit was also $1.3
million lower as a result of other inventory adjustments.</p>
<p class="MsoNormal"><b><i>Selling, General and Administrative Expenses (&quot;SG&amp;A&quot;)</i></b></p>
<p class="MsoNormal">SG&amp;A totaled $137.5 million, or 22.7% of sales, in 2004,
compared to $127.4 million, or 21.2%, in 2003. SG&amp;A increased $10.1 million due
to higher costs of third-party insurance coverage of $2.2 million, higher legal
and consulting expenses of $3.4 million and Sarbanes-Oxley 404 auditing and
implementation costs of $3.5 million, offset by lower compensation expenses of
$1.9 million. The appreciation of foreign currencies increased SG&amp;A of foreign
operations by approximately $3.9 million. Additionally in 2003, SG&amp;A included a
legal expense recovery of $1.0 million, representing amounts agreed to be
reimbursed to the Company by its own and a supplier's insurance companies for
past legal fees and costs in excess of the negotiated settlement of the Central
Arizona Project lawsuit.</p>
<p><b><i>Pension Plan Curtailment/Settlement</i></b></p>
<p>In June 2004, the Company terminated two executive benefit plans in
consideration of ongoing costs, anticipated legislative restrictions on such
programs, and a preference for executive benefit plans having more predictable
costs.&nbsp; The Company incurred a pretax expense of $12.8 million due to the
termination of the plans and distributions to plan participants.&nbsp; The Company
recorded this expense in accordance with SFAS No. 88, &quot;Employers' Accounting for
Settlements and Curtailments of Defined Benefit Pension Plans and for
Termination Benefits.&quot; SFAS No. 88 requires settlement accounting if the cost of
all settlements, including lump-sum retirement benefits paid, in a year exceeds,
or is expected to exceed, the total of the service and interest cost components
of pension expense for the same period. In addition to the termination and settlement costs,
Ameron expensed $1.8 million under the plans in 2004 and $2.1 million in 2003.</p>
<p class="MsoNormal"><b><i>Other Income, Net</i></b></p>
<p class="MsoNormal">Other income increased to $17.9 million in 2004 from $10.9
million in 2003. Other income included royalties and fees from licensees,
foreign currency transaction gains and losses, and other miscellaneous income.
Included in 2004 was a gain of $13.1 million on the sale of excess property
vacated as part of a program to streamline pipe manufacturing operations within
the Water Transmission Group. Included in 2003 was a gain of $2.5 million on the
sale of Ameron's minority interest in a Mexican coatings venture.&nbsp;Income from
investments accounted for under the cost method decreased from $6.3 million in
2003 to $.5 million in 2004 due to the timing of dividend payments. The
fiberglass pipe and coatings ventures continued to perform well due to the
strength of oilfield and infrastructure markets in Saudi Arabia.&nbsp;The concrete
pipe venture experienced a cyclical lull and increased competition from
alternative products.&nbsp;</p>
<p class="MsoNormal"><b><i>Interest</i></b></p>
<p class="MsoNormal">Interest expense totaled $5.3 million in 2004, compared to
$6.6 million in 2003. The decrease reflected lower average borrowing levels in
combination with lower average effective interest rates related to the repayment
of fixed-rate debt with a higher interest rate and increased utilization of
floating-rate debt.</p>
<p class="MsoNormal"><b><i>Provision for Income Taxes</i></b></p>
<p class="MsoNormal">Income taxes declined to $8.0 million compared to $14.0
million in 2003.&nbsp;The effective tax rate increased from 32% in 2003 to 75% in
2004.&nbsp;The effective tax rate was significantly higher in 2004 due to IRS
limitations on the deductibility of a portion of the settlements associated with
the executive benefit plan terminations.&nbsp;Approximately $18.5 million of the
$24.7 million paid to participants of the terminated plans did not
receive an associated tax benefit.&nbsp;Excluding the impact of the termination of
the benefit plans, the effective rate in 2004 would have been less than in 2003
due to lower level of earnings from domestic operations.&nbsp;Income from certain
foreign operations is taxed at rates that are lower than the U.S. statutory tax
rates.</p>
<p class="MsoNormal"><b><i>Equity in Earnings of Joint Venture, Net of Taxes</i></b></p>
<p class="MsoNormal">Equity income, which consists of Ameron's share of the
results of TAMCO, increased from $.6 million in 2003 to $10.8 million in
2004.&nbsp;TAMCO performed well throughout 2004 due to increased demand for
steel rebar and higher selling prices.&nbsp;The worldwide market for steel products
increased dramatically in 2004 because of demand for steel in China.</p>
<p class="MsoNormal"><b>OFF-BALANCE SHEET FINANCING</b></p>
<p class="MsoNormal">The Company does not have any off-balance sheet financing,
other than listed in the Liquidity and Capital Resources section herein. All of
the Company's subsidiaries are included in the financial statements, and the
Company does not have relationships with any special purpose entities.</p>
<P class="MsoNormal"><B>CONTINGENCIES</B></P>
<P class="MsoNormal">The Company is one of
numerous defendants in various asbestos-related personal injury lawsuits. These
cases generally seek unspecified damages for asbestos-related diseases based on
alleged exposure to products previously manufactured by the Company and others,
and at this time the Company is generally not aware of the extent of injuries
allegedly suffered by the individuals or the facts supporting the claim that
injuries were caused by the Company's products. Based upon the information
available to it at this time, the Company is not in a position to evaluate its
potential exposure, if any, as a result of such claims or future similar claims,
if any, that may be filed. Hence, no amounts have
been accrued for loss contingencies related to these lawsuits in accordance with
SFAS No. 5, "Accounting for Contingencies." The Company continues to vigorously
defend all such lawsuits. As of November 30, 2005, the Company was a defendant
in asbestos-related cases involving 8,906 claimants, compared to 18,298
claimants as of November 30, 2004.&nbsp; The Company is not in a position to estimate
the number of additional claims that may be filed against it in the future. For
the fiscal year ended November 30, 2005, there were new claims involving 72
claimants, dismissals and/or settlements involving 9,464 claimants and no
judgments.&nbsp; No net costs and expenses were incurred by the Company for the fiscal year
ended November 30, 2005 in connection with asbestos-related claims.</P>
<P class="MsoNormal">The Company is one of
numerous defendants in various silica-related personal injury lawsuits. These
cases generally seek unspecified damages for silica-related diseases based on
alleged exposure to products previously manufactured by the Company and others,
and at this time the Company is not aware of the extent of injuries allegedly
suffered by the individuals or the facts supporting the claim that injuries were
caused by the Company's products.&nbsp; Based upon the information available to it at
this time, the Company is not in a position to evaluate its potential exposure,
if any, as a result of such claims or future similar claims, if any, that may be
filed.&nbsp; Hence, no amounts have been accrued for
loss contingencies related to these lawsuits in accordance with SFAS No. 5.&nbsp; The
Company continues to vigorously defend all such lawsuits.&nbsp; As of November 30,
2005, the Company was a defendant in silica-related cases involving 7,447
claimants, compared to 8,226 claimants as of November 30, 2004.&nbsp; The Company is
not in a position to estimate the number of additional claims that may be filed
against it in the future.&nbsp; For the fiscal year ended November 30, 2005, there
were new claims involving 1,187 claimants, dismissals and/or settlements
involving 1,966 claimants and no judgments.&nbsp; Net costs and expenses incurred by
the Company for the fiscal year ended November 30, 2005 in connection with
silica-related claims were approximately $.4 million.</P>
<P class="MsoNormal">
<font face="Times New Roman" size="2" style="font-size: 10pt">In April 2003, the Company was served with
a complaint in an action brought by J. Ray McDermott, Inc., J. Ray McDermott, S.A.
and SparTEC, Inc. (collectively &quot;McDermott&quot;) in the District Court of Harris
County, Texas against the Company and two co-defendants, in connection with
certain coatings supplied by the defendants in 2002 for an offshore production
facility known as a SPAR being constructed by McDermott for Dominion Exploration
and Production, Inc. and Pioneer Natural Resources USA, Inc. (collectively
&quot;Dominion&quot;).&nbsp;The Company
reached a settlement with McDermott in May 2005. </font>In May 2003, Dominion
brought an action against the Company in Civil
District Court for the Parish of Orleans, Louisiana.&nbsp;
Dominion seeks damages allegedly sustained by it resulting from delays in
McDermott's delivery of the SPAR caused by the removal and replacement of
certain coatings containing lead and/or lead chromate for which McDermott
alleged the Company was responsible.&nbsp; Dominion contends that the Company made
certain misrepresentations and warranties to Dominion concerning the lead-free
nature of those coatings.&nbsp; Dominion's petition as filed alleged a claim for
damages in an unspecified amount; however Dominion's economic expert has since
estimated Dominion's damages at approximately $128 million, a figure which the
Company contests.&nbsp; This matter is in discovery and no trial date has yet been
established.&nbsp; The Company believes that it has meritorious defenses to this
action.&nbsp;&nbsp; Based upon the information available to it at this time, the Company
is not in a position to evaluate the ultimate outcome of this matter. Legal
costs and expenses related to these lawsuits totaled $5.0 million in 2005.</P>
<P class="MsoNormal">In April 2004, Sable
Offshore Energy Inc. ("Sable"), as agent for certain owners of the Sable
Offshore Energy Project, brought an action against various coatings suppliers
and application contractors, including the Company and two of its subsidiaries,
Ameron (UK) Limited and Ameron B.V. (collectively "Ameron Subsidiaries") in
the Supreme Court of Nova Scotia, Canada.&nbsp; Sable seeks damages allegedly
sustained by it resulting from performance problems with several coating systems
used on the Sable Offshore Energy Project, including coatings products furnished
by the Company and the Ameron Subsidiaries.&nbsp; Sable's originating notice and
statement of claim alleged a claim for damages in an unspecified amount; however,
Sable has since alleged that its claim for damages against all defendants is
approximately 428 million Canadian dollars, a figure which the Company and the
Ameron Subsidiaries contest.&nbsp; This matter is in discovery, and no trial date has
yet been established.&nbsp; The Company believes that it has meritorious defenses to
this action.&nbsp; Based upon the information available to it at this time, the
Company is not in a position to evaluate the ultimate outcome of this matter.</P>
<P class="MsoNormal">In addition, certain other
claims, suits and complaints that arise in the ordinary course of business, have
been filed or are pending against the Company. Management believes that these
matters are either adequately reserved, covered by insurance, or would not have
a material effect on the Company's financial position, cash flows, or its results of
operations if disposed of unfavorably.</P>
<P class="MsoNormal">The Company is subject to
federal, state and local laws and regulations concerning the environment and is
currently participating in administrative proceedings at several sites under
these laws. While the Company finds it difficult to estimate with any certainty
the total cost of remediation at the several sites, on the basis of currently
available information and reserves provided, the Company believes that the
outcome of such environmental regulatory proceedings will not have a material
effect on the Company's financial position, cash flows, or its results of operations.</P>
<P class="MsoNormal"><B>NEW ACCOUNTING PRONOUNCEMENTS</B></P>
<P class="MsoNormal">In November 2004,
the Financial Accounting Standards Board ("FASB") issued SFAS No. 151,
&quot;Inventory Costs,&quot; which clarifies the accounting for abnormal amounts of idle
facility expense, freight, handling costs, and wasted material. SFAS No. 151
will be effective for inventory costs incurred during fiscal years beginning
after June 15, 2005. The adoption of SFAS No. 151 is not expected to have a
material impact on the Company's consolidated financial statements.</P>
<P class="MsoNormal">In December 2004, the FASB issued SFAS No. 123 (revised
2004), &quot;Share-Based Payments.&quot; SFAS No. 123 (R) requires companies to measure
all employee stock-based compensation awards using a fair-value method and
record such expense in their consolidated financial statements.&nbsp; The adoption
of SFAS No. 123 (R) will require additional accounting related to the income tax
effects and additional disclosure regarding the cash flow effects resulting from
share-based payment arrangements. The Company is
allowed to select either of two alternative transition methods. Under the first method, the Modified
Prospective Application method, SFAS 123 (R) applies to new awards and modified awards
after the effective date, and to any unvested awards as service is rendered on
or after the effective date. Under the second method, the Modified Retrospective
Application method, SFAS No. 123 (R) applies to either all prior years for which
SFAS No.&nbsp;123 was effective or only to prior interim periods in the year of
adoption. The Company plans to adopt SFAS No. 123 (R) using the Modified
Prospective Application method.&nbsp; SFAS No. 123 (R) is effective beginning in
the first quarter of 2006 and will apply to all outstanding and unvested option awards at adoption
date. The Company has completed a preliminary evaluation of the effect of
adoption of SFAS 123 (R).&nbsp; The adoption of SFAS 123 (R) is expected to
increase SG&amp;A by approximately $.2 million in 2006 based upon options outstanding as of November 30, 2005.</P>
<P class="MsoNormal"><B>CAUTIONARY STATEMENT FOR PURPOSES OF THE &quot;SAFE HARBOR&quot;
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995</B></P>
<P class="MsoNormal">Any of the statements contained in this report that
refer to the Company's forecasted, estimated or anticipated future results are
forward-looking and reflect the Company's current analysis of existing trends
and information. Actual results may differ from current expectations based on a
number of factors affecting Ameron's businesses, including competitive
conditions and changing market conditions. In addition, matters affecting the
economy generally, including the state of economies worldwide, can affect the
Company's results. These forward-looking statements represent the Company's
judgment only as of the date of this report. Since actual results could
differ materially, the reader is cautioned not to rely on these forward-looking
statements. Moreover, the Company disclaims any intent or obligation to update
these forward-looking statements.
</P>
<P class="style0"><B>ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK</B></P>
<p class="MsoNormal"><b><i>Foreign Currency Risk</i></b></p>
<p class="MsoNormal">The Company operates internationally, giving rise to
exposure to market risks from changes in foreign exchange rates. From time to
time, the Company borrows in various currencies to reduce the level of net
assets subject to changes in foreign exchange rates or purchases foreign
exchange forward and option contracts to hedge firm commitments, such as
receivables and payables, denominated in foreign currencies. The Company does
not use the contracts for speculative or trading purposes. At November 30, 2005,
the <br clear=all style='page-break-before:always'>
Company had 15 foreign currency forward contracts expiring at various dates
through March 2006, with an aggregate notional value and fair value of $5.1 million
and $5.0 million, respectively. Such instruments are carried at fair value,
with related adjustments recorded in other income.</p>

<P class="MsoNormal"><B><I>Debt Risk</I></B></P>
<P class="MsoNormal">The Company has variable-rate, short-term and long-term
debt as well as fixed-rate, long-term debt. The fair value of the Company's
fixed-rate debt is subject to changes in interest rates. The estimated fair
value of the Company's variable-rate debt approximates the carrying value of
such debt since the variable interest rates are market-based, and the Company
believes such debt could be refinanced on materially similar terms. The Company
is subject to the availability of credit to support new requirements, to
refinance amortizing long-term debt and to refinance short-term debt.</P>
<P class="MsoNormal">As of November 30, 2005, the estimated fair value of notes
payable by the Company totaling $8.3 million, with a fixed rate of 7.92% per
annum, was
$8.6 million. The Company is required to repay these notes in 2006. &nbsp;As of November 30, 2005, the
estimated fair value of notes payable by the Company totaling $40.0 million,
with a fixed rate of 5.36% per annum, was $40.0 million. The Company is required to repay
these notes in annual installments of $10.0 million from 2006 to 2009,
inclusive.&nbsp; As of November 30, 2005, the estimated value of notes payable
by the Company's wholly-owned subsidiary in Singapore totaling approximately
$30.2 million, with a fixed rate of 4.25% per annum, was $30.3 million.&nbsp;
These notes must be repaid in installments of approximately $6.0 million per
year beginning in 2008.&nbsp; The Company had $7.2 million of variable-rate industrial development
bonds payable at a rate of 3.25% per annum as of November 30, 2005, payable in 2016. The
Company also had $8.5 million of variable-rate industrial development bonds
payable at a rate of 3.25% per annum as of November 30, 2005, payable in 2021.
The industrial revenue bonds are supported by the Revolver.&nbsp; The Company borrowed $1.3 million under various foreign short-term bank facilities, that are
supported by the Revolver which permits borrowings up to $100.0 million through
September 2010.&nbsp;The average interest rate of such borrowings by foreign
subsidiaries was
8.96% per annum as of November 30, 2005.</P>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="54%" colspan=17 valign=bottom style='width:54.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>&nbsp;</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="17%" colspan=5 valign=bottom style='width:17.88%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>Total Outstanding<br>As of November&nbsp;30, 2005</FONT></b></p>
    </td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="54%" colspan=17 valign=bottom style='width:54.16%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>Expected Maturity Date</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>Recorded</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>&nbsp;</FONT></b></p>
    </td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;border:none;
  border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>Fair</FONT></b></p>
    </td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;(Dollars in thousands)</FONT></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>2006</FONT></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>2007</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>2008</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>2009</FONT></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.34%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>2010</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>Thereafter</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>Value</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><FONT size=1>&nbsp;</FONT></b></p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><FONT size=1>Value</FONT></b></p>
    </td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><FONT size="2">Liabilities</FONT></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.34%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Long-Term Debt:</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.34%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Fixed-rate secured notes, payable in US$</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.28%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="5%" valign=bottom style='width:5.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">8,333</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.26%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="5%" valign=bottom style='width:5.8%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">-</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.24%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="5%" valign=bottom style='width:5.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size=2>-</FONT></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.24%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="5%" valign=bottom style='width:5.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size=2>-</FONT></p></td>
    <td width="2%" valign=bottom style='width:2.34%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.24%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="5%" valign=bottom style='width:5.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size=2>-</FONT></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.24%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="7%" valign=bottom style='width:7.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size=2>-</FONT></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.24%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="6%" valign=bottom style='width:6.34%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">8,333</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.24%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="7%" valign=bottom style='width:7.06%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">8,640</FONT></td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Average interest rate</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">7.92</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">%</font></p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">-</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size=2>-</FONT></p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size=2>-</FONT></p></td>
    <td width="2%" valign=bottom style='width:2.34%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size=2>-</FONT></p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><FONT size=2>-</FONT></p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">7.92</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">%</font></p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    &nbsp;</td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.34%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Fixed-rate secured notes, payable in US$</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">10,000</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">10,000</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">10,000</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">10,000
    </font></p></td>
    <td width="2%" valign=bottom style='width:2.34%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P align="right">-</td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">40,000</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">40,024</FONT></td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Average interest rate</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">5.36</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">%</font></p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">5.36</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">%</font></p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">5.36</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">%</font></p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">5.36</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.34%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">%</font></p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="2">-</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">5.36</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">%</font></p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.34%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Fixed-rate secured notes, payable in Singapore Dollars</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">6,031</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">6,031</FONT></td>
    <td width="2%" valign=bottom style='width:2.34%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">6,031</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">12,065</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">30,158</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">30,319</FONT></td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Average interest rate</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">4.25</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><FONT size="2">%</FONT></p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">4.25</FONT></td>
    <td width="2%" valign=bottom style='width:2.34%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">%</font></p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">4.25</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><FONT size="2">%</FONT></p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">4.25</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><FONT size="2">%</FONT></p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">4.25</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><FONT size="2">%</FONT></p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.34%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Variable-rate bank revolving credit facilities,
  payable in local currencies</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">-</FONT></td>
    <td width="2%" valign=bottom style='width:2.34%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">1,251</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">1,251</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">1,251</FONT></td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Average interest rate</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">-</FONT></td>
    <td width="2%" valign=bottom style='width:2.34%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">8.96</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><FONT size="2">%</FONT></p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">8.96</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><FONT size="2">%</FONT></p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.34%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Variable-rate industrial development bonds, payable in US$</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.34%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">7,200</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">7,200</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">7,200</font></p>
    </td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Average interest rate</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.34%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">3.25</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">%</font></p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">3.25</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">%</font></p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.34%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Variable-rate industrial development bonds, payable in US$</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.34%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">8,500</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">8,500</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">8,500</font></p>
    </td>
  </tr>
  <tr>
    <td width="22%" valign=bottom style='width:22.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Average interest rate</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.06%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.34%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="6%" colspan=2 valign=bottom style='width:6.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.96%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">3.25</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">%</font></p></td>
    <td width="7%" colspan=2 valign=bottom style='width:7.6%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">3.25</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">%</font></p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
</table>
<br clear=all style='page-break-before:always'>
<b>ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</b><p class=MsoNormal><b>CONSOLIDATED STATEMENTS OF INCOME</b></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="46%" colspan=8 valign=bottom style='width:46.8%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Year ended
  November 30,</font></b></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.82%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(Dollars in thousands, except per share data)</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2003</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Sales</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.7%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:4.55pt'><b><font size="2">$</font></b></p>
    </td>
    <td width="11%" valign=bottom style='width:11.28%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><B><FONT size="2">704,574</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.7%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:4.55pt'><font size="2">$</font></p>
    </td>
    <td width="11%" valign=bottom style='width:11.28%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">605,853</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:5.75pt'><font size="2">$</font></p>
    </td>
    <td width="11%" valign=bottom style='width:11.98%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">600,495</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Cost of
  sales</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>(522,467)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(457,442)</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">(434,007)</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
  style='width:14.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Gross
  profit</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.96%;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>182,107</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">148,411</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">166,488</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Selling,
  general and administrative expenses</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
  style='width:13.96%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>(145,954)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in .7pt 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom
  style='width:13.96%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(137,468)</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
  style='width:14.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">(127,392)</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Pension
  plan curtailment/settlement</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.96%;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>-</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(12,817)</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">-</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Other
  income, net</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>7,141</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">17,861</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">10,852</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Income
  before interest, income taxes and
  equity in earnings of joint venture</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>43,294</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">15,987</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">49,948</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Interest
  expense, net</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(5,219)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in .7pt 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(5,313)</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">(6,645)</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Income
  before income taxes and equity in
  earnings of joint venture</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>38,075</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">10,674</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">43,303</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Provision
  for income taxes</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(14,470)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in .7pt 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(8,006)</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">(14,017)</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Income
  before equity in earnings of joint venture</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>23,605</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">2,668</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">29,286</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Equity in
  earnings of joint venture, net of taxes</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>9,005</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">10,791</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">614</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Net income</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.7%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:4.55pt'><b><font size="2">$</font></b></p>
    </td>
    <td width="11%" valign=bottom style='width:11.28%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>32,610</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.7%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:4.55pt'><font size="2">$</font></p>
    </td>
    <td width="11%" valign=bottom style='width:11.28%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">13,459</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:5.75pt'><font size="2">$</font></p>
    </td>
    <td width="11%" valign=bottom style='width:11.98%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">29,900</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Net income
  per share (basic)</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.7%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:4.55pt'><b><font size="2">$</font></b></p>
    </td>
    <td width="11%" valign=bottom style='width:11.28%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>3.88</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.7%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:4.55pt'><font size="2">$</font></p>
    </td>
    <td width="11%" valign=bottom style='width:11.28%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">1.63</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:5.75pt'><font size="2">$</font></p>
    </td>
    <td width="11%" valign=bottom style='width:11.98%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">3.77</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Net income
  per share (diluted)</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.7%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:4.55pt'><b><font size="2">$</font></b></p>
    </td>
    <td width="11%" valign=bottom style='width:11.28%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>3.80</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in .7pt 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.7%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:4.55pt'><font size="2">$</font></p>
    </td>
    <td width="11%" valign=bottom style='width:11.28%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">1.59</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:5.75pt'><font size="2">$</font></p>
    </td>
    <td width="11%" valign=bottom style='width:11.98%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">3.67</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Weighted-average
  shares (basic)</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
  style='width:13.96%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>8,410,563</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom
  style='width:13.96%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">8,270,487</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
  style='width:14.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">7,925,229</font></p></td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.26%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Weighted-average
  shares (diluted)</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.96%;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>8,579,194</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">8,448,987</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:5.75pt;text-align:right'>
    <font size="2">8,149,460</font></p></td>
  </tr>
</table>
<p class=MsoNormal><i>The accompanying notes are an integral part of these
consolidated financial statements.</i></p>
<br clear=all style='page-break-before:always'>
<p class=MsoNormal><b>CONSOLIDATED BALANCE SHEETS - ASSETS</b></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="30%" colspan=5 valign=bottom style='width:30.36%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">As of November
  30,</font></b></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(Dollars in thousands, except per share data)</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.16%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="67%" valign=bottom
  style='width:67.64%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">ASSETS</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.16%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:13%;border:medium none;
  padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'><b>
    <font size="2">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; '>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Current
  assets</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
  style='width:14.16%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Cash and
  cash equivalents</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.32%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style="margin-right: 4.55pt"><b><font size="2">$</font></b></p></td>
    <td width="12%" valign=bottom style='width:12.82%;padding:0in 0in 0in 0in'
    align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>44,671</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td valign=bottom style='width:1%;padding:0in; '>
    <p class=MsoNormal style="margin-right: 4.55pt"><font size="2">$</font></p></td>
    <td width="12%" valign=bottom style='width:12.82%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">30,124</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Receivables,
  less allowances of $7,693 in 2005 and $7,984 in 2004</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
  style='width:14.16%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>180,558</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">162,636</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Inventories</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
    style='width:14.16%;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>98,389</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; '>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">90,297</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Deferred
  income taxes</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
  style='width:14.16%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>17,598</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">15,526</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Prepaid
  expenses and other current assets</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.16%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>11,714</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">11,032</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.16%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;border:medium none;
  padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:50.0pt;text-indent:-10.0pt'>
    <font size="2">Total
  current assets</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
    style='width:14.16%;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>352,930</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; '>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">309,615</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
  style='width:14.16%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Investments
  in joint ventures</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
    style='width:14.16%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; '>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Equity
  method</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
  style='width:14.16%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>13,777</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">16,042</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Cost method</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
    style='width:14.16%;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>5,922</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; '>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">5,922</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
  style='width:14.16%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Property,
  plant and equipment</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
    style='width:14.16%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; '>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Land</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
  style='width:14.16%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>38,959</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">38,875</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Buildings</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
    style='width:14.16%;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>88,606</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; '>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">87,159</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Machinery and
  equipment</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
  style='width:14.16%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>284,593</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">286,769</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Construction
  in progress</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.16%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>15,500</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">8,812</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.16%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;border:medium none;
  padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:50.0pt;text-indent:-10.0pt'>
    <font size="2">Total
  property, plant and equipment at cost</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
    style='width:14.16%;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>427,658</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; '>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">421,615</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Accumulated
  depreciation</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.16%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(272,993)</B></FONT></td>
    <td valign=bottom

  style='width:2%;padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
  bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom

  style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;padding:0in; '
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(267,964)</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.16%;border:none;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;border:medium none;
  padding:0in; '>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:50.0pt;text-indent:-10.0pt'>
    <font size="2">Total
  property, plant and equipment, net</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
  style='width:14.16%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>154,665</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">153,651</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Deferred
  income taxes</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
    style='width:14.16%;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>143</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; '>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <FONT size="2">6,029</FONT></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Intangible
  assets, net of accumulated amortization of $10,142 in 2005 and $10,550 in 2004</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom
  style='width:14.16%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>13,259</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">13,795</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Other
  assets</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.16%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>37,340</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">38,883</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in 0in 0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="14%" colspan=2 valign=bottom style='width:14.16%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:13%;border:medium none;
  padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
  </tr>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Total
  assets</font></p></td>
    <td width="2%" valign=bottom style='width:2.02%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.32%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="12%" valign=bottom style='width:12.82%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>578,036</B></FONT></td>
    <td valign=bottom
  style='width:2%;padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1%;border-bottom:
  1.5pt double windowtext;padding:0in; '>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="12%" valign=bottom style='width:12.82%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">543,937</font></p></td>
  </tr>
</table>
<p class=MsoNormal><i>The accompanying notes are an integral part of these
consolidated financial statements.</i>
<br clear=all style='page-break-before:always'>
<p class=MsoNormal><b>CONSOLIDATED BALANCE SHEETS - LIABILITIES AND STOCKHOLDERS' EQUITY</b></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.04%;border-collapse:collapse'>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="30%" colspan=5 valign=bottom style='width:30.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">As of November
  30,</font></b></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="15%" colspan=2 valign=bottom style='width:15.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><FONT size=2><b><font size="1">(Dollars in thousands, except per share data)</font></b></FONT></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=bottom
    style='width:66.94%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'><b>
    <font size="2">LIABILITIES
  AND STOCKHOLDERS' EQUITY</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Current
  liabilities</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Current
  portion of long-term debt</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=top style='width:1.42%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:4.55pt'><b><font size="2">$</font></b></p>
    </td>
    <td width="12%" valign=bottom style='width:12.24%;padding:0in 0in 0in 0in'
    align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>18,333</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=top style='width:1.42%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:4.55pt'><font size="2">$</font></p>
    </td>
    <td width="12%" valign=bottom style='width:12.24%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">18,333</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Trade
  payables</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>54,349</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">49,156</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Accrued
  liabilities</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>63,071</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">53,221</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Income
  taxes payable</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>1,051</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">8,092</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right
    style='text-align:right; margin-right:4.55pt'><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:50.0pt;text-indent:-10.0pt'>
    <font size="2">Total
  current liabilities</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>136,804</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">128,802</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Long-term
  debt, less current portion</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>77,109</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">75,349</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Other
  long-term liabilities</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>67,625</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">60,619</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:50.0pt;text-indent:-10.0pt'>
    <font size="2">Total
  liabilities</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>281,538</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">264,770</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right
    style='text-align:right; margin-right:4.55pt'><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Commitments
  and contingencies</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right
    style='text-align:right; margin-right:4.55pt'><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Stockholders'
  equity</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right
    style='text-align:right; margin-right:4.55pt'><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right
    style='text-align:right; margin-right:4.55pt'><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Common
  stock, par value $2.50 per share, authorized 24,000,000 shares, outstanding
  8,698,148 shares in 2005 and 8,431,471 shares in 2004, net of treasury shares</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>28,450</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">27,745</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Additional
  paid-in capital</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>28,936</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">21,903</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Unearned
  restricted stock</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(2,084)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(2,300)</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Retained
  earnings</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>326,795</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">301,013</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Accumulated
  other comprehensive loss</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(36,324)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.68%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(20,420)</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Treasury
  stock (2,681,811 shares in 2005 and 2,666,670 shares in 2004)</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>(49,275)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(48,774)</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right
    style='text-align:right; margin-right:4.55pt'><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:50.0pt;text-indent:-10.0pt'>
    <font size="2">Total
  stockholders' equity</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt">
    <FONT size="2"><B>296,498</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">279,167</font></p></td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" height="20">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" height="20">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right" height="20">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" height="20">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.68%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" height="20">
    <p class=MsoNormal align=right
    style='text-align:right; margin-right:4.55pt'><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td width="66%" valign=bottom style='width:66.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Total
  liabilities and stockholders' equity</font></p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.42%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="12%" valign=bottom style='width:12.24%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2">
    <B>578,036</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.16%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.42%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="12%" valign=bottom style='width:12.24%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">543,937</font></p></td>
  </tr>
</table>
<p class=MsoNormal><i>The accompanying notes are an
integral part of these consolidated financial statements.</i></p>
<br clear=all style='page-break-before:always'>
<p class=MsoNormal><b>CONSOLIDATED STATEMENTS OF
STOCKHOLDERS' EQUITY</b></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;margin-left:-2.4pt;border-collapse:collapse'>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-top:0in;margin-right:-5.4pt;
  margin-bottom:0in;margin-left:3.9pt;margin-bottom:.0001pt;text-align:right;
  text-indent:-3.9pt;text-autospace:none'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td colspan=2 valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="center">
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">Common Stock</font></b></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-top:0in;margin-right:-5.4pt;
  margin-bottom:0in;margin-left:3.9pt;margin-bottom:.0001pt;text-align:right;
  text-indent:-3.9pt;text-autospace:none'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-.9pt;text-align:right;
  text-autospace:none'><b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.9pt;text-align:center;
  text-autospace:none'><b><font size="1">Accumulated</font></b></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-.4pt;text-align:right;
  text-autospace:none'><b><font size="1">&nbsp;</font></b></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-top:0in;margin-right:-5.4pt;
  margin-bottom:0in;margin-left:3.9pt;margin-bottom:.0001pt;text-align:right;
  text-indent:-3.9pt;text-autospace:none'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.75pt;text-align:center;
  text-autospace:none'><b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><b><font size="1">Additional</font></b></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.9pt;text-align:center;
  text-autospace:none'><b><font size="1">Unearned</font></b></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.9pt;text-align:center;
  text-autospace:none'><b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.9pt;text-align:center;
  text-autospace:none'><b><font size="1">Other</font></b></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.9pt;text-align:center;
  text-autospace:none'><b><font size="1">&nbsp;</font></b></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-5.4pt;text-align:right;
  text-autospace:none'><b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><b><font size="1">Shares</font></b></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.75pt;text-align:center;
  text-autospace:none'><b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><b><font size="1">Paid-in</font></b></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.9pt;text-align:center;
  text-autospace:none'><b><font size="1">Restricted</font></b></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.9pt;text-align:center;
  text-autospace:none'><b><font size="1">Retained</font></b></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.9pt;text-align:center;
  text-autospace:none'><b><font size="1">Comprehensive</font></b></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.9pt;text-align:center;
  text-autospace:none'><b><font size="1">Treasury</font></b></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:274px;border-bottom:
  1.0pt solid windowtext;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
<FONT size=2>
    <b><font size="1">&nbsp;(Dollars in thousands)</font></b></FONT></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:78px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><b><font size="1">Outstanding</font></b></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.75pt;text-align:center;
  text-autospace:none'><b><font size="1">Amount</font></b></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><b><font size="1">Capital</font></b></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:76px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.9pt;text-align:center;
  text-autospace:none'><b><font size="1">Stock</font></b></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.9pt;text-align:center;
  text-autospace:none'><b><font size="1">Earnings</font></b></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:83px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.9pt;text-align:center;
  text-autospace:none'><b><font size="1">Loss</font></b></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:74px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-3.9pt;text-align:center;
  text-autospace:none'><b><font size="1">Stock</font></b></p></td>
    <td width=59 valign=top style='width:44.45pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">Total</font></b></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Balance, November 30, 2002</font></p></td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">3,945,662</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">$13,198</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">$23,950</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">$(2,164)</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><FONT size="2">$270,449</FONT></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">$(44,948)</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">$(48,659)</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">$211,826</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Net Income - 2003</font></p></td>
    <td valign=top

    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">29,900</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">29,900</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Stock dividends</font></p></td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">3,945,662</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">13,224</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">(13,224)</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Exercise of stock options</font></p></td>
    <td valign=top

    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">323,239</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">764</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">5,722</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">136</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">6,622</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Foreign currency translation adjustment</font></p></td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">14,847</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">14,847</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Minimum pension liability adjustment, net of tax</font></p>
    </td>
    <td valign=top

    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">(2,399)</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">(2,399)</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Comprehensive income from joint venture</font></p></td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">732</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">732</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Cash dividends on common stock</font></p></td>
    <td valign=top

    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">(6,094)</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">(6,094)</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Stock compensation expense</font></p></td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">(5)</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">(5)</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Amortization of restricted stock</font></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:78px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:76px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">683</font></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:83px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:74px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">683</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Balance, November 30, 2003</font></p></td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">8,214,563</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">27,186</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">16,443</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">(1,481)</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">294,255</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">(31,768)</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">(48,523)</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">256,112</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Net Income - 2004</font></p></td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">13,459</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">13,459</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Exercise of stock options</font></p></td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">167,768</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">419</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">2,896</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">3,315</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Foreign currency translation adjustment</font></p></td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">- </font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">- </font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">- </font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">- </font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">10,175</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">10,175</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Minimum pension liability adjustment, net of tax</font></p>
    </td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">411</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">411</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Comprehensive income from joint venture</font></p></td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">762</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">762</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Cash dividends on common stock</font></p></td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">(6,701)</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">(6,701)</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Stock compensation expense</font></p></td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">772</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">772</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Issuance of restricted stock</font></p></td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">56,000</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">140</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">1,792</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">(1,932)</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Amortization of restricted stock</font></p></td>
    <td valign=top
    style='width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">1,113</font></p></td>
    <td valign=top
    style='width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top
    style='width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td width=59 valign=top style='width:44.45pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">1,113</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'>
    <font size="2">Treasury stock purchase</font></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:78px;border-bottom:1px solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><font size="2">(6,860)</font></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:1px solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:1px solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:76px;border-bottom:1px solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:1px solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:83px;border-bottom:1px solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><font size="2">-</font></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:74px;border-bottom:1px solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><font size="2">(251)</font></p></td>
    <td width=59 valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:44.45pt;border-bottom:1px solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><font size="2">(251)</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'><b>
    <font size="2">Balance, November 30, 2004</font></b></p></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; width:78px;border-bottom:medium none windowtext;
  height:8.65pt; border-top-color:inherit; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="center"><FONT size="2"><B>8,431,471</B></FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; border-top-color:inherit; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>27,745</B></FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; width:81px;border-bottom:medium none windowtext;
  height:8.65pt; border-top-color:inherit; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>21,903</B></FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; width:76px;border-bottom:medium none windowtext;
  height:8.65pt; border-top-color:inherit; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>(2,300)</B></FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; border-top-color:inherit; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>301,013</B></FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; width:83px;border-bottom:medium none windowtext;
  height:8.65pt; border-top-color:inherit; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>(20,420)</B></FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; width:74px;border-bottom:medium none windowtext;
  height:8.65pt; border-top-color:inherit; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>(48,774)</B></FONT></td>
    <td width=59 valign=top

    style='border-left:medium none; border-right:medium none; width:44.45pt;border-bottom:medium none windowtext;
  height:8.65pt; border-top-color:inherit; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>279,167</B></FONT></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'><b>
    <font size="2">Net Income - 2005</font></b></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:78px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="center"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:76px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>32,610</B></FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:83px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:74px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td width=59 valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:44.45pt;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>32,610</B></FONT></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'><b>
    <font size="2">Exercise of stock options</font></b></p></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:78px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="center"><FONT size="2"><B>239,318</B></FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>599</B></FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>4,701</B></FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:76px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:83px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:74px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td width=59 valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:44.45pt;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>5,300</B></FONT></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'><b>
    <font size="2">Foreign currency translation adjustment</font></b></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:78px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="center"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:76px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:83px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>(10,329)</B></FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:74px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td width=59 valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:44.45pt;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>(10,329)</B></FONT></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'><b>
    <font size="2">Minimum pension liability adjustment, net of tax</font></b></p>
    </td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:78px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="center"><FONT size="2">-</FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:76px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:83px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>(5,209)</B></FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:74px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td width=59 valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:44.45pt;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>(5,209)</B></FONT></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'><b>
    <font size="2">Comprehensive income from joint venture</font></b></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:78px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="center"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:76px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:83px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>(366)</B></FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:74px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td width=59 valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:44.45pt;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>(366)</B></FONT></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'><b>
    <font size="2">Cash dividends on common stock</font></b></p></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:78px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="center"><FONT size="2">-</FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:76px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>(6,828)</B></FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:83px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:74px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td width=59 valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:44.45pt;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>(6,828)</B></FONT></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'><b>
    <font size="2">Stock compensation expense</font></b></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:78px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="center"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>899</B></FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:76px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:83px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:74px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td width=59 valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:44.45pt;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>899</B></FONT></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'><b>
    <font size="2">Issuance of restricted stock</font></b></p></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:78px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="center"><FONT size="2"><B>42,500</B></FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>106</B></FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>1,433</B></FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:76px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>(1,539)</B></FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:83px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:74px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td width=59 valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:44.45pt;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>-</B></FONT></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'><b>
    <font size="2">Amortization of restricted stock</font></b></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:78px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="center"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:76px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>1,755</B></FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:83px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:74px;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2">-</FONT></td>
    <td width=59 valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:44.45pt;border-bottom:medium none windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>1,755</B></FONT></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'><b>
    <font size="2">Treasury stock purchase</font></b></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:78px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="center"><FONT size="2"><B>(15,141)</B></FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:76px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:65px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:83px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2">-</FONT></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:74px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>(501)</B></FONT></td>
    <td width=59 valign=top style='width:44.45pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:8.65pt' align="right"><FONT size="2"><B>
    (501)</B></FONT></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:274px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'><b>
    <font size="2">Balance, November 30, 2005</font></b></p></td>
    <td valign=top
    style='border-bottom:3px double #000000; width:78px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=center
    style='margin-right:-5.4pt;text-autospace:none'><b><font size="2">8,698,148</font></b></p></td>
    <td valign=top
    style='border-bottom:3px double #000000; width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:-3.75pt;text-autospace:none'
    align="right"><b>
    <font size="2">$28,450</font></b></p></td>
    <td valign=top
    style='border-bottom:3px double #000000; width:81px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.4pt;text-align:right;
  text-autospace:none'><b><font size="2">$28,936</font></b></p></td>
    <td valign=top
    style='border-bottom:3px double #000000; width:76px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-3.75pt;text-align:right;
  text-autospace:none'><b><font size="2">$(2,084)</font></b></p></td>
    <td valign=top
    style='border-bottom:3px double #000000; width:65px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.05pt;text-align:right;
  text-autospace:none'><b><font size="2">$326,</font></b><FONT size="2"><B>795</B></FONT></p></td>
    <td valign=top
    style='border-bottom:3px double #000000; width:83px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-4.5pt;text-align:right;
  text-autospace:none'><b><font size="2">$(36,324)</font></b></p></td>
    <td valign=top
    style='border-bottom:3px double #000000; width:74px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-2.15pt;text-align:right;
  text-autospace:none'><b><font size="2">$(49,275)</font></b></p></td>
    <td width=59 valign=top
    style='border-bottom:3px double #000000; width:44.45pt;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.95pt;text-align:right;
  text-autospace:none'><b><font size="2">$296,498 </font></b></p></td>
  </tr>
</table>
<p class=MsoNormal><i>The accompanying notes are an
integral part of these consolidated financial statements.</i></p>
<br clear=all style='page-break-before:always'>
<p class=MsoNormal><b>CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME</b></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="90%"
 style='width:90.0%;border-collapse:collapse'>
  <tr style='height:7.55pt'>
    <td valign=top style='width:311px;padding:0in;
  height:7.55pt'>
    <p class=MsoNormal style='text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top style='width:77px;padding:0in;
  height:7.55pt'>
    <p class=MsoNormal style='text-autospace:none'>&nbsp;</p>
    </td>
    <td width=52 valign=top style='width:39.0pt;padding:0in 0in 0in 0in;
  height:7.55pt'>
    <p class=MsoNormal style='text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:.65in;padding:0in 0in 0in 0in;
  height:7.55pt'>
    <p class=MsoNormal style='text-autospace:none'>&nbsp;</p>
    </td>
    <td colspan=3 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; height:7.55pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
  align="center">
    <p class=MsoNormal style='margin-right:-5.4pt;text-autospace:none'><b>
    <font size="1">Year ended November 30,</font></b></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=bottom

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:297px;border-bottom:1.0pt solid windowtext;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='text-autospace:none'><b><font size="1">(In
  thousands)</font></b></p></td>
    <td valign=top
    style='width:63px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='text-autospace:none'>&nbsp;</p>
    </td>
    <td width=52 valign=top style='width:39.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal style='text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:.65in;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal style='text-autospace:none'>&nbsp;</p>
    </td>
    <td width=88 valign=bottom style='width:66.3pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><b><font size="1">2005</font></b></p></td>
    <td width=88 valign=bottom style='width:66.3pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><B><font size="1">2004</font></B></p></td>
    <td width=78 valign=bottom style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>
    <p class=MsoNormal align=center style='margin-right:-5.4pt;text-align:center;
  text-autospace:none'><b><font size="1">2003</font></b></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
  style='width:297px;border:medium none;height:4px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
  style='width:63px;height:4px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=52 valign=top
  style='width:39.0pt;height:4px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top
  style='width:.65in;height:4px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=88 valign=top
  style='width:66.3pt;border:medium none;height:4px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
  bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=88 valign=top
  style='width:66.3pt;border:medium none;height:4px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><font size="2">&nbsp;</font></p></td>
    <td width=78 valign=top
  style='width:58.5pt;border:medium none;height:4px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
  bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'>&nbsp;</p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:297px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Net income</font></p>
    </td>
    <td valign=top
    style='width:63px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=52 valign=top style='width:39.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:.65in;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=88 valign=top style='width:66.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' align="right"><FONT size="2"><B>$32,610</B></FONT></td>
    <td width=88 valign=top style='width:66.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><font size="2">$13,459</font></p></td>
    <td width=78 valign=top style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><font size="2">&nbsp;$&nbsp;&nbsp;&nbsp; 29,900</font></p>
    </td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:297px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:7.8pt;text-autospace:none'>
    <font size="2">Foreign currency translation adjustment</font></p></td>
    <td valign=top
    style='width:63px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=52 valign=top style='width:39.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:.65in;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=88 valign=top style='width:66.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>(10,329)</B></FONT></td>
    <td width=88 valign=top style='width:66.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><font size="2">10,175</font></p></td>
    <td width=78 valign=top style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><font size="2">14,847</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:297px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-left:7.8pt;text-autospace:none'>
    <font size="2">Minimum pension liability adjustment, net of tax</font></p>
    </td>
    <td valign=top
    style='width:63px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=52 valign=top style='width:39.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:.65in;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=88 valign=top style='width:66.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' align="right"><FONT size="2"><B>(5,209)</B></FONT></td>
    <td width=88 valign=top style='width:66.3pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><font size="2">411</font></p></td>
    <td width=78 valign=top style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><font size="2">(2,399)</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:297px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:7.8pt;text-autospace:none'>
    <font size="2">Comprehensive income/(loss) from joint venture</font></p></td>
    <td valign=top
    style='width:63px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=52 valign=top style='width:39.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:.65in;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=88 valign=top style='width:66.3pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:8.65pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>(366)</B></FONT></td>
    <td width=88 valign=top style='width:66.3pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><font size="2">762</font></p></td>
    <td width=78 valign=top style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:8.65pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><font size="2">732</font></p></td>
  </tr>
  <tr style='height:8.65pt'>
    <td valign=top
    style='width:297px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Comprehensive
  income</font></p></td>
    <td valign=top
    style='width:63px;height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=52 valign=top style='width:39.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:.65in;padding:0in 5.4pt 0in 5.4pt;
  height:8.65pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=88 valign=top

    style='width:66.3pt;border-bottom:3px double #000000;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>$16,706</B></FONT></td>
    <td width=88 valign=top
    style='width:66.3pt;border-bottom:3px double #000000;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><font size="2">$24,807</font></p></td>
    <td width=78 valign=top
    style='width:58.5pt;border-bottom:3px double #000000;
  height:8.65pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><font size="2">$43,080</font></p></td>
  </tr>
</table>
<p class=MsoNormal><i>The accompanying notes are an
integral part of these consolidated financial statements</i></p>
<br clear=all style='page-break-before:always'>
<p class=MsoNormal><b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="95%"
 style='width:95.0%;border-collapse:collapse'>
  <tr style='height:7.55pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:7.55pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:7.55pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="41%" colspan=5 valign=bottom style='width:41.24%;padding:0in 0in 0in 0in;
  height:7.55pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Year ended
  November 30,</font></b></p></td>
  </tr>
  <tr style='height:7.55pt'>
    <td valign=bottom style='border-bottom:1px solid #000000; width:55%;padding:0in;
  height:7.55pt'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:7.55pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:7.55pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in 0in 0in 0in;
  height:7.55pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='border-bottom:1px solid #000000; width:12.96%;padding:0in;
  height:7.55pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in 0in 0in 0in;
  height:7.55pt'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" valign=bottom style='border-bottom:1px solid #000000; width:12.96%;padding:0in;
  height:7.55pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2003</font></b></p>
    </td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:11.35pt; border-top-style:solid; border-top-width:1px'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'><b>
    <font size="2">OPERATING
  ACTIVITIES</font></b></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:11.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in 0in 0in 0in;
  height:11.35pt' bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in 0in 0in 0in;
  height:11.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:5.6pt;'>
    &nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in 0in 0in 0in;
  height:11.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in 0in 0in 0in;
  height:11.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in 0in 0in 0in;
  height:11.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <TR>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <FONT size="2">Net income</FONT></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' align="right">
<FONT size=2>
    <P style="margin-right: 4.55pt"><B>$32,610</B></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px'>
<FONT size=2>
    <P class="MsoNormal" align="right" style="margin-right: 4.55pt">
    $13,459</td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px'>
<FONT size=2>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    $29,900</p>
    </td>
  </TR>
  <tr style='height:22.7pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Adjustments
  to reconcile net income to net cash provided by operating activities:</font></p>
    </td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    &nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    &nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px'>
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Depreciation</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>18,718</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">18,673</font></p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">18,093</font></p></td>
  </tr>
  <tr style='height:10.55pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Amortization</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>206</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">224</font></p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">278</font></p></td>
  </tr>
  <tr style='height:12.05pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px'>
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Provision/(benefit) for deferred income taxes</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>701</B></FONT></td>
    <td width="1%" valign=bottom
    style='width:1.62%;height:19px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">3,689</font></p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(4,654)</font></p></td>
  </tr>
  <tr style='height:11.25pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Net
  earnings and distributions from joint ventures</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>1,901</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(2,217)</font></p></td>
    <td width="1%" valign=bottom
    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">609</font></p></td>
  </tr>
  <tr style='height:8.1pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px'>
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Gain from
  sale of investments, property,</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' align="right">&nbsp;</td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    &nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">plant and equipment</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(1,634)</B></FONT></td>
    <td width="1%" valign=bottom
    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(13,140)</font></p></td>
    <td width="1%" valign=bottom
    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(2,385)</font></p></td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px'>
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Stock
  compensation expense</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>2,654</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">1,885</font></p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">678</font></p></td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Other, net</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>-</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">-</font></p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">401</font></p></td>
  </tr>
  <tr style='height:10.55pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Changes in
  operating assets and liabilities:</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' align="right">&nbsp;</td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:12.05pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Receivables</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(23,649)</B></FONT></td>
    <td width="1%" valign=bottom
    style='width:1.62%;height:19px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(1,690)</font></p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(16,457)</font></p></td>
  </tr>
  <tr style='height:12.05pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px'>
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Inventories</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(10,624)</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">3,665</font></p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">125</font></p></td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Prepaid
  expenses and other current assets</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(884)</B></FONT></td>
    <td width="1%" valign=bottom
    style='width:1.62%;height:19px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(1,792)</font></p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(1,973)</font></p></td>
  </tr>
  <tr style='height:12.05pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px'>
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Other
  assets</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:20px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>1,894</B></FONT></td>
    <td width="1%" valign=bottom
    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">2,789</font></p></td>
    <td width="1%" valign=bottom
    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:20px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(14,113)</font></p></td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Trade
  payables</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>6,686</B></FONT></td>
    <td width="1%" valign=bottom
    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">64</font></p></td>
    <td width="1%" valign=bottom
    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(1,343)</font></p></td>
  </tr>
  <tr style='height:12.05pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px'>
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Accrued
  liabilities and income taxes payable</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:20px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>3,660</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:20px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <FONT size="2">(2,597)</FONT></p></td>
    <td width="1%" valign=bottom
    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:20px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">12,963</font></p></td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:40.0pt;text-indent:-10.0pt'>
    <font size="2">Other
  long-term liabilities</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom
    style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:20px; border-left-width:1px; border-right-width:1px; border-top-width:1px'
    bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>4,945</B></FONT></td>
    <td width="1%" valign=bottom
    style='border-bottom:1px solid #000000; width:1.62%;padding:0in;
  height:20px; border-left-width:1px; border-right-width:1px; border-top-width:1px'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" valign=bottom
    style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:20px; border-left-width:1px; border-right-width:1px; border-top-width:1px'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(12,949)</font></p></td>
    <td width="1%" valign=bottom
    style='border-bottom:1px solid #000000; width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt; border-left-width:1px; border-right-width:1px; border-top-width:1px'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom
    style='border-bottom:1px solid #000000; width:12.96%;padding:0in;
  height:20px; border-left-width:1px; border-right-width:1px; border-top-width:1px'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">21,104</font></p></td>
  </tr>
  <tr style='height:12.05pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Net cash
  provided by operating activities</font></p></td>
    <td valign=bottom

    style='width:5%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:20px' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>37,184</B></FONT></td>
    <td width="1%" valign=bottom


    style='border-bottom:1px solid #000000; width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:20px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">10,063</font></p></td>
    <td width="1%" valign=bottom


    style='border-bottom:1px solid #000000; width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='border-bottom:1px solid #000000; width:12.96%;padding:0in;
  height:20px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">43,226</font></p></td>
  </tr>
  <tr style='height:10.55pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    &nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'><b>
    <font size="2">INVESTING
  ACTIVITIES</font></b></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' align="right">&nbsp;</td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    &nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:21.95pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Proceeds
  from sale of property, plant and equipment</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' align="right" bgcolor="#CCEEFF">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>3,855</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">15,702</font></p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">239</font></p></td>
  </tr>
  <tr style='height:12.05pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Proceeds
  from sale of investment in joint venture</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:20px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>-</B></FONT></td>
    <td width="1%" valign=bottom

    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">-</font></p></td>
    <td width="1%" valign=bottom

    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:20px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">2,985</font></p></td>
  </tr>
  <tr style='height:12.05pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Proceeds
  from sale of other investments</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' align="right" bgcolor="#CCEEFF">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>-</B></FONT></td>
    <td width="1%" valign=bottom

    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">7,214</font></p></td>
    <td width="1%" valign=bottom

    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">-</font></p></td>
  </tr>
  <tr style='height:12.05pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Additions
  to investments, property, plant and equipment</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:20px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom
    style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:20px; border-left-width:1px; border-right-width:1px; border-top-width:1px'
    align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(25,371)</B></FONT></td>
    <td width="1%" valign=bottom

    style='border-bottom:1px solid #000000; width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt; border-left-width:1px; border-right-width:1px; border-top-width:1px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom

    style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:20px; border-left-width:1px; border-right-width:1px; border-top-width:1px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(18,755)</font></p></td>
    <td width="1%" valign=bottom

    style='border-bottom:1px solid #000000; width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt; border-left-width:1px; border-right-width:1px; border-top-width:1px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom

    style='border-bottom:1px solid #000000; width:12.96%;padding:0in;
  height:20px; border-left-width:1px; border-right-width:1px; border-top-width:1px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(17,107)</font></p></td>
  </tr>
  <tr style='height:12.05pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Net cash
    (used in)/provide by investing activities</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:20px' bgcolor="#CCEEFF" align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(21,516)</B></FONT></td>
    <td width="1%" valign=bottom
    style='border-bottom:1px solid #000000; width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">4,161</font></p></td>
    <td width="1%" valign=bottom
    style='border-bottom:1px solid #000000; width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='border-bottom:1px solid #000000; width:12.96%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(13,883)</font></p></td>
  </tr>
  <tr style='height:10.55pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' align="right">&nbsp;</td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'><b>
    <font size="2">FINANCING
  ACTIVITIES</font></b></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Issuance of
  debt </font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:20px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>59,424</B></FONT></td>
    <td width="1%" valign=bottom


    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">11,033</font></p></td>
    <td width="1%" valign=bottom


    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:20px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">59,664</font></p></td>
  </tr>
  <tr style='height:12.05pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Repayment
  of debt</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' align="right" bgcolor="#CCEEFF">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(57,073)</B></FONT></td>
    <td width="1%" valign=bottom


    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(11,874)</font></p></td>
    <td width="1%" valign=bottom


    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(78,456)</font></p></td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Debt
  issuance costs</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(322)</B></FONT></td>
    <td width="1%" valign=bottom


    style='width:1.62%;height:19px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(477)</font></p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(1,581)</font></p></td>
  </tr>
  <tr style='height:12.05pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Dividends
  on common stock</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' align="right" bgcolor="#CCEEFF">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(6,828)</B></FONT></td>
    <td width="1%" valign=bottom


    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(6,701)</font></p></td>
    <td width="1%" valign=bottom


    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(6,094)</font></p></td>
  </tr>
  <tr style='height:10.55pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Issuance of
  common stock</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>5,300</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">3,315</font></p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">6,486</font></p></td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Change in
  treasury stock</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom
    style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:19px; border-left-width:1px; border-right-width:1px; border-top-width:1px'
    align="right" bgcolor="#CCEEFF">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(501)</B></FONT></td>
    <td width="1%" valign=bottom

    style='border-bottom:1px solid #000000; width:1.62%;padding:0in;
  height:19px; border-left-width:1px; border-right-width:1px; border-top-width:1px'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom

    style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:19px; border-left-width:1px; border-right-width:1px; border-top-width:1px'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(251)</font></p></td>
    <td width="1%" valign=bottom

    style='border-bottom:1px solid #000000; width:1.62%;padding:0in;
  height:19px; border-left-width:1px; border-right-width:1px; border-top-width:1px'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom

    style='border-bottom:1px solid #000000; width:12.96%;padding:0in;
  height:19px; border-left-width:1px; border-right-width:1px; border-top-width:1px'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">136</font></p></td>
  </tr>
  <tr style='height:12.05pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Net cash
    used in financing activities</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:20px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:20px' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>-</B></FONT></td>
    <td width="1%" valign=bottom



    style='border-bottom:1px solid #000000; width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:20px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(4,955)</font></p></td>
    <td width="1%" valign=bottom



    style='border-bottom:1px solid #000000; width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='border-bottom:1px solid #000000; width:12.96%;padding:0in;
  height:20px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">(19,845)</font></p></td>
  </tr>
  <tr style='height:10.55pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    &nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:22.7pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Effect of
  exchange rate changes on cash and cash equivalents</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom
    style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:19px; border-left-width:1px; border-right-width:1px; border-top-width:1px'
    align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>(1,121)</B></FONT></td>
    <td width="1%" valign=bottom

    style='border-bottom:1px solid #000000; width:1.62%;padding:0in;
  height:19px; border-left-width:1px; border-right-width:1px; border-top-width:1px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom


    style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:19px; border-left-width:1px; border-right-width:1px; border-top-width:1px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">465</font></p></td>
    <td width="1%" valign=bottom

    style='border-bottom:1px solid #000000; width:1.62%;padding:0in;
  height:19px; border-left-width:1px; border-right-width:1px; border-top-width:1px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom


    style='border-bottom:1px solid #000000; width:12.96%;padding:0in;
  height:19px; border-left-width:1px; border-right-width:1px; border-top-width:1px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">532</font></p></td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">Net change
  in cash and cash equivalents</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' align="right" bgcolor="#CCEEFF">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>14,547</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">9,734</font></p></td>
    <td width="1%" valign=bottom


    style='width:1.62%;height:20px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">10,030</font></p></td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Cash and
  cash equivalents at beginning of year</font></p></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:19px' align="right">
    <P style="margin-right: 4.55pt"><FONT size="2"><B>30,124</B></FONT></td>
    <td width="1%" valign=bottom style='border-bottom:1px solid #000000; width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='border-bottom:1px solid #000000; width:12.98%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">20,390</font></p></td>
    <td width="1%" valign=bottom style='border-bottom:1px solid #000000; width:1.62%;padding:0in;
  height:19px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='border-bottom:1px solid #000000; width:12.96%;padding:0in;
  height:19px'>
    <p class=MsoNormal align=right style='margin-right:4.55pt;text-align:right'>
    <font size="2">10,360</font></p></td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px' bgcolor="#CCEEFF">&nbsp;</td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px' bgcolor="#CCEEFF">&nbsp;</td>
    <td width="12%" valign=bottom style='width:12.98%;padding:0in;
  height:19px' align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">&nbsp;</td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px' bgcolor="#CCEEFF">&nbsp;</td>
    <td width="1%" valign=bottom style='width:1.62%;padding:0in;
  height:19px' bgcolor="#CCEEFF">&nbsp;</td>
    <td width="12%" valign=bottom style='width:12.96%;padding:0in;
  height:19px' bgcolor="#CCEEFF">&nbsp;</td>
  </tr>
  <tr style='height:11.35pt'>
    <td valign=bottom style='width:55%;padding:0in;
  height:19px'><font size="2">Cash and
  cash equivalents at end of year</font></td>
    <td valign=bottom style='width:5%;padding:0in;
  height:19px'>&nbsp;</td>
    <td width="12%" valign=bottom style='border-bottom:3px double #000000; width:12.98%;padding:0in;
  height:19px' align="right">
    <P style="margin-right: 4.55pt"><B><FONT size="2">$44,671</FONT></B></td>
    <td width="1%" valign=bottom style='border-bottom:3px double #000000; width:1.62%;padding:0in;
  height:19px'>&nbsp;</td>
    <td width="12%" valign=bottom style='border-bottom:3px double #000000; width:12.96%;padding:0in;
  height:19px'>
    <p align="right" style='margin-right:4.55pt;text-align:right'><FONT size=2>$30,124</FONT></td>
    <td width="1%" valign=bottom style='border-bottom:3px double #000000; width:1.62%;padding:0in;
  height:19px'>&nbsp;</td>
    <td width="12%" valign=bottom style='border-bottom:3px double #000000; width:12.96%;padding:0in;
  height:19px'>
    <p align="right" style='margin-right:5.6pt;text-align:right'><FONT size=2>$20,390</FONT></p></td>
  </tr>
</table>
<p class=MsoNormal><b><i>&nbsp;</i></b><i>The accompanying notes are an integral part of these
consolidated financial statements.</i></p>

<p class=MsoNormal><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>
<p class=MsoNormal><b>NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p>
<p class=MsoNormal><b><i>Principles of Consolidation</i></b></p>
<p class=MsoNormal>The consolidated financial statements include the accounts
of Ameron International Corporation and all wholly-owned subsidiaries (&quot;Ameron&quot;
or the &quot;Company&quot;). All material intercompany accounts and transactions have
been eliminated.</p>
<p class=MsoNormal><b><i>Use of Estimates</i></b></p>
<p class=MsoNormal>The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make certain
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities and the
reported amounts of revenues and expenses. Significant estimates include
revenue and costs recorded under percentage-of-completion accounting,
assumptions related to benefit plans, goodwill, and reserves associated with
management incentives, receivables, inventories, income taxes, self insurance
and environmental and legal contingencies. Actual results could differ from
those estimates.</p>
<p class=MsoNormal><b><i>Revenue Recognition</i></b></p>
<p class=MsoNormal>Revenue for the Performance Coatings &amp; Finishes,
Fiberglass-Composite Pipe and Infrastructure Products segments is recognized
when risk of ownership and title pass, primarily at the time goods are shipped,
provided that an agreement exists between the customer and the Company, the
price is fixed or determinable and collection is reasonably assured. In limited
circumstances within the Performance Coatings &amp; Finishes Group, revenue
recognition associated with shipment of coatings for marine dry dockings is
delayed until product returns are processed. Revenue is recognized for the
Water Transmission Group primarily under the percentage-of-completion method,
typically based on completed units of production, since products are
manufactured under enforceable and binding construction contracts, are typically designed for specific applications, are not interchangeable between
projects, and are not manufactured for stock. In those cases in which products are
manufactured for stock or are not related to specific construction contracts,
revenue is recognized under the same criteria used by the other three
segments. Revenue under the percentage-of-completion method is subject to a
greater level of estimation, which affects the timing of revenue recognition,
costs and profits. Estimates are reviewed on a consistent basis and are
adjusted periodically to reflect current expectations.</p>
<p class=MsoNormal><b><i>Research and Development Costs</i></b></p>
<p class=MsoNormal>Research and development costs, which relate primarily to
the development, design and testing of products, are expensed as incurred. Such
costs, which are included in selling, general and administrative expenses, were
approximately $6,729,000 in 2005, $5,645,000 in 2004, and $5,653,000 in 2003.</p>
<p class=MsoNormal><b><i>Environmental Clean-up Costs</i></b></p>
<p class=MsoNormal>The Company expenses environmental clean-up costs related to
existing conditions resulting from past or current operations. The Company
determines its liability on a site-by-site basis and records a liability at the
time when assessments and/or remediation are probable and can be reasonably
estimated. </p>
<p class=MsoNormal><b><i>Income Taxes</i></b></p>
<p class=MsoNormal>Deferred income tax assets and liabilities are computed for
differences between the financial statement and income tax bases of assets and
liabilities. Such deferred income tax asset and liability computations are
based on enacted tax laws and rates applicable to periods in which the differences
are expected to reverse. Valuation allowances are established to reduce
deferred income tax assets to the amounts expected to be realized.</p>
<p class=MsoNormal><b><i>Net Income Per Share</i></b></p>
<p class=MsoNormal>Basic net income per share is computed on the basis of the
weighted-average number of common shares outstanding during the periods
presented. Diluted net income per share is computed on the basis of the
weighted-average number of common shares outstanding plus the effect of
outstanding stock options and restricted stock, using the treasury stock
method.</p>
<p class=MsoNormal><b><i>Cash and Cash Equivalents</i></b></p>
<p class=MsoNormal>Cash equivalents represent liquid investments with
maturities of three months or less when purchased.</p>
<p class=MsoNormal><b><i>Inventory Valuation</i></b></p>
<p class=MsoNormal>Inventories are stated at the lower of cost or market with
cost determined principally on the first-in, first-out (&quot;FIFO&quot;) method. Certain
steel inventories used by the Water Transmission Group are valued using the
last-in, first-out (&quot;LIFO&quot;) method. Reserves are established for excess, obsolete
and rework inventories based on age, estimates of salability and forecasted
future demand.</p>
<p class=MsoNormal><b><i>Joint Ventures</i></b></p>
<p class=MsoNormal>Investments in unconsolidated joint ventures or affiliates
(&quot;joint ventures&quot;) over which the Company has significant influence are
accounted for under the equity method of accounting, whereby the investment is
carried at the cost of acquisition, plus the Company's equity in undistributed
earnings or losses since acquisition. Investments in joint ventures over which
the Company does not have the ability to exert significant influence over the
investees' operating and financing activities are accounted for under the cost
method of accounting. The Company's investment in TAMCO is accounted for under
the equity method. Investments in Ameron Saudi Arabia, Ltd., Bondstrand, Ltd.
and Oasis-Ameron, Ltd. are accounted for under the cost method due to
management's current assessment of the Company's influence over these joint
ventures.</p>
<p class=MsoNormal><b><i>Property, Plant and Equipment</i></b></p>
<p class=MsoNormal>Items capitalized as property, plant and equipment,
including improvements to existing facilities, are recorded at cost.
Construction in progress represents capital expenditures incurred for assets
not yet placed in service. Capitalized interest was not material for the
periods presented.</p>
<p class=MsoNormal>Depreciation is computed principally using the straight-line
method based on estimated useful lives of the assets. Leasehold improvements
are amortized over the shorter of the life of the improvement or the term of
the lease. Useful lives are as follows:</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="89%"
 style='width:89.56%;margin-left:15.6pt;border-collapse:collapse'>
  <tr>
    <td width="73%" valign=bottom style='width:73.4%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td valign=bottom style='width:5%;padding:0in; '>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:20%;border-bottom:
  1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Useful Lives in
  Years</font></b></p></td>
  </tr>
  <tr>
    <td width="73%" valign=bottom style='width:73.4%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Buildings</font></p></td>
    <td valign=bottom style='width:5%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:20%;border:medium none;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-right:7.85pt;text-align:center'>
    <font size="2">10-40</font></p></td>
  </tr>
  <tr>
    <td width="73%" valign=bottom style='width:73.4%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Machinery and equipment</font></p></td>
    <td valign=bottom style='width:5%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:20%;padding:0in; '>
    <p class=MsoNormal align=center style='margin-right:7.85pt;text-align:center'>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td width="73%" valign=bottom style='width:73.4%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:15.6pt'><font size="2">Autos, trucks and trailers</font></p>
    </td>
    <td valign=bottom style='width:5%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:20%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-right:7.85pt;text-align:center'>
    <font size="2">3-8</font></p></td>
  </tr>
  <tr>
    <td width="73%" valign=bottom style='width:73.4%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:15.6pt'><font size="2">Cranes and tractors</font></p>
    </td>
    <td valign=bottom style='width:5%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:20%;padding:0in; '>
    <p class=MsoNormal align=center style='margin-right:7.85pt;text-align:center'>
    <font size="2">5-15</font></p></td>
  </tr>
  <tr>
    <td width="73%" valign=bottom style='width:73.4%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:15.6pt'><font size="2">Manufacturing equipment</font></p>
    </td>
    <td valign=bottom style='width:5%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:20%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-right:7.85pt;text-align:center'>
    <font size="2">3-15</font></p></td>
  </tr>
  <tr>
    <td width="73%" valign=bottom style='width:73.4%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:15.6pt'><font size="2">Other</font></p>
    </td>
    <td valign=bottom style='width:5%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:20%;padding:0in; '>
    <p class=MsoNormal align=center style='margin-right:7.85pt;text-align:center'>
    <font size="2">2-20</font></p></td>
  </tr>
</table>
<p class=MsoNormal><b><i>Goodwill and Intangible Assets</i></b></p>
<p class=MsoNormal>Intangible assets are amortized on a straight-line basis
over periods ranging from three to 15 years.</p>
<p class=MsoNormal>The cost of an acquired business is allocated to the acquired
net assets based on the estimated fair values at the date of acquisition. The
excess of the cost of an acquired business over the aggregate fair value is
recorded as goodwill. Effective December 1, 2002, the Company adopted Statements
of Financial Accounting Standards (&quot;SFAS&quot;) No. 142, &quot;Goodwill and Other
Intangible Assets.&quot; As a result, goodwill is not amortized, but instead tested
for impairment at least annually. Such tests require management to make
estimates about future cash flows and other factors to determine the fair value
of the respective assets.</p>
<p class=MsoNormal>The Company reviews the recoverability of intangible and
other long-lived assets for impairment whenever events or changes in
circumstances indicate that the carrying value of such assets may not be
recoverable. If the estimated future, undiscounted cash flows from the use of
an asset are less than its carrying value, a write-down is recorded to reduce
the related asset to estimated fair value.</p>
<p class=MsoNormal><b><i>Self Insurance</i></b></p>
<p class=MsoNormal>The Company typically utilizes third-party insurance subject
to varying retention levels or self insurance. The Company is self insured for
a portion of the losses and liabilities primarily associated with workers'
compensation claims and general, product and vehicle liability. Losses are
accrued based upon the Company's estimates of the aggregate liability for
claims incurred using historical experience and certain actuarial assumptions
followed in the insurance industry. The estimate of self insurance liability
includes an estimate of incurred but not reported claims, based on data
compiled from historical experience.</p>
<p class=MsoNormal><b><i>Foreign Currency Translation</i></b></p>
<p class=MsoNormal>The functional currencies for the Company's foreign
operations are the applicable local currencies. The translation from the
applicable foreign currencies to U.S. dollars is performed for balance sheet
accounts using current exchange rates in effect at the balance sheet date and
for revenue and expense accounts using a weighted-average exchange rate during
the period. The resulting translation adjustments are recorded in accumulated
other comprehensive income/(loss). The Company advances funds to certain foreign
subsidiaries that are not expected to be repaid in the foreseeable future.
Translation adjustments arising from these advances are also included in
accumulated other comprehensive income/(loss). Gains or losses resulting from foreign
currency transactions are included in other income, net.</p>
<p class=MsoNormal><b><i>Derivative Financial Instruments and Risk Management</i></b></p>
<p class=MsoNormal>The Company operates internationally, giving rise to
exposure to market risks from changes in foreign exchange rates. From time to
time, derivative financial instruments, primarily foreign exchange contracts,
are used by the Company to reduce those risks. The Company does not hold or
issue financial or derivative financial instruments for trading or speculative
purposes. As of November 30, 2005 and 2004, the Company had foreign currency
forward contracts with an aggregate notional value of $5,096,000 and
$9,774,000, respectively.</p>
<p class=MsoNormal><b><i>Fair Value of Financial Instruments</i></b></p>
<p class=MsoNormal>The fair value of financial instruments, other than
long-term debt or derivatives, approximates the carrying value because of the
short-term nature of such instruments.</p>
<p class=MsoNormal><b><i>Concentration of Credit Risk</i></b></p>
<p class=MsoNormal>Financial instruments that subject the Company to credit
risk consist primarily of cash equivalents, trade accounts receivable, and
forward foreign exchange contracts. Credit risk with respect to trade accounts
receivable is generally distributed over a large number of entities comprising
the Company's customer base and is geographically dispersed. The Company
performs ongoing credit evaluations of its customers, maintains an allowance
for doubtful accounts and, in certain instances, maintains credit
insurance. The Company actively evaluates the creditworthiness of the financial
institutions with which it conducts business.</p>
<p class=MsoNormal><b><i>Stock-Based Compensation</i></b></p>
<p class=MsoNormal>The Company recognizes compensation expense associated with
stock-based awards under the recognition and measurement principles of
Accounting Principles Board (&quot;APB&quot;) No. 25, &quot;Accounting for Stock Issued to
Employees,&quot; and related interpretations. Accordingly, compensation expense is
measured by the excess of the quoted market price of the stock over the option
exercise price on the grant date. No compensation expense associated with a
stock-based award is recorded if the stock option exercise price equals the market
price of the Company's stock on the date of the grant.</p>
<p class=MsoNormal>In December 2002, the Financial Accounting Standards Board
(&quot;FASB&quot;) issued SFAS No. 148, &quot;Accounting for Stock-Based
Compensation-Transition and Disclosures.&quot; SFAS No. 148 amends SFAS No. 123, &quot;Accounting
for Stock-Based Compensation,&quot; and provides alternative methods of transition
for a voluntary change to the fair-value-based method of accounting for
stock-based employee compensation. SFAS No. 148 also amends the disclosure
requirements of SFAS No. 123 to include pro forma presentation of net income
and earnings per share as if the Company recorded compensation expense based on
the fair value of stock-based awards. The Company has adopted the
disclosure-only provisions of SFAS No. 123. Disclosures required under SFAS No.
123 and SFAS No. 148 are included in Note 12, herein.</p>
<p class=MsoNormal><b><i>New Accounting Pronouncements</i></b></p>
<p class=MsoNormal>In November 2004, the FASB issued SFAS No. 151, &quot;Inventory
Costs,&quot; which clarifies the accounting for abnormal amounts of idle facility
expense, freight, handling costs, and wasted material.&nbsp; SFAS No. 151 will be
effective for inventory costs incurred during fiscal years beginning after June 15, 2005. The adoption of SFAS No. 151 is not expected to have a material impact on
the Company's consolidated financial statements.</p>
<p class=MsoNormal>In December 2004, the FASB issued SFAS No. 123 (revised
2004), &quot;Share-Based Payments.&quot; SFAS No. 123 (R) requires companies to
measure all employee stock-based compensation awards using a fair-value method
and record such expense in their consolidated financial statements.&nbsp; The adoption
of SFAS No. 123 (R) will require additional accounting related to the income tax
effects and additional disclosure regarding the cash flow effects resulting from
share-based payment arrangements. The Company is
allowed to select either of two alternative transition methods. Under the first method, the Modified
Prospective Application method, SFAS 123 (R) applies to new awards and modified awards
after the effective date, and to any unvested awards as service is rendered on
or after the effective date. Under the second method, the Modified Retrospective
Application method, SFAS No. 123 (R) applies to either all prior years for which
SFAS No.&nbsp;123 was effective or only to prior interim periods in the year of
adoption. The Company plans to adopt SFAS No. 123 (R) using the Modified
Prospective Application method. SFAS No. 123 (R) is effective beginning in the
first quarter of 2006, and SFAS&nbsp;123 (R) will apply to all outstanding and
unvested option awards at adoption date. The Company has completed a preliminary
evaluation of the effect of adoption of SFAS 123 (R).&nbsp; The adoption of SFAS
123 (R) is expected to increase selling, general and administrative expenses by
approximately $200,000 in
2006 based upon options outstanding as of November 30, 2005.</p>

<p class=MsoNormal><I><b>Supplemental Cash Flow Information</b></I></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="90%"
 style='width:90.28%;margin-left:23.4pt;border-collapse:collapse'>
  <tr>
    <td width="51%" valign=bottom style='width:51.24%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.38%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.58%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.42%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.58%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.38%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.58%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2003</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="51%" valign=bottom
    style='width:51.24%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Interest paid</font></p></td>
    <td width="2%" valign=bottom style='width:2.38%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="3%" valign=bottom
    style='width:3.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.6%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P align="right"><B><FONT size="2">5,863</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.42%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="3%" valign=bottom
    style='width:3.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.6%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">6,509</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.38%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="3%" valign=bottom
    style='width:3.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.6%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">4,997</font></p>
    </td>
  </tr>
  <tr>
    <td width="51%" valign=bottom style='width:51.24%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Income taxes paid</font></p></td>
    <td width="2%" valign=bottom style='width:2.38%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.58%;padding:0in 0in 0in 0in'>
    <P align="right"><B><FONT size="2">17,482</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.42%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.58%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">6,103</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.38%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom
    style='width:13.58%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">10,268</font></p>
    </td>
  </tr>
</table>
<p class=MsoNormal><b>NOTE 2 - OTHER INCOME, NET</b></p>
<p class=MsoNormal>Other income, net was as follows for the year ended November 30:</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr style='height:11.7pt'>
    <td width="56%" valign=bottom style='width:56.98%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in;height:11.7pt'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in;
  height:11.7pt'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;height:11.7pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in;
  height:11.7pt'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;height:11.7pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in;
  height:11.7pt'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;height:11.7pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2003</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Royalties,
  fees and other income</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right"><B><FONT size="2">
    3,548</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">3,122</FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">2,866</FONT></td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <FONT size="2">Dividends from
  joint ventures-cost method</FONT></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    1,840</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">506</FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">6,311</FONT></td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <font size="2">Gain/(loss)
  on sale of property, plant and equipment</font></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>1,634</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">13,140</FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">(92)</FONT></td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Foreign
  currency gain/(loss)</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    467</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">30</FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(269)</font></p>
    </td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Gain on
  sale of investment</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">2,477</font></p>
    </td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <FONT size="2">Other</FONT></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>(348)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">1,063</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(441)</font></p>
    </td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"><b><FONT size=2>$</FONT></b></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>
    7,141</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">17,861</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">10,852</font></p>
    </td>
  </tr>
</table>

<p class=MsoNormal><b>NOTE 3 - RECEIVABLES</b></p>
<p class=MsoNormal>Receivables were as follows at November 30:</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom
    style='width:70.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Trade</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P align="right"><B><FONT size="2">175,586</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">160,743</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Joint
  ventures</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    1,904</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">1,858</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Other</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">10,761</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">8,019</FONT></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Allowances</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <B><FONT size="2">(7,693)</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(7,984)</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P align="right"><B><FONT size="2">180,558</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">162,636</font></p>
    </td>
  </tr>
</table>
<p class=MsoNormal>The Company's provision for bad debts was $2,502,000 in 2005,
$1,991,000 in
2004, and $3,071,000 in 2003. Trade receivables included
unbilled receivables related to the percentage-of-completion method of revenue
recognition of $29,667,000 and $29,438,000 at November 30, 2005 and 2004, respectively.</p>
<p class=MsoNormal><b>NOTE 4 - INVENTORIES</b></p>
<p class=MsoNormal>Inventories were as follows at November 30:</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom
    style='width:70.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Finished
  products</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>
    54,661</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">52,489</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Materials
  and supplies</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    23,636</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">23,809</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Products in
  process</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>20,092</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">13,999</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>98,389</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">90,297</font></p>
    </td>
  </tr>
</table><br>Certain steel inventories are valued using the LIFO method. Inventories valued using the LIFO method comprised
7.8% and 8.3% of consolidated inventories at November 30, 2005 and 2004,
respectively.&nbsp; If inventories valued using the LIFO method had been valued
using the FIFO method, total inventories would have
increased by $6,864,000 and $7,929,000 at November 30, 2005 and 2004, respectively.
<br clear=all style='page-break-before:always'>
<p class=MsoNormal><b>NOTE 5 - JOINT VENTURES</b></p>
<p class=MsoNormal>Investments, advances and equity in undistributed earnings
of joint ventures were as follows at November 30:</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom
    style='width:70.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Investment--equity method</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>
    13,777</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:6.6pt;text-align:right'>
    <font size="2">16,042</font></p></td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Investments--cost method</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <P align="right"><B><FONT size="2">5,922</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:6.6pt;text-align:right'>
    <font size="2">5,922</font></p></td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>
    19,699</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:6.6pt;text-align:right'>
    <font size="2">21,964</font></p></td>
  </tr>
</table>
<p class=MsoNormal>The Company's ownership of joint ventures is summarized
below:</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:70%;border-collapse:collapse'>
  <tr>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:38%;border-bottom:
  1.0pt solid windowtext;padding:0in'>
    <p class=MsoNormal><b><font size="1">Products</font></b></p></td>
    <td valign=bottom style='width:3%;padding:0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:30%;border-bottom:
  1.0pt solid windowtext;padding:0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Joint Ventures</font></b></p>
    </td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:25%;border-bottom:
  1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Ownership<br>Interest</font></b></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom style='width:38%;border:medium none;padding:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Coatings</font></p></td>
    <td valign=bottom style='width:3%;padding:0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:30%;border:medium none;padding:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Oasis-Ameron, Ltd.</font></p></td>
    <td valign=bottom style='width:3%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:25%;border:medium none;padding:0in; '
    bgcolor="#CCEEFF" align="center">
    <p class=MsoNormal style='margin-right:4.35pt;'>
    <font size="2">40%</font></p></td>
  </tr>
  <tr>
    <td valign=bottom style='width:38%;padding:0in'>
    <p class=MsoNormal><font size="2">Fiberglass pipe</font></p></td>
    <td valign=bottom style='width:3%;padding:0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:30%;padding:0in'>
    <p class=MsoNormal><font size="2">Bondstrand, Ltd.</font></p></td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:25%;padding:0in; '>
    <p class=MsoNormal align=center style='margin-right:4.35pt;'>
    <font size="2">40%</font></p></td>
  </tr>
  <tr>
    <td valign=bottom style='width:38%;padding:0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Concrete pipe</font></p></td>
    <td valign=bottom style='width:3%;padding:0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:30%;padding:0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Ameron Saudi Arabia, Ltd.</font></p></td>
    <td valign=bottom style='width:3%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:25%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right
    style='margin-right:4.35pt;text-align:center'>
    <font size="2">30%</font></p></td>
  </tr>
  <tr>
    <td valign=bottom style='width:38%;padding:0in'>
    <p class=MsoNormal><font size="2">Steel products</font></p></td>
    <td valign=bottom style='width:3%;padding:0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:30%;padding:0in'>
    <p class=MsoNormal><font size="2">TAMCO</font></p></td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:25%;padding:0in; '>
    <p class=MsoNormal align=right
    style='margin-right:4.35pt;text-align:center'>
    <font size="2">50%</font></p></td>
  </tr>
</table>

<p class=MsoNormal>Investments in joint ventures and the amount of
undistributed earnings were as follows:</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="33%" valign=bottom style='width:33.9%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Coatings</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Fiberglass<br>Pipe</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Concrete<br>Pipe</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Steel<br>Products</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Total</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="33%" valign=bottom
    style='width:33.9%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">Cost</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom
    style='width:1.44%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <B><FONT size="2">2,138</FONT></B></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom
    style='width:1.44%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <B><FONT size="2">3,784</FONT></B></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom
    style='width:1.44%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>
    <b><font size="2">-</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom
    style='width:1.44%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <B><FONT size="2">8,482</FONT></B></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom
    style='width:1.44%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <B><FONT size="2">14,404</FONT></B></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.9%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">Comprehensive loss from joint venture</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.08%;padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='margin-right:.05in;text-align:right'>
    <b><font size="2">-</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    align="right">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.08%;padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='margin-right:3.75pt;text-align:right'>
    <b><font size="2">-</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    align="right">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.08%;padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>
    <b><font size="2">-</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    align="right">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.08%;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>(1,544)</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    align="right">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.08%;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>(1,544)</B></FONT></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.9%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">Accumulated equity in undistributed earnings</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=right style='margin-right:.05in;text-align:right'>
    <b><font size="2">-</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=right style='margin-right:3.75pt;text-align:right'>
    <b><font size="2">-</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>
    <b><font size="2">-</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>6,839</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>6,839</B></FONT></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.9%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='margin-right:.05in;text-align:right'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    align="right">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='margin-right:3.75pt;text-align:right'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    align="right">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    align="right">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='margin-right:4.05pt;text-align:right'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    align="right">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='margin-right:4.2pt;text-align:right'>
    <b><font size="2">&nbsp;</font></b></p></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.9%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">Investment, November 30, 2005</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <B><FONT size="2">2,138</FONT></B></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <B><FONT size="2">3,784</FONT></B></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>
    <b><font size="2">-</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <B><FONT size="2">13,777</FONT></B></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <B><FONT size="2">19,699</FONT></B></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.9%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;padding:0in 0in 0in 0in'
    align="right">
    <p class=MsoNormal align=right style='margin-right:.05in;text-align:right'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=bottom
    style='width:9.64%;border:none;padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='margin-right:3.75pt;text-align:right'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=bottom
    style='width:9.64%;border:none;padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=bottom
    style='width:9.64%;border:none;padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='margin-right:4.05pt;text-align:right'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;padding:0in 0in 0in 0in'
    align="right">
    <p class=MsoNormal align=right style='margin-right:4.2pt;text-align:right'>
    <b><font size="2">&nbsp;</font></b></p></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.9%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">2005 Dividends </font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <B><FONT size="2">540</FONT></B></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <P class="MsoNormal" align="right" style="margin-right: 3.75pt">
    <FONT size="2"><B>1,300</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>
    <b><font size="2">-</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <B><FONT size="2">11,952</FONT></B></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <B><FONT size="2">13,792</FONT></B></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.9%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:.05in;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.75pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.05pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.2pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.9%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Cost</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="margin-right: .05in">
    <FONT size="2">2,138</FONT></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.75pt;text-align:right'>
    <font size="2">3,784</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>
    <font size="2">-</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:4.05pt;text-align:right'>
    <font size="2">8,482</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="margin-right: 4.2pt">
    <FONT size="2">14,404</FONT></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.9%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Comprehensive loss from joint venture</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:.05in;text-align:right'>
    <font size="2">-</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.75pt;text-align:right'>
    <font size="2">-</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>
    <font size="2">-</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.05pt;text-align:right'>
    <font size="2">(1,178)</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.2pt;text-align:right'>
    <font size="2">(1,178)</font></p></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.9%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Accumulated equity in undistributed earnings
    </font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:.05in;text-align:right'>
    <font size="2">-</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.75pt;text-align:right'>
    <font size="2">-</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>
    <font size="2">-</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="margin-right: 4.05pt">
    <FONT size="2">8,738</FONT></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="margin-right: 4.2pt">
    <FONT size="2">8,738</FONT></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.9%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:.05in;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.75pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.05pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.08%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.2pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.9%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Investment, November 30, 2004</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="margin-right: .05in">
    <FONT size="2">2,138</FONT></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.75pt;text-align:right'>
    <font size="2">3,784</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>
    <font size="2">-</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="margin-right: 4.05pt">
    <FONT size="2">16,042</FONT></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="margin-right: 4.2pt">
    <FONT size="2">21,964</FONT></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.9%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:.05in;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.75pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" valign=bottom style='width:9.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" valign=bottom style='width:9.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.05pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" valign=bottom style='width:9.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:4.2pt;text-align:right'>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.9%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">2004 Dividends </font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="margin-right: .05in">
    <FONT size="2">506</FONT></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="margin-right: 3.75pt">
    <FONT size="2">-</FONT></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="margin-right: 3.9pt">
    <FONT size="2">-</FONT></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="margin-right: 4.05pt">
    <FONT size="2">9,680</FONT></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.64%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="margin-right: 4.2pt">
    <FONT size="2">10,186</FONT></td>
  </tr>
</table>
<p class=MsoNormal>In 2003, the Company sold its 25% ownership of Amercoat
Mexicana for a pretax gain of $2,477,000. Income from Amercoat Mexicana totaled
$312,000 in the year ended November 30, 2003.</p>
<p class=MsoNormal>The Company provides for income taxes on the undistributed
earnings of its joint ventures to the extent such earnings are included in the
consolidated statements of income.</p>
<p class=MsoNormal>The investment in TAMCO was recorded based on audited
financial statements as of November 30, 2005. Condensed financial data of
TAMCO, an investment which is accounted for under the equity method, were as
follows:</p>

<br clear=all style='page-break-before:always'>
<p class=MsoNormal>Financial Condition</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom
    style='width:70.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Current assets</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>
    65,170</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:2.7pt;text-align:right'>
    <font size="2">66,494</font></p></td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Noncurrent assets</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="2"><B>28,118</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:2.7pt;text-align:right'>
    <font size="2">27,943</font></p></td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>
    93,288</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:2.7pt;text-align:right'>
    <font size="2">94,437</font></p></td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:2.7pt;text-align:right'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:2.7pt;text-align:right'>
    <font size="2">&nbsp;</font></p></td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Current liabilities</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>41,605</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:2.7pt;text-align:right'>
    <font size="2">38,119</font></p></td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Noncurrent liabilities</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    8,388</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:2.7pt;text-align:right'>
    <font size="2">8,603</font></p></td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Stockholders' equity</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right"><B><FONT size="2">43,295</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:2.7pt;text-align:right'>
    <font size="2">47,715</font></p></td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>93,288</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:2.7pt;text-align:right'>
    <font size="2">94,437</font></p></td>
  </tr>
</table>
<p class=MsoNormal>Results of Operations</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="56%" valign=bottom style='width:56.98%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2003</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="56%" valign=bottom
    style='width:56.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Net sales</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:5.1pt'><b><font size="2">$</font></b></p>
    </td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P align="right"><B><FONT size="2">252,435</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:5.1pt'><font size="2">$</font></p>
    </td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:5.1pt;text-align:right'>
    <font size="2">215,849</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:3.9pt'><font size="2">$</font></p>
    </td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>
    <font size="2">162,944</font></p></td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Gross profit</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    42,188</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:5.1pt;text-align:right'>
    <font size="2">45,885</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>
    <font size="2">7,725</font></p></td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Net income</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>20,391</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:5.1pt;text-align:right'>
    <font size="2">23,427</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.9pt;text-align:right'>
    <font size="2">1,411</font></p></td>
  </tr>
</table>
<p class=MsoNormal>In 2001, TAMCO entered into a swap agreement intended to
hedge expected cash flows related to the purchase of natural gas used in its
manufacturing process. The Company recognized $1,544,000 and $1,178,000 in
accumulated other comprehensive loss at November 30, 2005 and 2004,
respectively, which represents its proportionate share of amounts recognized by
TAMCO to record the fair value of the swap agreement.</p>
<p class=MsoNormal>Sales to joint ventures totaled $1,524,000 in 2005, $1,613,000 in 2004,
and $4,004,000 in 2003.</p>

<p class=MsoNormal><b>NOTE 6 - OTHER
ASSETS</b></p>
<p class=MsoNormal>Other assets were as follows at November 30:</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='width:95%;border-collapse:collapse'>
  <tr style='height:11.7pt'>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:72%;border-bottom:
  1.0pt solid windowtext;padding:0in;height:11.7pt'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td valign=bottom style='width:2%;padding:0in;
  height:11.7pt'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:12%;border-bottom:1.0pt solid windowtext;padding:0in;height:11.7pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td valign=bottom style='width:2%;padding:0in;
  height:11.7pt'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:12%;border-bottom:1.0pt solid windowtext;padding:0in;height:11.7pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom style='width:72%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Cash
  surrender value of insurance policies</font></p></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:1%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td valign=bottom style='width:11%;padding:0in; ' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">24,660</FONT></B></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td valign=bottom style='width:1%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='width:11%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">24,208</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom style='width:72%;padding:0in; '>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Pension
  related assets</font></p></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:12%;padding:0in; ' align="right">
    <B>
    <FONT size="2">8,848</FONT></B></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:12%;padding:0in; '>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">13,775</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom style='width:72%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Other</font></p></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:12%;border-bottom:1.0pt solid windowtext;padding:0in; '
    bgcolor="#CCEEFF" align="right"><B><FONT size="2">3,832</FONT></B></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:12%;border-bottom:1.0pt solid windowtext;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">900</font></p>
    </td>
  </tr>
  <tr style='height:15.7pt'>
    <td valign=bottom style='width:72%;padding:0in;
  height:15.7pt'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td valign=bottom style='width:2%;height:15.7pt; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1%;border-bottom:
  1.5pt double windowtext;padding:0in;height:15.7pt'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td valign=bottom
    style='width:11%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.5pt double windowtext;border-right:medium none;
  height:15.7pt; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    align="right"><B><FONT size="2">37,340</FONT></B></td>
    <td valign=bottom style='width:2%;padding:0in;
  height:15.7pt'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1%;border-bottom:
  1.5pt double windowtext;padding:0in;height:15.7pt'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='width:11%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.5pt double windowtext;border-right:medium none;
  height:15.7pt; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">38,883</font></p>
    </td>
  </tr>
</table>

<p class=MsoNormal><b>NOTE 7 - ACCRUED
LIABILITIES</b></p>
<p class=MsoNormal>Accrued liabilities were as follows at November 30:</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="95%"
 style='width:95.0%;border-collapse:collapse'>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom
    style='width:70.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <FONT size="2">Self insurance reserves</FONT></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right"><B><FONT size="2">
    23,620</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom
    style='width:1.3%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><FONT size="2">
    15,909</FONT></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <FONT size="2">Compensation and benefits</FONT></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    21,454</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">18,517</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Product
  warranties and guarantees</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">4,026</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">4,297</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Taxes
  (other than income taxes)</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    3,992</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">3,398</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Commissions
  and royalties</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">2,955</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">1,562</FONT></td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Reserves
  for pending claims and litigation</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    1,702</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">3,083</FONT></td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Advances
  from customers</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">508</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">726</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Interest</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    238</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">405</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Other</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right"><B><FONT size="2">4,576</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">5,324</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' align="right"><B><FONT size="2">63,071</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">53,221</font></p>
    </td>
  </tr>
</table>

<p>The Company revised its presentation of the balance of self insurance reserves at
November 30, 2005 to reflect the gross amount of
liabilities without netting against a stop-loss recoverable of $6,287,000 from insurance
companies.&nbsp; Stop-loss recoverable is included in other receivables
under Note 3, herein.</p>

<p>The Company's product warranty accrual reflects management's estimate of
probable liability associated with product warranties.&nbsp; The Company
generally provides a standard product warranty not exceeding one year from date
of purchase.&nbsp; Management
establishes product warranty accruals based on historical experience and other
currently available information.&nbsp; Changes in the product warranty accrual for the
years ended November 30 were as follows:</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='width:95%;border-collapse:collapse'>
  <tr style='height:11.7pt'>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:73%;border-bottom:
  1.0pt solid windowtext;padding:0in;height:11.7pt'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td valign=bottom style='width:2%;padding:0in;
  height:11.7pt'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:11%;border-bottom:1.0pt solid windowtext;padding:0in;height:11.7pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td valign=bottom style='width:2%;padding:0in;
  height:11.7pt'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:11%;border-bottom:1.0pt solid windowtext;padding:0in;height:11.7pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
  </tr>
  <tr style='height:21.15pt'>
    <td valign=bottom style='width:73%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Balance,
  beginning of period</font></p></td>
    <td valign=bottom style='width:2%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:2%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td valign=bottom style='width:9%;padding:0in;
  height:20px' bgcolor="#CCEEFF" align="right"><B><FONT size="2">4,297</FONT></B></td>
    <td valign=bottom style='width:2%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td valign=bottom style='width:2%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='width:9%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">3,770</font></p>
    </td>
  </tr>
  <tr style='height:17.55pt'>
    <td valign=bottom style='width:73%;padding:0in;
  height:20px'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Payments</font></p></td>
    <td valign=bottom style='width:2%;padding:0in;
  height:20px'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:11%;padding:0in;
  height:20px' align="right"><B><FONT size="2">(3,738)</FONT></B></td>
    <td valign=bottom style='width:2%;padding:0in;
  height:20px'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:11%;padding:0in;
  height:20px'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(4,632)</font></p>
    </td>
  </tr>
  <tr style='height:18.9pt'>
    <td valign=bottom style='width:73%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Warranties
  issued during the period </font></p></td>
    <td valign=bottom style='width:2%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:11%;border-bottom:1.0pt solid windowtext;padding:0in;height:20px'
    bgcolor="#CCEEFF" align="right"><B><FONT size="2">3,467</FONT></B></td>
    <td valign=bottom style='width:2%;padding:0in;
  height:20px' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:11%;border-bottom:1.0pt solid windowtext;padding:0in;height:20px'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">5,159</font></p>
    </td>
  </tr>
  <tr style='height:26.05pt'>
    <td valign=bottom style='width:73%;padding:0in;
  height:24px'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Balance,
  end of period</font></p></td>
    <td valign=bottom
    style='width:2%;height:24px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2%;border-bottom:
  1.5pt double windowtext;padding:0in;height:24px'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td valign=bottom

    style='width:9%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.5pt double windowtext;border-right:medium none;
  height:25px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    align="right"><B><FONT size="2">4,026</FONT></B></td>
    <td valign=bottom style='width:2%;padding:0in;
  height:24px'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2%;border-bottom:
  1.5pt double windowtext;padding:0in;height:24px'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom
    style='width:9%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.5pt double windowtext;border-right:medium none;
  height:25px; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">4,297</font></p>
    </td>
  </tr>
</table>
<p class=MsoNormal><b>NOTE 8 - OTHER
LONG-TERM LIABILITIES</b></p>
<p class=MsoNormal>Other long-term liabilities were as follows at November 30:</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Accrued
  pension cost</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>61,906</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">54,076</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Compensation
  and benefits</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    3,025</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">3,273</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <FONT size="2">Deferred income tax liabilities</FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:12.0%;padding:0in; ' align="right"
    bgcolor="#CCEEFF">
    <B><FONT size="2">-</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">
    &nbsp;</td>
    <td width="12%" colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:12.0%;padding:0in; '
    bgcolor="#CCEEFF" align="right">
    <FONT size="2">3,148</FONT></td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Other</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>2,694</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">122</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=bottom style='width:70.98%;padding:0in 0in 0in 0in'
    height="23" bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    height="23" bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'
    height="23" bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' height="24" align="right" bgcolor="#CCEEFF">
    <FONT size="2"><B>67,625</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    height="23" bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'
    height="23" bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' height="24" bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">60,619</FONT></td>
  </tr>
</table>

<p class=MsoNormal><b>NOTE 9 - INCOME TAXES</b></p>
<p class=MsoNormal>The provision for income taxes included the following for
the year ended November 30:</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="56%" valign=bottom style='width:56.84%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2003</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="56%" valign=bottom
    style='width:56.84%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Current</font></p></td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.84%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Federal</font></p></td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.54%;padding:0in 0in 0in 0in'>
    <P align="right"><B><FONT size="2">4,071</FONT></B></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.54%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(261)</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.54%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">11,059</font></p>
    </td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.84%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Foreign</font></p></td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>5,265</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">5,393</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">5,445</font></p>
    </td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.84%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">State</font></p></td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>958</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(567)</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">2,118</font></p>
    </td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.84%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>10,294</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">4,565</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">18,622</font></p>
    </td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.84%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">&nbsp;</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.84%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Deferred</font></p></td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">&nbsp;</td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">&nbsp;</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.84%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Federal</font></p></td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.98%;padding:0in 0in 0in 0in' align="right"><FONT size="2">
    <B>3,460</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">3,160</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(3,977)</font></p>
    </td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.84%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Foreign</font></p></td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>(51)</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(162)</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">20</font></p>
    </td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.84%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">State</font></p></td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>767</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">443</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(648)</font></p>
    </td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.84%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>4,176</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">3,441</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(4,605)</font></p>
    </td>
  </tr>
  <tr>
    <td width="56%" valign=bottom style='width:56.84%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.54%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' align="right">
    <P align="right"><B><FONT size="2">14,470</FONT></B></td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.54%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">8,006</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.86%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.54%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">14,017</font></p>
    </td>
  </tr>
</table>

<br clear=all style='page-break-before:always'>

<p class=MsoNormal>Deferred income tax assets/(liabilities) were comprised of
the following as of November 30:</p>
<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse;border:medium none; '>
  <tr>
    <td width="71%" valign=bottom style='width:71.02%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom
    style='width:71.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Current deferred income taxes</font></p></td>
    <td width="1%" valign=bottom
    style='width:1.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Self-insurance
  and claims reserves</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;padding:0in 0in 0in 0in'>
    <P align="right"><B><FONT size="2">11,516</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">12,089</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom
    style='width:71.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Inventories</font></p></td>
    <td width="1%" valign=bottom
    style='width:1.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>
    5,278</B></FONT></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">4,532</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Employee
  benefits</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>3,350</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">2,026</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom
    style='width:71.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Accounts
  receivable</font></p></td>
    <td width="1%" valign=bottom
    style='width:1.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>
    1,164</B></FONT></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">1,266</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Valuation
  allowances</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>(2,763)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(1,760)</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom
    style='width:71.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Other</font></p></td>
    <td width="1%" valign=bottom
    style='width:1.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>(947)</B></FONT></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(2,627)</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom
    style='width:71.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Net current
  deferred income tax assets</font></p></td>
    <td width="1%" valign=bottom
    style='width:1.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>17,598</B></FONT></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">15,526</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=top
    style='width:71.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Noncurrent deferred income taxes</font></p>
    </td>
    <td width="1%" valign=bottom
    style='width:1.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Net
  operating loss carry-overs</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>19,084</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">16,027</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom
    style='width:71.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Prepaid
  pension benefit costs</font></p></td>
    <td width="1%" valign=bottom
    style='width:1.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>
    13,797</B></FONT></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">15,547</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Employee
  benefits</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>860</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">10,524</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom
    style='width:71.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Investments</font></p></td>
    <td width="1%" valign=bottom
    style='width:1.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>
    3,255</B></FONT></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">3,107</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Valuation
  allowances</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>(19,560)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(24,324)</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom
    style='width:71.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Property,
  plant and equipment</font></p></td>
    <td width="1%" valign=bottom
    style='width:1.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>
    (16,524)</B></FONT></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(17,404)</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Other</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>(769)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(596)</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom
    style='width:71.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom
    style='width:1.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Net
  noncurrent deferred income tax assets</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>143</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">2,881</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom
    style='width:71.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom
    style='width:1.98%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td width="71%" valign=bottom style='width:71.02%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Net
  deferred income tax assets</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;border:none;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <P align="right"><B><FONT size="2">17,741</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">18,407</font></p>
    </td>
  </tr>
</table>
<p class=MsoNormal>As of November 30, 2005, the Company had foreign net
operating loss carry-overs of approximately $57,800,000. A full valuation
allowance has been provided against these net operating losses. The balance of
the valuation allowance applies to certain foreign deferred tax assets and
certain other deferred tax assets that will likely not result in a tax benefit.&nbsp;
Approximately $6,500,000 of the net decrease in valuation allowances was due to
a decrease related to executive compensation deductions (primarily due to the
write-off of the related deferred tax asset), offset by an increase in foreign
net operating loss carry-overs and other foreign deferred tax assets for which
no benefit has been recognized.</p>

<p class=MsoNormal>The tax provision represents effective tax rates of 38%, 75%
and 32% of income before income taxes for the years ended November 30, 2005, 2004 and 2003, respectively. A reconciliation of income taxes provided at the
effective income tax rate and the amount computed at the federal statutory
income tax rate of 35% is as follows for the year ended November 30:</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="57%" valign=bottom style='width:57.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2003</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Domestic
  pretax income</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <P align="right"><B><FONT size="2">21,808</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(7,782)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">25,132</font></p>
    </td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Foreign
  pretax income</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <P align="right"><B><FONT size="2">16,267</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">18,456</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">18,171</font></p>
    </td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P align="right"><FONT size="2"><B>38,075</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">10,674</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">43,303</font></p>
    </td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Taxes at
  federal statutory rate</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'>
    <P align="right"><B><FONT size="2">13,326</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">3,736</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">15,156</font></p>
    </td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">State taxes, net of federal tax benefit</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>1,082</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(495)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">966</font></p>
    </td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Net effect
  of utilization of foreign losses</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    2,776</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(59)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(27)</font></p>
    </td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Foreign
  income taxed at lower rates</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>(3,706)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(2,188)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(2,089)</font></p>
    </td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Foreign tax
  credit</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    (2,031)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(1,451)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(1,485)</font></p>
    </td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Foreign
  branch and withholding taxes</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>450</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">1,019</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">1,114</font></p>
    </td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Percentage
  depletion</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    (449)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(421)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(375)</font></p>
    </td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Non-deductible
  compensation</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>693</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">7,709</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">336</font></p>
    </td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Research
  and development credits</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><FONT size="2"><B>
    (553)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(437)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(584)</font></p>
    </td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Foreign
  dividend income</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>2,691</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">1,738</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">1,584</font></p>
    </td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'>
    <FONT size="2">Repatriation of foreign earnings under the AJCA</FONT></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in; ; border-left-width:medium; border-right-width:medium; border-top-width:medium'
    align="right"><B><FONT size="2">1,077</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in; ; border-left-width:medium; border-right-width:medium; border-top-width:medium'>
    <P align="right"><FONT size="2">-</FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'>
    &nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in; ; border-left-width:medium; border-right-width:medium; border-top-width:medium'>
    <P align="right"><FONT size="2">-</FONT></td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Other, net</font></p></td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF">
    <FONT size="2"><B>(886)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(1,145)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(579)</font></p>
    </td>
  </tr>
  <tr>
    <td width="57%" valign=top style='width:57.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <P align="right"><B><FONT size="2">14,470</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">8,006</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">14,017</font></p>
    </td>
  </tr>
</table>
<p class=MsoNormal>The 1996 through 1998 federal income tax returns are
currently under examination by the U.S. Internal Revenue Service (&quot;IRS&quot;). While
the IRS audit is nearing completion, no assessments have been issued. Although it
cannot predict with certainty the ultimate outcome of this examination, the
Company believes it has adequately provided for any potential liabilities that
may result.</p>
<p class=MsoNormal>In 2001, the Company filed federal and state income tax
claims for research and development credits for tax years 1990 through 2000.
A portion of these credits was reflected in the financial statements in 2001. The claims are currently under IRS
examination in connection with the 1996-1998 examination.&nbsp; The Company has
reached a proposed settlement with the IRS regarding these credits at the local
level; however, the proposed
settlement, along with the ultimate results of the 1996-1998 examination, must
be reviewed by the Joint Committee of Taxation before it can be considered
final. Therefore, the financial statements have not been adjusted to reflect the
results of this proposed settlement, which, while not material, would be favorable to the Company if
finalized as proposed.</p>
<p class=MsoNormal>In November 2005, the Company repatriated approximately
$36,000,000 of earnings from three of its foreign subsidiaries under the
provisions of the 2004 American Jobs Creation Act (&quot;AJCA&quot;). The AJCA created
a one-time incentive for U.S. corporations to repatriate accumulated income
earned abroad by providing an 85 percent dividends received deduction for
certain dividends from controlled foreign corporations.</p>
<p class=MsoNormal>The Company intends to permanently reinvest the remaining
unrepatriated foreign earnings. The cumulative amount of undistributed earnings of foreign
subsidiaries is
$48,884,000 at November 30, 2005. The Company has provided no deferred taxes
on the earnings, and the additional U.S. income tax on the unremitted foreign
earnings, if repatriated, may be offset in whole or in part by foreign tax
credits.</p>
<p class=MsoNormal><b>NOTE 10 - DEBT</b></p>
<p class=MsoNormal>Short-term borrowings consist of loans payable under bank
credit lines. There were no short-term borrowings outstanding at November 30, 2005 and at November 30, 2004. At November 30, 2005, the equivalent of $14,515,000 was available under short-term credit lines.</p>
<p class=MsoNormal>Domestically, as of November 30, 2005, the Company maintained a $100,000,000 revolving credit facility with six banks (the &quot;Revolver&quot;). At November 30, 2005, $18,013,000
of the Revolver
was utilized for standby letters of credit; therefore, $81,987,000 was available. Under
the Revolver, the Company may, at its option, borrow at floating interest rates
based on specified margins over money market rates, at any time until September
2010, when all borrowings under the Revolver must be repaid. </p>
<p class=MsoNormal>Foreign subsidiaries also maintain unsecured revolving
credit facilities and short-term facilities with banks. Foreign subsidiaries
may borrow in various currencies, at interest rates based upon specified margins
over money market rates. The equivalent of $3,000,000 may be borrowed at any
time through July 2006 under one facility. Other short-term lines permit
borrowings up to $19,000,000. At November 30, 2005, $1,251,000 was borrowed under these facilities.</p>
<p class=MsoNormal>Borrowings under certain bank facilities by the Company and
its foreign subsidiaries are supported by the Revolver and, accordingly, have
been classified as long-term debt and are considered payable when the Revolver
is due.</p>
<p class=MsoNormal>Long-term debt consisted of the following as of November 30:</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr style='height:12.6pt'>
    <td width="70%" valign=bottom style='width:70.94%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in;height:12.6pt'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in;
  height:12.6pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;height:12.6pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in;
  height:12.6pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;height:12.6pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=top
    style='width:70.94%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Fixed-rate
  notes:</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">7.92%,
  payable in annual principal installments of $8,333</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.64%;padding:0in 0in 0in 0in'
    align="right"><FONT size="2"><B>8,333</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">16,667</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">5.36%,
  payable in annual principal installments of $10,000</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>40,000</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">50,000</font></p>
    </td>
  </tr>
  <TR>
    <td width="70%" valign=top style='width:70.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <FONT size="2">4.25%,
  payable in Singapore Dollars, in annual principal installments of $6,031</FONT></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in' align="right"><FONT size="2">
    <B>30,158</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">-</FONT></td>
  </TR>
  <tr>
    <td width="70%" valign=top style='width:70.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Variable-rate
  industrial development bonds,</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">payable in
  2016 (3.25% at November 30, 2005)</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in'
    align="right"><FONT size="2"><B>7,200</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">7,200</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">payable in
  2021 (3.25% at November 30, 2005)</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF"><FONT size="2">
    <B>8,500</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">8,500</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Variable-rate
  bank</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in'
    align="right">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">revolving credit facilities - domestic</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF"><FONT size="2">
    <B>-</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">10,400</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:30.0pt;text-indent:-10.0pt'>
    <font size="2">revolving
  credit facilities - foreign (8.96% at November 30, 2005)</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>1,251</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">915</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=top style='width:12.08%;border:none;
  padding:0in 0in 0in 0in' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>
    95,442</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=top style='width:12.08%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">93,682</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Less
  current portion</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>(18,333)</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(18,333)</font></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.64%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>
    77,109</B></FONT></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.44%;border:none;border-bottom:
  double windowtext 1.5pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.64%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">75,349</font></p>
    </td>
  </tr>
</table>

<br clear=all style='page-break-before:always'>
<p class=MsoNormal>Future maturities of long-term debt were as follows as of November 30, 2005:</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="95%"
 style='width:95.0%;border-collapse:collapse'>
  <tr>
    <td width="67%" valign=bottom style='width:67.64%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.46%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="13%" valign=bottom style='width:13.5%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Year ending<br>November 30,</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.52%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="12%" colspan=2 valign=bottom style='width:12.96%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Amount</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="67%" valign=top
    style='width:67.64%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.46%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" valign=top
    style='width:13.5%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">2006</font></p></td>
    <td width="2%" valign=bottom style='width:2.52%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom
    style='width:1.42%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="11%" valign=bottom style='width:11.54%;border:none;border-top:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">18,333</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="67%" valign=top style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.46%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" valign=top style='width:13.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">2007</font></p></td>
    <td width="2%" valign=bottom style='width:2.52%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">10,000</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="67%" valign=top style='width:67.64%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.46%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" valign=top style='width:13.5%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">2008</font></p></td>
    <td width="2%" valign=bottom style='width:2.52%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.96%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2"><B>16,031</B></FONT></td>
  </tr>
  <tr>
    <td width="67%" valign=top style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.46%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" valign=top style='width:13.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">2009</font></p></td>
    <td width="2%" valign=bottom style='width:2.52%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.96%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2"><B>16,031</B></FONT></td>
  </tr>
  <tr>
    <td width="67%" valign=top style='width:67.64%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.46%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" valign=top style='width:13.5%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">2010</font></p></td>
    <td width="2%" valign=bottom style='width:2.52%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:12.96%;border-bottom:medium none windowtext;padding:0in; '
    bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2"><B>7,282</B></FONT></td>
  </tr>
  <tr>
    <td width="67%" valign=top style='width:67.64%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.46%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" valign=top style='width:13.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">Thereafter</font></p></td>
    <td width="2%" valign=bottom
  style='width:2.52%;padding:0in; ; border-right-style:none; border-right-width:medium'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:12.96%;border-bottom:1px solid windowtext;padding:0in; '>
    <P align="right"><B><FONT size="2">27,765</FONT></B></td>
  </tr>
  <tr>
    <td width="67%" valign=top style='width:67.64%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.46%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="13%" valign=bottom style='width:13.5%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.52%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='border-left:medium none; border-right:medium none; width:1.42%;border-bottom:
  1.5pt double windowtext;padding:0in; ; border-top-color:inherit'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">$</font></b></p>
    </td>
    <td width="11%" valign=bottom style='width:11.54%;border-left:medium none;border-bottom:1.5pt double windowtext;border-right:medium none;
  padding:0in; ; border-top-color:windowtext' bgcolor="#CCEEFF">
    <P align="right"><FONT size="2"><B>95,442</B></FONT></td>
  </tr>
</table>
<p class=MsoNormal>The lending agreements contain various restrictive
covenants, including the requirement to maintain specified amounts of net worth
and restrictions on cash dividends, borrowings, liens, investments and
guarantees. Under the most restrictive provisions of the Company's lending agreements,
approximately $13,355,000 of retained earnings was not restricted, as of November 30, 2005, as to the declaration of cash dividends or the repurchase of Company
stock. At November 30, 2005, the Company was in compliance with all covenants.</p>
<p class=MsoNormal>The Revolver, the 5.36% term notes, the 7.92% term notes and
the 4.25% term notes
are collateralized by substantially all of the Company's assets. The industrial
revenue bonds are supported by standby letters of credit that are issued under
the Revolver. Certain note agreements contain provisions regarding the
Company's ability to grant security interests or liens in association with
other debt instruments. If the Company grants such a security interest or lien,
then such notes will be secured equally and ratably as long as such other debt
shall be secured.</p>
<p class=MsoNormal>Interest income and expense were as follows for the year
ended November 30:</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="95%"
 style='width:95.34%;border-collapse:collapse'>
  <tr style='height:11.85pt'>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:67%;border-bottom:
  1.0pt solid windowtext;padding:0in;height:11.85pt'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:10%;border-bottom:1.0pt solid windowtext;padding:0in;height:11.85pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td valign=bottom style='width:1%;padding:0in;
  height:11.85pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:10%;border-bottom:1.0pt solid windowtext;padding:0in;height:11.85pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
    <td valign=bottom style='width:1%;padding:0in;
  height:11.85pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:10%;border-bottom:1.0pt solid windowtext;padding:0in;height:11.85pt'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2003</font></b></p>
    </td>
  </tr>
  <tr style='height:16.6pt'>
    <td valign=top style='width:67%;border:medium none;padding:0in;
  height:16.6pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Interest
  expense</font></p></td>
    <td valign=bottom style='width:2%;border:medium none;padding:0in;
  height:16.6pt' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td valign=bottom style='width:8%;border:medium none;padding:0in;
  height:16.6pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>5,838</B></FONT></td>
    <td valign=bottom style='width:1%;padding:0in;
  height:16.6pt' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td valign=bottom style='width:2%;border:medium none;padding:0in;
  height:16.6pt' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='width:8%;border:medium none;padding:0in;
  height:16.6pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">5,645</font></p>
    </td>
    <td valign=bottom style='width:1%;padding:0in;
  height:16.6pt' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:1%;border:medium none;padding:0in;
  height:16.6pt' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; width:9%;border-top:1.0pt solid windowtext;
  padding:0in;height:16.6pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">6,793</font></p>
    </td>
  </tr>
  <tr style='height:18.85pt'>
    <td valign=top style='width:67%;padding:0in;
  height:18.85pt'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Interest
  income</font></p></td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:10%;border-bottom:1.0pt solid windowtext;padding:0in;height:18.85pt'>
    <P align="right"><B><FONT size="2">(619)</FONT></B></td>
    <td valign=bottom
  style='width:1%;height:18.85pt; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:10%;border-bottom:1.0pt solid windowtext;padding:0in;height:18.85pt'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(332)</font></p>
    </td>
    <td valign=bottom
  style='width:1%;height:18.85pt; padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:10%;border-bottom:1.0pt solid windowtext;padding:0in;height:18.85pt'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(148)</font></p>
    </td>
  </tr>
  <tr style='height:17.75pt'>
    <td valign=top style='width:67%;padding:0in;
  height:17.75pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Interest
  expense, net</font></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2%;border-bottom:
  1.5pt double windowtext;padding:0in;height:17.75pt' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td valign=bottom style='width:8%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.5pt double windowtext;border-right:medium none;
  padding:0in;height:17.75pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>
    5,219</B></FONT></td>
    <td valign=bottom style='width:1%;padding:0in;
  height:17.75pt' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2%;border-bottom:
  1.5pt double windowtext;padding:0in;height:17.75pt' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='width:8%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.5pt double windowtext;border-right:medium none;
  padding:0in;height:17.75pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">5,313</font></p>
    </td>
    <td valign=bottom style='width:1%;padding:0in;
  height:17.75pt' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:1%;border-bottom:
  1.5pt double windowtext;padding:0in;height:17.75pt' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9%;border-bottom:
  1.5pt double windowtext;padding:0in;height:17.75pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">6,645</font></p>
    </td>
  </tr>
</table>
<p class=MsoNormal>The following disclosure of the estimated fair value of the
Company's debt is made in accordance with the requirements of SFAS 107,
&quot;Disclosures about Fair Value of Financial Instruments.&quot; The estimated fair
value amounts have been determined by the Company using available market
information and appropriate valuation methodologies. Considerable judgment is
required to develop the estimated fair value, thus the estimates provided
herein are not necessarily indicative of the amounts that could be realized in
a current market exchange.</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="95%"
 style='width:95.0%;border-collapse:collapse'>
  <tr>
    <td width="69%" valign=bottom style='width:69.94%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="12%" colspan=2 valign=bottom style='width:12.16%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Carrying<br>Amount</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.72%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Fair<br>Value</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="69%" valign=top
    style='width:69.94%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'><b>
    <font size="2">November 30, 2005</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.3%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.16%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.72%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="69%" valign=top style='width:69.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'><b>
    <font size="2">Fixed-rate,
  long-term debt</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.22%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.94%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2"><B>78,491</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.56%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="9%" valign=bottom style='width:9.16%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2"><B>78,983</B></FONT></td>
  </tr>
  <tr>
    <td width="69%" valign=top style='width:69.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'><b>
    <font size="2">Variable
  rate, long-term debt</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.3%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.16%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2"><B>16,951</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.72%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2"><B>16,951</B></FONT></td>
  </tr>
  <tr>
    <td width="69%" valign=top style='width:69.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="2%" valign=bottom style='width:2.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="69%" valign=top style='width:69.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">November 30, 2004</font></p></td>
    <td width="2%" valign=bottom style='width:2.3%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.16%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.72%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="69%" valign=top style='width:69.94%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Fixed-rate,
  long-term debt</font></p></td>
    <td width="2%" valign=bottom style='width:2.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.16%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">66,667</FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.72%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">69,616</FONT></td>
  </tr>
  <tr>
    <td width="69%" valign=top style='width:69.94%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Variable-rate,
  long-term debt</font></p></td>
    <td width="2%" valign=bottom style='width:2.3%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.16%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">27,015</FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.72%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">27,015</FONT></td>
  </tr>
</table>
<p class=MsoNormal>The estimated fair value of the Company's variable-rate debt
approximates the carrying value of the debt since the variable interest rates
are market-based, and the Company believes such debt could be refinanced on
materially similar terms. The estimated fair value of the Company's
fixed-rate, long-term debt is based on U.S. government notes at November 30, 2005 plus an estimated spread for similar securities with similar
credit risks and remaining
maturities.</p>

<br clear=all style='page-break-before:always'>
<p class=MsoNormal><b>NOTE 11 - LEASE
COMMITMENTS</b></p>
<p class=MsoNormal>The Company leases facilities and equipment under
non-cancelable operating leases. Rental expense under long-term operating
leases of real property, vehicles and other equipment was $5,084,000 in 2005, $5,025,000 in 2004,
and $4,773,000
in 2003. Future rental commitments were as follows as
of November 30, 2005:</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="95%"
 style='width:95.0%;border-collapse:collapse'>
  <tr>
    <td width="70%" valign=bottom style='width:70.5%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="12%" valign=bottom style='width:12.52%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Year ending<br>November 30,</font></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.4%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="11%" colspan=2 valign=bottom style='width:11.88%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Amount</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="70%" valign=top
    style='width:70.5%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.92%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=top
    style='width:12.52%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">2006</font></p></td>
    <td width="1%" valign=bottom style='width:1.4%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="3%" valign=bottom
    style='width:3.66%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="8%" valign=bottom style='width:8.22%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2"><B>4,619</B></FONT></td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=top style='width:12.52%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">2007</font></p></td>
    <td width="1%" valign=bottom style='width:1.4%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.88%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2"><B>4,415</B></FONT></td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.5%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.92%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=top style='width:12.52%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">2008</font></p></td>
    <td width="1%" valign=bottom style='width:1.4%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.88%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2"><B>4,075</B></FONT></td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=top style='width:12.52%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">2009</font></p></td>
    <td width="1%" valign=bottom style='width:1.4%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.88%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2"><B>3,864</B></FONT></td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.5%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.92%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=top style='width:12.52%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">2010</font></p></td>
    <td width="1%" valign=bottom style='width:1.4%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:11.88%;border-bottom:medium none windowtext;padding:0in; '
    bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2"><B>3,576</B></FONT></td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=top style='width:12.52%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">Thereafter</font></p></td>
    <td width="1%" valign=bottom
  style='width:1.4%;padding:0in; ; border-right-style:none; border-right-width:medium'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:11.88%;border-bottom:1px solid windowtext;padding:0in; '>
    <P align="right"><FONT size="2"><B>21,881</B></FONT></td>
  </tr>
  <tr>
    <td width="70%" valign=top style='width:70.5%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td width="1%" valign=bottom style='width:1.92%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" valign=bottom style='width:12.52%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.4%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="3%" valign=bottom style='border-left:medium none; border-right:medium none; width:3.66%;border-bottom:
  1.5pt double windowtext;padding:0in; ; border-top-color:inherit'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="8%" valign=bottom style='width:8.22%;border-left:medium none;border-bottom:1.5pt double windowtext;border-right:medium none;
  padding:0in; ; border-top-color:windowtext' bgcolor="#CCEEFF">
    <P align="right"><FONT size="2"><B>42,430</B></FONT></td>
  </tr>
</table>
<p class=MsoNormal>Future rental commitments for leases are not reduced by
minimum non-cancelable sublease rentals aggregating $1,708,000 at November 30,
2005.</p>
<p class=MsoNormal><b>NOTE 12 - INCENTIVE
STOCK COMPENSATION PLANS</b></p>
<p class=MsoNormal>The Company has adopted the disclosure-only provisions of
SFAS No. 123, &quot;Accounting for Stock-Based Compensation.&quot;</p>
<p class=MsoNormal>In 2004, the 2004 Stock Incentive Plan (&quot;2004 Plan&quot;) was
approved by the stockholders of the Company. The 2004 Plan serves as the
successor to the 2001 Stock Incentive Plan and supersedes that plan. Under the
terms of the 2004 Plan, 525,000 new shares of common stock were made available
for awards both to non-employee directors and to key employees of the Company.
Awards to key employees may include, but are not limited to, stock options,
restricted stock, performance shares and performance unit awards. Restrictions
may limit the sale, transfer, voting rights and dividends on these awards. At November 30, 2005, 99,834 restricted shares were outstanding.
</p>
<p class=MsoNormal>At November 30, 2005, the Company had 467,783 non-qualified
stock options outstanding with terms of 10 to 15 years from the date of grant, and
384,500 shares available for future grants under the 2004 plan. The
exercise price for outstanding stock options is generally the fair market value
of the Company's stock on the date of the original grant. Such options vest in
equal annual installments over four years. Certain options have a cashless
exercise feature.</p>
<p class=MsoNormal>SFAS No. 123 requires pro forma information regarding net
income and earnings per share as if compensation expense for stock options had
been determined based on the fair value of the options on the grant date. The
Company estimates the fair value of stock options at the grant date by using
the Black-Scholes option pricing model with the following weighted-average
assumptions used for grants in 2003, 2004 and 2005, respectively: dividend
yields of 2.21%, 2.38% and 2.41%; an expected volatility of 36.92%, 37.68% and
37.33%; risk-free rates of 2.93%, 2.71% and 4.18%; and an expected life of five
years for all options.</p>

<br clear=all style='page-break-before:always'>
<p class=MsoNormal>Under the accounting provisions of SFAS No. 123, the
Company's net income and earnings per share would have been as indicated below
for the year ended November 30:</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="85%"
 style='width:85.0%;margin-left:36.6pt;border-collapse:collapse'>
  <tr style='height:12.35pt'>
    <td valign=top
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:522px;border-bottom:1.0pt solid windowtext;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='text-autospace:none'><B><i><font size="1">(In
  thousands, except per share data)</font></i></B></p></td>
    <td valign=top
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:74px;border-bottom:1.0pt solid windowtext;
  height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">2005</font></b></p></td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:76px;border-bottom:1.0pt solid windowtext;
  height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">2004</font></b></p></td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:74px;border-bottom:1.0pt solid windowtext;
  height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <B>
    <font size="1">2003</font></B></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top

    style='height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Reported
  net income</font></p></td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>$32,610</B></FONT></td>
    <td valign=top

    style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top

    style='width:76px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$13,459</font></p></td>
    <td valign=top

    style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$29,900</font></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
  style='height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">&nbsp;</td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top
  style='width:76px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">&nbsp;</font></p></td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
  style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top

    style='width:522px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Add:
  Stock-based employee compensation expense</font></p></td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td valign=top

    style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top

    style='width:76px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">&nbsp;</font></p></td>
    <td valign=top

    style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
  style='width:522px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-left:7.8pt;text-autospace:none'>
    <font size="2">included in reported net income, net of tax</font></p></td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>1,645</B></FONT></td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top
  style='width:76px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">1,149</font></p></td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
  style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">461</font></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <TD bgcolor="#CCEEFF"><font size="2">Deduct:
  Stock-based employee compensation expense</font></TD>
    <TD bgcolor="#CCEEFF" align="right">&nbsp;</TD>
    <td valign=top

    style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'>&nbsp;</p></td>
    <td valign=top

    style='width:76px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">&nbsp;</td>
    <td valign=top

    style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">&nbsp;</td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
  style='width:522px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-left:7.8pt;text-autospace:none'>
    <font size="2">determined under SFAS No. 123, net of tax</font></p></td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>(1,212)</B></FONT></td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top
  style='width:76px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <P align="right"><FONT size="2">(889)</FONT></td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
  style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(832)</font></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top

    style='height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Pro
  forma net income</font></p></td>
    <td valign=top

    style='width:74px;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>$33,043</B></FONT></td>
    <td valign=top

    style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top

    style='width:76px;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$13,719</font></p></td>
    <td valign=top

    style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top

    style='width:74px;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$29,529</font></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
  style='height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">&nbsp;</td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top
  style='width:76px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">&nbsp;</font></p></td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
  style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top

    style='height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Earning
  per share (basic)</font></p></td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td valign=top

    style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top

    style='width:76px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">&nbsp;</td>
    <td valign=top

    style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
  style='height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-left:7.8pt;text-autospace:none'>
    <font size="2">As reported</font></p></td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>$3.88</B></FONT></td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top
  style='width:76px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$1.63</font></p></td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
  style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$3.77</font></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top

    style='height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:7.8pt;text-autospace:none'>
    <font size="2">Pro forma</font></p></td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>3.93</B></FONT></td>
    <td valign=top

    style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top

    style='width:76px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">1.66</font></p></td>
    <td valign=top

    style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">3.73</font></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
  style='height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">&nbsp;</td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top
  style='width:76px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">&nbsp;</font></p></td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
  style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top

    style='height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Earning
  per share (diluted)</font></p></td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td valign=top

    style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top

    style='width:76px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">&nbsp;</td>
    <td valign=top

    style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
  style='height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-left:7.8pt;text-autospace:none'>
    <font size="2">As reported</font></p></td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>$3.80</B></FONT></td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top
  style='width:76px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$1.59</font></p></td>
    <td valign=top
  style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
  style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$3.67</font></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top

    style='height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:7.8pt;text-autospace:none'>
    <font size="2">Pro forma</font></p></td>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>3.85</B></FONT></td>
    <td valign=top

    style='width:4px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td valign=top

    style='width:76px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">1.62</font></p></td>
    <TD bgcolor="#CCEEFF">&nbsp;</TD>
    <td valign=top

    style='width:74px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'><FONT size=2>3.62</FONT></p>
    </td>
  </tr>
</table>
<p class=MsoNormal>A summary of the Company's stock options as of November 30, 2003, 2004 and 2005, and changes during the year then ended, follows:</p>
<table class=MsoNormalTable border=0 cellpadding=0
 style='width:85%;margin-left:32.7pt;border-collapse:collapse'>
  <TR>
    <td valign=top
   style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
   align="center">&nbsp;</td>
    <td valign=bottom
   style='border-bottom:1px solid #000000; width:13%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
   align="center"><B><FONT size="1">Number of Options</FONT></B></td>
    <td valign=top
   style='border-bottom:1px solid #000000; width:10%;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
   align="center"><B><FONT size="1">Weighted-Average Exercise Price</FONT></B></td>
  </TR>
  <TR>
    <td valign=top

    style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Outstanding
  at November 30, 2002</font></p></td>
    <td valign=top

    style='width:13%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">1,150,208</font></p></td>
    <td valign=top
   style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
   align="center" bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$21.24</font></p></td>
  </TR>
  <TR>
    <td valign=top
   style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-left:10.2pt;text-autospace:none'>
    <font size="2">Granted</font></p></td>
    <td valign=top
   style='width:13%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">24,000</font></p></td>
    <td valign=top
   style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
   align="center">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">27.95</font></p></td>
  </TR>
  <TR>
    <td valign=top

    style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.2pt;text-autospace:none'>
    <font size="2">Exercised</font></p></td>
    <td valign=top

    style='width:13%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(323,239)</font></p></td>
    <td valign=top
   style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
   align="center" bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">19.41</font></p></td>
  </TR>
  <TR>
    <td valign=top
   style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-left:10.2pt;text-autospace:none'>
    <font size="2">Forfeited</font></p></td>
    <td valign=top
   style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(12,850)</font></p></td>
    <td valign=top
   style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
   align="center">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">20.54</font></p></td>
  </TR>
  <TR>
    <td valign=top

    style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Outstanding
  at November 30, 2003</font></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">838,119</font></p></td>
    <td valign=top
   style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
   align="center" bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">22.15</font></p></td>
  </TR>
  <TR>
    <td valign=top
   style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Options
  exercisable at November 30, 2003</font></p></td>
    <td valign=top
   style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">665,119</font></p></td>
    <td valign=top
   style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
   align="center">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">22.02</font></p></td>
  </TR>
  <tr style='height:12.35pt'>
    <td valign=top

    style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Weighted-average
  fair value of options granted during 2003</font></p></td>
    <td valign=top

    style='width:13%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
  style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
  align="center" bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'><FONT size=2>8.31</FONT></p>
    </td>
  </tr>
  <TR>
    <td valign=top
   style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
   style='width:13%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
   style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
   align="center">&nbsp;</td>
  </TR>
  <TR>
    <td valign=top

    style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Outstanding
  at November 30, 2003</font></p></td>
    <td valign=top

    style='width:13%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">838,119</font></p></td>
    <td valign=top
   style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
   align="center" bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">22.15</font></p></td>
  </TR>
  <TR>
    <td valign=top
   style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-left:10.2pt;text-autospace:none'>
    <font size="2">Granted</font></p></td>
    <td valign=top
   style='width:13%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">24,000</font></p></td>
    <td valign=top
   style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
   align="center">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">34.00</font></p></td>
  </TR>
  <TR>
    <td valign=top

    style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.2pt;text-autospace:none'>
    <font size="2">Exercised</font></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(167,768)</font></p></td>
    <td valign=top
   style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
   align="center" bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">19.38</font></p></td>
  </TR>
  <TR>
    <td valign=top
   style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Outstanding
  at November 30, 2004</font></p></td>
    <td valign=top
   style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">694,351</font></p></td>
    <td valign=top
   style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
   align="center">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">23.22</font></p></td>
  </TR>
  <TR>
    <td valign=top

    style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Options
  exercisable at November 30, 2004</font></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">594,351</font></p></td>
    <td valign=top
   style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
   align="center" bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">22.65</font></p></td>
  </TR>
  <tr style='height:12.35pt'>
    <td valign=top
  style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <font size="2">Weighted-average
  fair value of options granted during 2004</font></td>
    <td valign=top
  style='width:13%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>&nbsp;</td>
    <td valign=top
  style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
  align="center">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'><FONT size=2>
    10.00</FONT></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top

    style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">&nbsp;</td>
    <td valign=top

    style='width:13%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">&nbsp;</td>
    <td valign=top
  style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
  align="center" bgcolor="#CCEEFF">&nbsp;</td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
  style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='text-autospace:none'><B><font size="2">Outstanding
  at November 30, 2004</font></B></p></td>
    <td valign=top


    style='width:13%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    align="right"><B><FONT size="2">694,351</FONT></B></td>
    <td valign=top
  style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
  align="right"><B><FONT size="2">23.22</FONT></B></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top

    style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.2pt;text-autospace:none'>
    <B>
    <font size="2">Granted</font></B></p></td>
    <td valign=top

    style='width:13%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    align="right" bgcolor="#CCEEFF"><B><FONT size="2">18,000</FONT></B></td>
    <td valign=top
  style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
  align="right" bgcolor="#CCEEFF"><B><FONT size="2">33.28</FONT></B></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
  style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='margin-left:10.2pt;text-autospace:none'>
    <B>
    <font size="2">Exercised</font></B></p></td>
    <td valign=top

    style='width:13%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    align="right"><B><FONT size="2">(239,318)</FONT></B></td>
    <td valign=top
  style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
  align="right"><B><FONT size="2">22.07</FONT></B></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top

    style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.2pt;text-autospace:none'>
    <B>
    <font size="2">Forfeited</font></B></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><B><FONT size="2">(5,250)</FONT></B></td>
    <td valign=top
  style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
  align="right" bgcolor="#CCEEFF"><B><FONT size="2">31.41</FONT></B></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
  style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='text-autospace:none'><B><font size="2">Outstanding
  at November 30, 2005</font></B></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    align="right"><B><FONT size="2">467,783</FONT></B></td>
    <td valign=top
  style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
  align="right"><B><FONT size="2">24.11</FONT></B></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top

    style='width:76%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><B><font size="2">Options
  exercisable at November 30, 2005</font></B></p></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1px solid windowtext;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><B><FONT size="2">418,283</FONT></B></td>
    <td valign=top
  style='width:10%;height:12.35pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
  align="right" bgcolor="#CCEEFF"><B><FONT size="2">23.10</FONT></B></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
  style='width:76%;height:12.35pt; border-right-style:none; border-right-width:medium; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
    <B>
    <font size="2">Weighted-average
  fair value of options granted during 2005</font></B></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; width:13%;border-bottom:medium none windowtext;height:12.35pt; border-top-color:inherit; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
    align="right">&nbsp;</td>
    <td valign=top
  style='width:10%;height:12.35pt; border-left-style:none; border-left-width:medium; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'
  align="right"><B><FONT size="2">10.43</FONT></B></td>
  </tr>
  </table>

<br clear=all style='page-break-before:always'>
<p class=MsoNormal>The following summarizes information about stock options
outstanding as of November 30, 2005:</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="75%"
 style='width:75.0%;margin-left:48.3pt;border-collapse:collapse'>
  <tr style='height:12.35pt'>
    <td width=166 valign=top style='width:124.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>&nbsp;</td>
    <td width=99 valign=top style='width:74.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>&nbsp;</td>
    <td width=109 valign=top style='width:81.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <P align="right"><b><font size="1">Weighted-Average</font></b></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>&nbsp;</td>
    <td width=104 valign=top style='width:78.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>&nbsp;</td>
  </tr>
  <tr style='height:12.35pt'>
    <td width=166 valign=top style='width:124.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=99 valign=top style='width:74.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=109 valign=top style='width:81.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">Remaining</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=104 valign=top style='width:78.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">Weighted-</font></b></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td width=166 valign=top style='width:124.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal style='text-autospace:none'><b><font size="1">Range
  of</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=99 valign=top style='width:74.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">Options</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=109 valign=top style='width:81.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">Contractual Life</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=104 valign=top style='width:78.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">Average</font></b></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td width=166 valign=top style='width:124.8pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.35pt'>
    <p class=MsoNormal style='text-autospace:none'><b><font size="1">Exercise
  Prices</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=99 valign=top style='width:74.0pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">Outstanding</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=109 valign=top style='width:81.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">(in years)</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=104 valign=top style='width:78.0pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">Exercise Price</font></b></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td width=166 valign=top style='width:124.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">$15.00
  to $25.00</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=99 valign=top style='width:74.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">286,368</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=109 valign=top style='width:81.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">5.24</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=104 valign=top style='width:78.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$20.16</font></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td width=166 valign=top style='width:124.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">25.00 to 35.00</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=99 valign=top style='width:74.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">160,415</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=109 valign=top style='width:81.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">7.53</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=104 valign=top style='width:78.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">29.70</FONT></td>
  </tr>
  <tr style='height:12.35pt'>
    <td width=166 valign=top style='width:124.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">35.00 to 45.00</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=99 valign=top style='width:74.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">21,000</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=109 valign=top style='width:81.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">6.30</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=104 valign=top style='width:78.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">35.28</font></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td width=166 valign=top style='width:124.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">15.00 to 45.00</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=99 valign=top style='width:74.0pt;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.35pt'>
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">467,783</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=109 valign=top style='width:81.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">5.81</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=104 valign=top style='width:78.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">24.11</FONT></td>
  </tr>
</table>
<p class=Style0>&nbsp;</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="75%"
 style='width:75.0%;margin-left:48.3pt;border-collapse:collapse'>
  <tr style='height:12.35pt'>
    <td width=292 valign=top style='width:219.25pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=98 valign=top style='width:73.15pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=104 valign=top style='width:77.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">Weighted-</font></b></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td width=292 valign=top style='width:219.25pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal style='text-autospace:none'><b><font size="1">Range of</font></b></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=98 valign=top style='width:73.15pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">Options</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=104 valign=top style='width:77.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">Average</font></b></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td width=292 valign=top style='width:219.25pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.35pt'>
    <p class=MsoNormal style='text-autospace:none'><b><font size="1">Exercise
  Prices</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=98 valign=top style='width:73.15pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">Exercisable</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=104 valign=top style='width:77.9pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">Exercise Price</font></b></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td width=292 valign=top style='width:219.25pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">$15.00 to $25.00</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=98 valign=top style='width:73.15pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">286,368</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=104 valign=top style='width:77.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$20.16</font></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td width=292 valign=top style='width:219.25pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">25.00&nbsp;&nbsp;
  to&nbsp;&nbsp; 35.00</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=98 valign=top style='width:73.15pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">116,165</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=104 valign=top style='width:77.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">28.72</FONT></td>
  </tr>
  <tr style='height:12.35pt'>
    <td width=292 valign=top style='width:219.25pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">35.00&nbsp;&nbsp;
  to&nbsp;&nbsp; 45.00</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=98 valign=top style='width:73.15pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.35pt' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">15,750</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=104 valign=top style='width:77.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">35.28</FONT></td>
  </tr>
  <tr style='height:12.35pt'>
    <td width=292 valign=top style='width:219.25pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">15.00&nbsp;&nbsp;
  to&nbsp;&nbsp; 45.00</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=98 valign=top style='width:73.15pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.35pt'>
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">418,283</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=104 valign=top style='width:77.9pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.35pt'>
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">23.10</FONT></td>
  </tr>
</table>
<p><b>NOTE 13 - GOODWILL AND OTHER INTANGIBLE ASSETS</b></p>
<p class=MsoNormal>SFAS No. 142, &quot;Goodwill and Other
Intangible Assets,&quot; requires that goodwill and intangible assets
with indefinite useful lives not be amortized but instead be tested for
impairment at least annually.&nbsp; SFAS No. 142 also requires that intangible assets
with definite useful lives be amortized over their respective estimated useful
lives to their estimated residual values.&nbsp; The Company adopted SFAS No. 142
effective December 1, 2002.</p>
<p class=MsoNormal>During 2005, the Company completed the required goodwill and
intangible asset impairment tests.&nbsp; No impairment losses were identified as a
result of these tests.&nbsp; The changes in the carrying amount of goodwill by
business segment were as follows:</p>
<table class=MsoNormalTable border=0 cellpadding=0
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:53%;border-bottom:
  1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td valign=bottom style='width:4%;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:15%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">November 30, 2004</font></b></p>
    </td>
    <td valign=bottom style='width:1%;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:12%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Foreign Currency<br>Translation<br>Adjustments</font></b></p>
    </td>
    <td valign=bottom style='width:1%;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:15%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">November 30, 2005</font></b></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:53%;border:medium none;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Business
  Segment:</font></p></td>
    <td valign=bottom style='width:4%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:15%;border:medium none;
  padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td valign=bottom style='width:1%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:12%;border:medium none;
  padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td valign=bottom style='width:1%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:15%;border:medium none;
  padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:53%;padding:0in; '>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Performance
  Coatings &amp; Finishes</font></p></td>
    <td valign=bottom style='width:4%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='width:12%;padding:0in; '>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">11,761</font></p>
    </td>
    <td valign=bottom style='width:1%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='width:9%;padding:0in; '>
    <P align="right"><FONT size="2">(320)</FONT></td>
    <td valign=bottom style='width:1%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td valign=bottom style='width:12%;padding:0in; ' align="right"><B>
    <FONT size="2">11,441</FONT></B></td>
  </tr>
  <tr>
    <td valign=top style='width:53%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Fiberglass-Composite
  Pipe</font></p></td>
    <td valign=bottom style='width:4%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:15%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">1,440</font></p>
    </td>
    <td valign=bottom style='width:1%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:12%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td valign=bottom style='width:1%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:15%;padding:0in; '
    bgcolor="#CCEEFF" align="right"><B><FONT size="2">1,440</FONT></B></td>
  </tr>
  <tr>
    <td valign=top style='width:53%;padding:0in; '>
    <p class=MsoNormal style='margin-left:20.0pt;text-indent:-10.0pt'>
    <font size="2">Infrastructure
  Products</font></p></td>
    <td valign=bottom style='width:4%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:15%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">201</font></p>
    </td>
    <td valign=bottom style='width:1%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:12%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td valign=bottom style='width:1%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom


    style='border-left:medium none; border-right:medium none; border-top:medium none; width:15%;border-bottom:1.0pt solid windowtext;padding:0in; '
    align="right"><B><FONT size="2">201</FONT></B></td>
  </tr>
  <tr>
    <td valign=top style='width:53%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td valign=bottom style='width:4%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:3%;border-bottom:
  1.5pt double windowtext;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='width:12%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.5pt double windowtext;border-right:medium none;
  padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">13,402</font></p>
    </td>
    <td valign=bottom style='width:1%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:3%;border-bottom:
  1.5pt double windowtext;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='width:9%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.5pt double windowtext;border-right:medium none;
  padding:0in; ' bgcolor="#CCEEFF">
    <P align="right"><FONT size="2">(320)</FONT></td>
    <td valign=bottom style='width:1%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:3%;border-bottom:
  1.5pt double windowtext;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td valign=bottom style='width:12%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.5pt double windowtext;border-right:medium none;
  padding:0in; ' bgcolor="#CCEEFF" align="right"><B><FONT size="2">13,082</FONT></B></td>
  </tr>
</table>
<p class=MsoNormal>The Company's intangible assets and related accumulated
amortization consisted of the following at November 30:</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="95%"
 style='width:95.0%;border-collapse:collapse'>
  <tr>
    <td valign=bottom style='width:37%;padding:0in; '>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td colspan=5 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:31%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2005</font></b></p>
    </td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td colspan=5 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:27%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">2004</font></b></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:37%;border-bottom:
  1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:14%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Gross Intangible<br>Assets</font></b></p>
    </td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; width:2%;border-top:1.0pt solid windowtext;
  padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td colspan=2 valign=bottom style='width:15%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Accumulated<br>Amortization</font></b></p>
    </td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Gross Intangible<br>Assets</font></b></p>
    </td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; width:2%;border-top:1.0pt solid windowtext;
  padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td colspan=2 valign=bottom style='width:13%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Accumulated<br>Amortization</font></b></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:37%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Trademarks</font></p></td>
    <td valign=bottom style='width:3%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:3%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td valign=bottom style='width:11%;padding:0in; ' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>2,119</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td valign=bottom style='width:3%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td valign=bottom style='width:12%;padding:0in; ' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>(2,062)</B></FONT></td>
    <td valign=bottom

    style='width:2%;padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:3%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='width:10%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">2,227</font></p>
    </td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='width:10%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(2,121)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:37%;padding:0in; '>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Non-compete
  agreements</font></p></td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:14%;padding:0in; ' align="right">
    <FONT size="2"><B>2,105</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:15%;padding:0in; ' align="right">
    <FONT size="2"><B>(1,985)</B></FONT></td>
    <td valign=bottom
  style='width:2%;padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; '>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">2,105</font></p>
    </td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; '>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(1,818)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:37%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Patents</font></p></td>
    <td valign=bottom style='width:3%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:14%;padding:0in; '
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>212</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:15%;padding:0in; '
    bgcolor="#CCEEFF" align="right"><FONT size="2"><B>(212)</B></FONT></td>
    <td valign=bottom

    style='width:2%;padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">212</font></p>
    </td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:13%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(212)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:37%;padding:0in; '>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>
    <font size="2">Leasehold
  interests</font></p></td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:14%;border-bottom:1.0pt solid windowtext;padding:0in; '
    align="right"><FONT size="2"><B>1,930</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:15%;border-bottom:1.0pt solid windowtext;padding:0in; '
    align="right"><FONT size="2"><B>(1,930)</B></FONT></td>
    <td valign=bottom
  style='width:2%;padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">1,930</font></p>
    </td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom
  style='border-left:medium none; border-right:medium none; border-top:medium none; width:13%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(1,930)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:37%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td valign=bottom style='width:3%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:3%;border-bottom:
  1.5pt double windowtext;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td valign=bottom style='width:11%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.5pt double windowtext;border-right:medium none;
  padding:0in; ' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>6,366</B></FONT></td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:3%;border-bottom:
  1.5pt double windowtext;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td valign=bottom style='width:12%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.5pt double windowtext;border-right:medium none;
  padding:0in; ' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>(6,189)</B></FONT></td>
    <td valign=bottom

    style='width:2%;padding-left:0in; padding-right:0in; padding-top:0in; padding-bottom:.7pt'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:3%;border-bottom:
  1.5pt double windowtext;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='width:10%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.5pt double windowtext;border-right:medium none;
  padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">6,474</font></p>
    </td>
    <td valign=bottom style='width:2%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2%;border-bottom:
  1.5pt double windowtext;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td valign=bottom style='width:10%;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.5pt double windowtext;border-right:medium none;
  padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(6,081)</font></p>
    </td>
  </tr>
</table>
<p class=MsoNormal>The Company revised the November 30, 2004 balances for
goodwill and the accumulated amortization of non-compete agreements by $141,000.&nbsp;
This revision did not have a material impact on the Company's consolidated
financial statements.</p>
<p class=MsoNormal>Amortization expense related to intangible assets for the
fiscal years ended November 30, 2005, 2004, and 2003 was $206,000, $224,000,
and $278,000, respectively. At November 30, 2005, estimated future amortization
expense for each of the years in the two-year period ending November 30, 2007 was as follows: $162,000 for 2006
and $15,000 for 2007.</p>

<p class=MsoNormal><b>NOTE</b> <b>14 - COMMITMENTS AND CONTINGENCIES</b></p>
<P class="MsoNormal">The Company is one of
numerous defendants in various asbestos-related personal injury lawsuits. These
cases generally seek unspecified damages for asbestos-related diseases based on
alleged exposure to products previously manufactured by the Company and others,
and at this time the Company is generally not aware of the extent of injuries
allegedly suffered by the individuals or the facts supporting the claim that
injuries were caused by the Company's products. Based upon the information
available to it at this time, the Company is not in a position to evaluate its
potential exposure, if any, as a result of such claims or future similar claims,
if any, that may be filed. Hence, no amounts have
been accrued for loss contingencies related to these lawsuits in accordance with
SFAS No. 5, "Accounting for Contingencies." The Company continues to vigorously
defend all such lawsuits. As of November 30, 2005, the Company was a defendant
in asbestos-related cases involving 8,906 claimants, compared to 18,298
claimants as of November 30, 2004.&nbsp; The Company is not in a position to estimate
the number of additional claims that may be filed against it in the future. For
the fiscal year ended November 30, 2005, there were new claims involving 72
claimants, dismissals and/or settlements involving 9,464 claimants and no
judgments.&nbsp; No net costs and expenses were incurred by the Company for the fiscal year
ended November 30, 2005 in connection with asbestos-related claims.</P>
<P class="MsoNormal">The Company is one of
numerous defendants in various silica-related personal injury lawsuits. These
cases generally seek unspecified damages for silica-related diseases based on
alleged exposure to products previously manufactured by the Company and others,
and at this time the Company is not aware of the extent of injuries allegedly
suffered by the individuals or the facts supporting the claim that injuries were
caused by the Company's products.&nbsp; Based upon the information available to it at
this time, the Company is not in a position to evaluate its potential exposure,
if any, as a result of such claims or future similar claims, if any, that may be
filed.&nbsp; Hence, no amounts have been accrued for
loss contingencies related to these lawsuits in accordance with SFAS No. 5.&nbsp; The
Company continues to vigorously defend all such lawsuits.&nbsp; As of November 30,
2005, the Company was a defendant in silica-related cases involving 7,447
claimants, compared to 8,226 claimants as of November 30, 2004.&nbsp; The Company is
not in a position to estimate the number of additional claims that may be filed
against it in the future.&nbsp; For the fiscal year ended November 30, 2005, there
were new claims involving 1,187 claimants, dismissals and/or settlements
involving 1,966 claimants and no judgments.&nbsp; Net costs and expenses incurred by
the Company for the fiscal year ended November 30, 2005 in connection with
silica-related claims were approximately $400,000.</P>
<P class="MsoNormal">
<font face="Times New Roman" size="2" style="font-size: 10pt">In April 2003, the Company was served with
a complaint in an action brought by J. Ray McDermott, Inc., J. Ray McDermott, S.A.
and SparTEC, Inc. (collectively &quot;McDermott&quot;) in the District Court of Harris
County, Texas against the Company and two co-defendants, in connection with
certain coatings supplied by the defendants in 2002 for an offshore production
facility known as a SPAR being constructed by McDermott for Dominion Exploration
and Production, Inc. and Pioneer Natural Resources USA, Inc. (collectively
&quot;Dominion&quot;). The Company
reached a settlement with McDermott in May 2005. </font>In May 2003, Dominion
brought an action against the Company in Civil
District Court for the Parish of Orleans, Louisiana.&nbsp;
Dominion seeks damages allegedly sustained by it resulting from delays in
McDermott's delivery of the SPAR caused by the removal and replacement of
certain coatings containing lead and/or lead chromate for which McDermott
alleged the Company was responsible.&nbsp; Dominion contends that the Company made
certain misrepresentations and warranties to Dominion concerning the lead-free
nature of those coatings.&nbsp; Dominion's petition as filed alleged a claim for
damages in an unspecified amount; however, Dominion's economic expert has since
estimated Dominion's damages at approximately $128,000,000, a figure which the
Company contests.&nbsp; This matter is in discovery and no trial date has yet been
established.&nbsp; The Company believes that it has meritorious defenses to this
action.&nbsp;&nbsp; Based upon the information available to it at this time, the Company
is not in a position to evaluate the ultimate outcome of this matter. Legal
costs and expenses related to these lawsuits totaled $5,000,000 in 2005.</P>
<P class="MsoNormal">In April 2004, Sable
Offshore Energy Inc. ("Sable"), as agent for certain owners of the Sable
Offshore Energy Project, brought an action against various coatings suppliers
and application contractors, including the Company and two of its subsidiaries,
Ameron (UK) Limited and Ameron B.V. (collectively "Ameron Subsidiaries") in
the Supreme Court of Nova Scotia, Canada.&nbsp; Sable seeks damages allegedly
sustained by it resulting from performance problems with several coating systems
used on the Sable Offshore Energy Project, including coatings products furnished
by the Company and the Ameron Subsidiaries.&nbsp; Sable's originating notice and
statement of claim alleged a claim for damages in an unspecified amount; however,
Sable has since alleged that its claim for damages against all defendants is
approximately 428,000,000 Canadian dollars, a figure which the Company and the
Ameron Subsidiaries contest.&nbsp; This matter is in discovery, and no trial date has
yet been established.&nbsp; The Company believes that it has meritorious defenses to
this action.&nbsp; Based upon the information available to it at this time, the
Company is not in a position to evaluate the ultimate outcome of this matter.</P>
<P class="MsoNormal">In addition, certain other
claims, suits and complaints that arise in the ordinary course of business, have
been filed or are pending against the Company. Management believes that these
matters are either adequately reserved, covered by insurance, or would not have
a material effect on the Company's financial position, cash flows, or its results of
operations if disposed of unfavorably.</P>
<P class="MsoNormal">The Company is subject to
federal, state and local laws and regulations concerning the environment and is
currently participating in administrative proceedings at several sites under
these laws. While the Company finds it difficult to estimate with any certainty
the total cost of remediation at the several sites, on the basis of currently
available information and reserves provided, the Company believes that the
outcome of such environmental regulatory proceedings will not have a material
effect on the Company's financial position, cash flows, or its results of operations.</P>

<p class=MsoNormal><b>NOTE 15 - EMPLOYEE
BENEFIT PLANS</b></p>
<p class=MsoNormal>The Company has a qualified, defined benefit,
noncontributory pension plan for certain U.S. employees not covered by union
pension plans. The Company's subsidiary in the Netherlands provides defined
retirement benefits to its employees. The Company also provides health and
life insurance to a limited number of eligible retirees and eligible survivors
of retirees.</p>
<p class=MsoNormal>The Company's defined benefit pension and other
postretirement benefit costs and obligations are dependent on assumptions used
by actuaries in calculating such amounts. These assumptions, which are
reviewed annually, include discount rates, long-term expected rates of return
on plan assets and expected rates of increase in compensation. Assumed
discount rates are used to calculate the present value of benefit payments
which are projected to be made in the future, including projections of
increases in employees annual compensation and health care costs. A decrease
in the discount rate would increase the Company's obligation and expense. The
long-term expected rate of return on plan assets is based principally on prior
performance and future expectations for various types of investments as well as
the expected long-term allocation of assets. Changes in the allocation of plan
assets would impact the expected rate of return. The expected rate of increase
in compensation is based upon movements in inflation rates as reflected by
market interest rates. Benefits paid to participants are based upon age, years
of credited service and average compensation or negotiated benefit rates.</p>
<p class=MsoNormal>Assets of the Company's U.S. defined benefit plan are
invested in a directed trust. Assets in the trust are invested in domestic and
foreign equity securities of corporations (including $7,290,000 of the
Company's common stock at November 30, 2005), U.S. government obligations,
derivative securities, corporate bonds and money market funds. The Dutch
subsidiary contracts with a third-party insurance company to pay benefits to
retirees.</p>

<br clear=all style='page-break-before:always'>

<p class=MsoNormal><B>PENSION BENEFITS</B></p>
<p class=MsoNormal>The following sets forth the change in benefit obligation,
change in plan assets, funded status and amounts recognized in the balance
sheets as of November 30, 2005 and 2004 for the Company's U.S. and non-U.S. defined benefit retirement plans:</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="90%"
 style='width:90.0%;margin-left:17.1pt;border-collapse:collapse'>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td valign=top
  style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
  colspan="3">
    <P align="center"><FONT size="1"><B>U.S. Pension Benefits</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td valign=top
  style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
  colspan="3">
    <P align="center"><FONT size="1"><B>Non-</B></FONT><B><FONT size="1">U.S.
    Pension Benefits</FONT></B></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 style='width:190.95pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><b><i><font size="1">(In
  thousands)</font></i></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <i><font size="1">&nbsp;</font></i></p></td>
    <td width=87 valign=top style='width:64.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=16 valign=top style='width:11.8pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=88 valign=top style='width:65.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=16 valign=top style='width:11.8pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='margin-right:-1.5pt;text-align:center;
  text-autospace:none'>&nbsp;</p></td>
    <td width=83 valign=top style='width:61.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <B><FONT size="1">2005</FONT></B></p></td>
    <td width=16 valign=top style='width:11.8pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <FONT size="1">2004</FONT></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <P align="center"><B><FONT size="1">2005</FONT></B></td>
    <td width=16 valign=top style='width:11.8pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='margin-right:-1.5pt;text-align:center;
  text-autospace:none'>&nbsp;</p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <P align="center"><FONT size="1">2004</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><b><font size="2">Change
  in Benefit Obligation</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">&nbsp;</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'>&nbsp;</p></td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Projected
  benefit obligation-beginning of year</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>$174,972</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$181,280</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><B><FONT size="2">$41,450</FONT></B></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">$32,239</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Service cost</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>3,122</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">3,171</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>1,334</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">1,150</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Interest cost</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>10,076</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">10,563</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>1,850</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">1,802</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <FONT size="2">Participant contributions</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><B>-</B></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    &nbsp;</td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    -</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><B><FONT size="2">428</FONT></B></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">400</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Benefit
  adjustments</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">105</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">-</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Actuarial
  loss</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>7,211</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">13,977</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>7,301</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF">
    <FONT size="2">2,469</FONT></td>
  </tr>
  <TR>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><FONT size="2">Foreign
    currency exchange rate changes</FONT></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">-</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>(5,350)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">3,937</FONT></td>
  </TR>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Curtailment</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(200)</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">-</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Settlement</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(23,415)</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">-</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Benefit payments</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>(10,733)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(10,509)</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>(650)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">(547)</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Projected
  benefit obligation-end</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">&nbsp;</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    &nbsp;</td>
  </tr>
  <tr style='height:13.2pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">of year</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>$184,648</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$174,972</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>$46,363</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">$41,450</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><b><font size="2">Change
  in Plan Assets</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'>&nbsp;</p></td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Plan assets at
  fair value-beginning of year</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>$131,534</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$123,167</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>$28,090</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">$23,433</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Actual return on
  plan assets</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>10,220</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">11,769</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>1,315</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">730</FONT></td>
  </tr>
  <TR>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><FONT size="2">Foreign
    currency exchange rate changes</FONT></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>-</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">-</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>(3,335)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF">
    <FONT size="2">2,708</FONT></td>
  </TR>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Employer
  contributions</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>3,737</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">7,107</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>1,297</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">1,366</FONT></td>
  </tr>
  <TR>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <FONT size="2">Participant contributions</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><B>-</B></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    &nbsp;</td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    -</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><B><FONT size="2">428</FONT></B></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">400</FONT></td>
  </TR>
  <TR>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><FONT size="2">Settlement</FONT></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <P class="MsoNormal" align="right" style="text-autospace: none">
    <FONT size="2">23,415</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">-</FONT></td>
  </TR>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Benefit payments</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>
    (10,733)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(33,924)</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' align="right" bgcolor="#CCEEFF">
    <FONT size="2"><B>(650)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">(547)</FONT></td>
  </tr>
  <tr style='height:13.2pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Plan assets at
  fair value-end of year</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' align="right">
    <FONT size="2"><B>$134,758</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$131,534</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' align="right">
    <FONT size="2"><B>$27,145</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' align="right">
    <FONT size="2">$28,090</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><b><font size="2">Funded
  Status</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'>&nbsp;</p></td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Funded status</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>$(49,890)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$(43,438)</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>$(19,217)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">$(13,360)</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Unrecognized
  actuarial loss</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>52,261</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">49,020</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>10,948</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">4,648</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Unrecognized
  transition obligation</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">-</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">-</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Unrecognized
  prior service cost</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>331</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">430</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' align="right" bgcolor="#CCEEFF">
    <FONT size="2"><B>5,633</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">7,045</FONT></td>
  </tr>
  <tr style='height:13.2pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Net amount
  recognized</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' align="right">
    <FONT size="2"><B>$2,702</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$6,012</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' align="right">
    <FONT size="2"><B>$(2,636)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' align="right">
    <FONT size="2">$(1,667)</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><b><font size="2">Balance
  Sheet Amounts</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    &nbsp;</td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Prepaid cost</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>$ -</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$ -</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>$ -</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">$290</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Accrued cost</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>(42,511)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(36,272)</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>(16,214)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">(11,349)</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Intangible asset</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>331</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">430</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>5,633</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">6,867</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Accumulated
  other comprehensive</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">&nbsp;</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    &nbsp;</td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">loss, pretax</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top
    style='border-bottom:1px solid #000000; width:64.95pt;height:12.5pt; border-left-width:1px; border-right-width:1px; border-top-width:1px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>44,882</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top
    style='border-bottom:1px solid #000000; width:64.95pt;height:12.5pt; border-left-width:1px; border-right-width:1px; border-top-width:1px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">41,854</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top
    style='border-bottom:1px solid #000000; width:64.7pt;height:12.5pt; border-left-width:1px; border-right-width:1px; border-top-width:1px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>7,945</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width=86 valign=top
    style='border-bottom:1px solid #000000; width:64.7pt;height:12.5pt; border-left-width:1px; border-right-width:1px; border-top-width:1px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">
    <FONT size="2">2,525</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Net amount
  recognized</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=87 valign=top
    style='border-bottom:1px solid #000000; width:64.95pt;height:12.5pt; border-left-width:1px; border-right-width:1px; border-top-width:1px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right" bgcolor="#CCEEFF"><FONT size="2"><B>$2,702</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top
    style='border-bottom:1px solid #000000; width:64.95pt;height:12.5pt; border-left-width:1px; border-right-width:1px; border-top-width:1px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$6,012</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top
    style='border-bottom:1px solid #000000; width:64.7pt;height:12.5pt; border-left-width:1px; border-right-width:1px; border-top-width:1px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right" bgcolor="#CCEEFF"><B><FONT size="2">$(2,636)</FONT></B></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width=86 valign=top
    style='border-bottom:1px solid #000000; width:64.7pt;height:12.5pt; border-left-width:1px; border-right-width:1px; border-top-width:1px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <FONT size="2">$(1,667)</FONT></td>
  </tr>
</table>
<p class=MsoNormal>The Company's policy is to make pension plan contributions
to the extent such contributions are mandatory, actuarially determined and tax
deductible. The Company expects to contribute $16,627,000 to the U.S. pension plan
and $1,260,000 to the non-U.S. pension plan in 2006.</p>

<br clear=all style='page-break-before:always'>
<p class=MsoNormal>Expected future pension benefit payments, which reflect
expected future service, were as follows as of November 30, 2005:</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="85%"
 style='width:85.0%;margin-left:11.7pt;border-collapse:collapse'>
  <tr>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:50%;border-bottom:
  1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:12%;border-bottom:
  1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Year Ending<br>November 30,</font></b></p>
    </td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:14%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><FONT size="1"><B>
    U.S. Pension Benefits</B></FONT></p>
    </td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:15%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><FONT size="1"><B>
    Non-U.S. Pension Benefits</B></FONT></p>
    </td>
  </tr>
  <tr>
    <td valign=top
    style='width:50%;border:medium none;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td valign=bottom style='width:3%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=top
    style='width:12%;border:medium none;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">2006</font></p></td>
    <td valign=bottom style='width:3%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom
    style='width:3%;border:medium none;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td valign=bottom style='width:11%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal align="right"><B><FONT size="2">11,492</FONT></B></p></td>
    <td valign=bottom
    style='width:3%;border:medium none;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; width:3%;border-top:
  1.0pt solid windowtext;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><B><FONT size="2">$</FONT></B></p>
    </td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; width:12%;border-top:
  1.0pt solid windowtext;padding:0in; ' bgcolor="#CCEEFF">
    <P align="right"><FONT size="2"><B>1,236</B></FONT></td>
  </tr>
  <tr>
    <td valign=top style='width:50%;padding:0in; '>
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=top style='width:12%;padding:0in; '>
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">2007</font></p></td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:14%;padding:0in; '>
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">11,845
    </font></b></p></td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:15%;padding:0in; '>
    <P class="MsoNormal" align="right"><FONT size="2"><B>1,208</B></FONT></td>
  </tr>
  <tr>
    <td valign=top style='width:50%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td valign=bottom style='width:3%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=top style='width:12%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">2008</font></p></td>
    <td valign=bottom style='width:3%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom
    style='width:14%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">12,203
    </font></b></p></td>
    <td valign=bottom style='width:3%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom
    style='width:15%;padding:0in; ' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2"><B>1,260</B></FONT></td>
  </tr>
  <tr>
    <td valign=top style='width:50%;padding:0in; '>
    <p class=MsoNormal align=right style='margin-left:10.0pt;text-align:right;
  text-indent:-10.0pt'>&nbsp;</p></td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=top style='width:12%;padding:0in; '>
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">2009</font></p></td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=top style='width:14%;padding:0in; '>
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">12,630
    </font></b></p></td>
    <td valign=bottom style='width:3%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=top style='width:15%;padding:0in; '>
    <P class="MsoNormal" align="right"><FONT size="2"><B>1,268</B></FONT></td>
  </tr>
  <tr>
    <td valign=top style='width:50%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.0pt;text-indent:-10.0pt'>&nbsp;</p>
    </td>
    <td valign=bottom style='width:3%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=top style='width:12%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=center style='margin-left:10.0pt;text-align:center;
  text-indent:-10.0pt'><font size="2">2010 - 2014</font></p></td>
    <td valign=bottom style='width:3%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=top
    style='width:14%;padding:0in; ' bgcolor="#CCEEFF">
    <P align="right"><FONT size="2"><B>66,858</B></FONT></td>
    <td valign=bottom style='width:3%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=top
    style='width:15%;padding:0in; ' bgcolor="#CCEEFF">
    <P align="right"><FONT size="2"><B>7,876</B></FONT></td>
  </tr>
</table>
<p class=MsoNormal>Net periodic benefit costs for the Company's defined benefit
retirement plans for
2005, 2004 and 2003 included the following components:</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="91%"
 style='width:95%;margin-left:17.1pt;border-collapse:collapse'>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><b><font size="1">(In
  thousands)</font></b></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="32%" colspan=5 valign=top style='width:32.66%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">U.S. Pension Benefits</font></b></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td width="33%" colspan=5 valign=top style='width:33.28%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">Non-U.S. Pension Benefits</font></b></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.28%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">2005</font></b></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.34%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2004</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.34%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2003</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">2005</font></b></p></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td width="8%" valign=top style='width:8.98%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2004</font></p></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="10%" valign=top style='width:10.26%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2003</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Service cost</font></p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>$3,122</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$3,171</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$2,851</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>$1,334</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">$1,150</FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">$960</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Interest cost</font></p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>10,076</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">10,563</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">10,648</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>1,850</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">1,802</FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">1,557</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Expected return
  on plan assets</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>(11,203)</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(10,628)</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">&nbsp; (9,521)</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>(1,382)</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">(1,352)</FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">(1,169)</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'><font size="2">Amortization of
  unrecognized</font></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="9%" valign=top style='width:9.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.2pt;text-autospace:none'>
    <font size="2">prior service cost</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'>&nbsp;</p></td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>99</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">565</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">925</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>656</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">640</FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">581</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Curtailment</font></p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">1,916</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">-</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">-</FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">-</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Settlement</font></p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">10,901</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">-</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">-</FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">-</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'><font size="2">Amortization of
  unrecognized</font></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="9%" valign=top style='width:9.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.2pt;text-autospace:none'>
    <font size="2">net transition obligation</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'>&nbsp;</p></td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">-</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">-</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>76</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">-</FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">-</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Amortization of
  accumulated loss</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'>&nbsp;</p></td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>4,954</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.28%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">5,638</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">5,379</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">-</FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">-</FONT></td>
  </tr>
  <tr style='height:13.2pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Net periodic
  cost</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.28%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>$7,048</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.28%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$22,126</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.34%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$10,282</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>$2,534</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">$2,240</FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="8%" valign=top style='width:8.98%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">$1,929</FONT></td>
  </tr>
</table>
<p class=MsoNormal>The following table provides the weighted-average
assumptions used to compute the actuarial present value of projected benefit
obligations:</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="91%"
 style='width:95%;margin-left:17.1pt;border-collapse:collapse'>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.44%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="32%" colspan=5 valign=top style='width:32.44%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">U.S. Pension Benefits</font></b></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td width="33%" colspan=5 valign=top style='width:33.44%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">Non-U.S. Pension Benefits</font></b></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.44%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.26%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">2005</font></b></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.26%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2004</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.24%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2003</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.26%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">2005</font></b></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.26%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2004</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="10%" valign=top style='width:10.22%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2003</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.44%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Weighted-average
  discount rate</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>5.60%</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">5.85%</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">6.00%</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>4.00%</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">4.75%</FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">5.50%</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.44%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Rate of increase
  in compensation levels</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>3.10%</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">3.35%</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">3.50%</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>2.00%</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">2.00%</FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">2.50%</FONT></td>
  </tr>
</table>
<p class=MsoNormal>The following table provides the weighted-average
assumptions used to compute the actuarial net periodic benefit cost:</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="91%"
 style='width:95%;margin-left:17.1pt;border-collapse:collapse'>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.34%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="32%" colspan=5 valign=top style='width:32.62%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">U.S. Pension Benefits</font></b></p></td>
    <td valign=top
    style='width:1%;height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td colspan=5 valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:32%;border-bottom:1.0pt solid windowtext;height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">Non-U.S. Pension Benefits</font></b></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">2005</font></b></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.32%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2004</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2003</font></p></td>
    <td valign=top
    style='width:1%;height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:8%;border-bottom:1.0pt solid windowtext;
  height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">2005</font></b></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.3%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2004</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="10%" valign=top style='width:10.06%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2003</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Weighted-average
  discount rate</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>5.85%</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">6.00%</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">6.75%</font></p></td>
    <td valign=top
    style='width:1%;height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='width:8%;height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><B><FONT size="2">4.75%</FONT></B></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.3%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">5.50%</FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.3%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">5.75%</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Expected
  long-term rate of return on plan assets</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>8.75%</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">8.75%</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">9.75%</font></p></td>
    <td valign=top
    style='width:1%;height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='width:8%;height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><B><FONT size="2">5.40%</FONT></B></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.3%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">5.40%</FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.3%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">
    <FONT size="2">5.40%</FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Rate of increase
  in compensation levels</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>3.35%</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">3.50%</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">4.25%</font></p></td>
    <td valign=top
    style='width:1%;height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='width:8%;height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right"><B><FONT size="2">2.00%</FONT></B></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.3%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">2.50%</FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    &nbsp;</td>
    <td width="9%" valign=top style='width:9.3%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2">2.50%</FONT></td>
  </tr>
</table>
<p class=MsoNormal>The following table shows the Company's target allocation
range for the U.S. defined benefit pension plan, along with the actual
allocations:</p>
<table class=MsoNormalTable border=0 cellpadding=0
 style='margin-left:17.1pt;border-collapse:collapse' width="70%">
  <tr style='height:12.5pt'>
    <td width=197 valign=top style='width:148.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <P align="center"><FONT size="1">Target</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <B><FONT size="1">2005</FONT></B></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <FONT size="1">2004</FONT></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=197 valign=top style='width:148.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Domestic
  equities</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:46.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2">65%</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="justify">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:46.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="justify">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <FONT size="2"><B>70</B></FONT><B><font size="2">%</font></B></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="justify">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:46.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="justify">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">66%</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=197 valign=top style='width:148.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">International
  equities</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:46.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2">10%</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="justify">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:46.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="justify">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <FONT size="2"><B>9</B></FONT><B><font size="2">%</font></B></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="justify">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:46.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="justify">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">8%</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=197 valign=top style='width:148.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Fixed-income
  securities</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:46.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2">25%</FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="justify">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:46.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="justify">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <FONT size="2"><B>21</B></FONT><B><font size="2">%</font></B></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="justify">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=62 valign=top style='width:46.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="justify">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">26%</font></p></td>
  </tr>
</table>
<br clear=all style='page-break-before:always'>
<p class=MsoNormal>The following shows the Company's accumulated benefit
obligation in excess of plan assets at November 30:</p>
<table class=MsoNormalTable border=0 cellpadding=0
 style='margin-left:17.1pt;border-collapse:collapse' width="90%">
  <tr style='height:12.35pt'>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; width:402px;border-bottom:1.0pt solid windowtext;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='text-autospace:none'><b><font size="1">(In
  thousands)</font></b></p></td>
    <td valign=top

    style='width:29px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td colspan=3 valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <P align="center"><B><FONT size=1>U.S. Pension Benefits</FONT></B></td>
    <td valign=top

    style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    &nbsp;</td>
    <td colspan=3 valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <P align="center"><B><FONT size=1>Non-U.S. Pension Benefits</FONT></B></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top

    style='width:402px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top

    style='width:29px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:81px;border-bottom:1.0pt solid windowtext;
  height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="center">
    <B><FONT size="1">2005</FONT></B></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:19px;border-bottom:1.0pt solid windowtext;
  height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="center">
    &nbsp;</td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:83px;border-bottom:1.0pt solid windowtext;
  height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="center">
    <FONT size="1">2004</FONT></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:21px;border-bottom:1.0pt solid windowtext;
  height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="center">
    &nbsp;</td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:75px;border-bottom:1.0pt solid windowtext;
  height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="center">
    <B><FONT size="1">2005</FONT></B></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:19px;border-bottom:1.0pt solid windowtext;
  height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="center">
    &nbsp;</td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:78px;border-bottom:1.0pt solid windowtext;
  height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="center">
    <FONT size="1">2004</FONT></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
    style='width:402px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Projected
  benefit obligation</font></p></td>
    <td valign=top
    style='width:29px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='width:81px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>$184,648</B></FONT></td>
    <td valign=top
    style='width:19px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    &nbsp;</td>
    <td valign=top
    style='width:83px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$174,972</font></p></td>
    <td valign=top
    style='width:21px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    &nbsp;</td>
    <td valign=top
    style='width:75px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <B><FONT size="2">$46,363</FONT></B></td>
    <td valign=top
    style='width:19px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    &nbsp;</td>
    <td valign=top
    style='width:78px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <FONT size="2">$39,045</FONT></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top

    style='width:402px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Accumulated
  benefit obligation</font></p></td>
    <td valign=top

    style='width:29px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top

    style='width:81px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">
    <FONT size="2"><B>177,270</B></FONT></td>
    <td valign=top

    style='width:19px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    &nbsp;</td>
    <td valign=top

    style='width:83px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">167,806</font></p></td>
    <td valign=top

    style='width:21px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">
    &nbsp;</td>
    <td valign=top

    style='width:75px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">
    <FONT size="2"><B>43,359</B></FONT></td>
    <td valign=top

    style='width:19px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    &nbsp;</td>
    <td valign=top

    style='width:78px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">
    <FONT size="2">36,747</FONT></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
    style='width:402px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Fair value of
  plan assets</font></p></td>
    <td valign=top
    style='width:29px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='width:81px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>134,758</B></FONT></td>
    <td valign=top
    style='width:19px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    &nbsp;</td>
    <td valign=top
    style='width:83px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">131,534</font></p></td>
    <td valign=top
    style='width:21px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    &nbsp;</td>
    <td valign=top
    style='width:75px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>27,145</B></FONT></td>
    <td valign=top
    style='width:19px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    &nbsp;</td>
    <td valign=top
    style='width:78px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <FONT size="2">25,399</FONT></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top

    style='width:402px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">(Decrease)
  increase in minimum liability</font></p></td>
    <td valign=top

    style='width:29px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top

    style='width:81px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">
    &nbsp;</td>
    <td valign=top

    style='width:19px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    &nbsp;</td>
    <td valign=top

    style='width:83px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">&nbsp;</font></p></td>
    <td valign=top

    style='width:21px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">
    &nbsp;</td>
    <td valign=top

    style='width:75px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">
    &nbsp;</td>
    <td valign=top

    style='width:19px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    &nbsp;</td>
    <td valign=top

    style='width:78px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right">
    &nbsp;</td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
    style='width:402px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">&nbsp;&nbsp; included in
  other comprehensive income</font></p></td>
    <td valign=top
    style='width:29px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='width:81px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>3,028</B></FONT></td>
    <td valign=top
    style='width:19px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    &nbsp;</td>
    <td valign=top
    style='width:83px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(3,343)</font></p></td>
    <td valign=top
    style='width:21px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    &nbsp;</td>
    <td valign=top
    style='width:75px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>5,420</B></FONT></td>
    <td valign=top
    style='width:19px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    &nbsp;</td>
    <td valign=top
    style='width:78px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF" align="right">
    <FONT size="2">2,525</FONT></td>
  </tr>
</table>
<p class=MsoNormal>Approximately 20% of the Company's employees are covered by
union-sponsored, collectively-bargained, multi-employer pension plans. Related
to these plans, the Company contributed and charged to expense $2,650,000,
$2,161,000 and $2,340,000 in 2005, 2004 and 2003, respectively. These
contributions are determined in accordance with the provisions of negotiated
labor contracts and generally are based on the number of hours worked. The
Company has no intention of withdrawing from any of these plans, nor is there
any intention to terminate such plans.</p>
<p class=MsoNormal>Prior to June 2004, the Company had a supplemental retirement
plan and an income deferral plan for certain U.S. executives.&nbsp; In June 2004, the Company terminated
the two executive benefit
plans in consideration of ongoing costs, anticipated legislative restrictions
on such programs, and a preference for executive benefit plans having more
predictable costs.&nbsp; The Company incurred a pretax expense of $12,817,000
due to the termination of the plans and distributions to plan
participants.&nbsp; The Company recorded this expense in accordance with SFAS
No. 88, &quot;Employers' Accounting for Settlements and Curtailments of Defined
Benefit Pension Plans and for Termination Benefits.&quot;&nbsp; Ameron had
previously purchased life insurance policies to cover benefits under the plans.
At the time of termination of the plans, the cash surrender value of such life
insurance policies totaled approximately $26,900,000 and exceeded the amount
that was required if immediate lump-sum payments were elected by all
participants, which totaled $25,600,000. In addition to the termination and
settlement costs, Ameron expensed approximately $2,100,000 under the plans in
2003 and $1,800,000 in 2004.</p>

<p class=MsoNormal>The Company provides to certain employees a savings plan
under Section 401(k) of the U.S. Internal Revenue Code. The savings plan allows
for deferral of income up to a certain percentage through contributions to the
plan, within certain restrictions. Company matching contributions are in the
form of cash. In 2005, 2004, and 2003, the Company recorded expenses for
matching contributions of $422,000, $436,000 and $880,000, respectively.</p>

<br clear=all style='page-break-before:always'>
<P><B>POST-RETIREMENT BENEFITS</B></P>

<P>
The following sets forth the change in benefit obligation,
change in plan assets, funded status and amounts recognized in the balance
sheets as of November 30, 2005 and 2004 for the Company's U.S. postretirement health care and life insurance benefits.
The measurement date of plan assets and obligations is as of October 1 for each
year presented.
</P>
<table class=MsoNormalTable border=0 cellpadding=0 width="90%"
 style='width:80%;margin-left:17.1pt;border-collapse:collapse'>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td valign=top
  style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
  colspan="3">
    <P align="center"><FONT size="1"><B>U.S. Postretirement Benefits</B></FONT></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><b><i><font size="1">(In
  thousands)</font></i></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <i><font size="1">&nbsp;</font></i></p></td>
    <td width=87 valign=top style='width:64.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=16 valign=top style='width:11.8pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=88 valign=top style='width:65.95pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <B><FONT size="1">2005</FONT></B></p></td>
    <td width=16 valign=top style='width:11.8pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <FONT size="1">2004</FONT></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><b><font size="2">Change
  in Benefit Obligation</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width=87 valign=top style='width:64.95pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">&nbsp;</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Projected
  benefit obligation-beginning of year</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>$3,617</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$3,480</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Service cost</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>118</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">112</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Interest cost</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>204</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">201</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Actuarial
  loss/(gain)</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>(174)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">73</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Curtailment</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>(205)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">-</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Benefit payments</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>(245)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(249)</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Projected
  benefit obligation-end</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">&nbsp;</font></p></td>
  </tr>
  <tr style='height:13.2pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">of year</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>$3,315</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$3,617</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><b><font size="2">Change
  in Plan Assets</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'>&nbsp;</p></td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Plan assets at
  fair value-beginning of year</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>$349</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$348</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Actual return on
  plan assets</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>1</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">30</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Benefit payments</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>
    (26)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(29)</font></p></td>
  </tr>
  <tr style='height:13.2pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Plan assets at
  fair value-end of year</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' align="right">
    <FONT size="2"><B>$324</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$349</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><b><font size="2">Funded
  Status</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'>&nbsp;</p></td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Funded status</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>$(2,991)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$(3,268)</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Unrecognized
  actuarial loss</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>692</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">895</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Unrecognized
  transition obligation</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>367</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">643</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Unrecognized
  prior service gain</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' align="right" bgcolor="#CCEEFF"><FONT size="2"><B>
    (92)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(106)</font></p></td>
  </tr>
  <tr style='height:13.2pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Net amount
  recognized</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' align="right">
    <FONT size="2"><B>$(2,024)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top style='width:64.7pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$(1,836)</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><b><font size="2">Balance
  Sheet Amounts</font></b></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'>&nbsp;</p></td>
    <td width=86 valign=top style='width:64.7pt;border:none;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Accrued cost</font></p>
    </td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top
    style='border-bottom:1px solid #000000; width:64.7pt;height:12.5pt; border-left-width:1px; border-right-width:1px; border-top-width:1px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right"><FONT size="2"><B>(2,024)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top
    style='border-bottom:1px solid #000000; width:64.7pt;height:12.5pt; border-left-width:1px; border-right-width:1px; border-top-width:1px; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(1,836)</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width=255 valign=top style='width:190.95pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Net amount
  recognized</font></p></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width=86 valign=top
    style='border-bottom:3px double #000000; width:64.7pt;height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    align="right" bgcolor="#CCEEFF"><FONT size="2"><B>$(2,024)</B></FONT></td>
    <td width=16 valign=top style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:-1.5pt;text-align:right;
  text-autospace:none'><b><font size="2">&nbsp;</font></b></p></td>
    <td width=86 valign=top
    style='border-bottom:3px double #000000; width:64.7pt;height:12.5pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$(1,836)</font></p></td>
  </tr>
</table>
<p class=MsoNormal>Net periodic benefit costs for the Company's postretirement health care and life insurance benefits for
2005, 2004 and 2003 included the following components:</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="91%"
 style='width:80%;margin-left:17.1pt;border-collapse:collapse'>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><b><font size="1">(In
  thousands)</font></b></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="32%" colspan=5 valign=top style='width:32.66%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">U.S. Postretirement Benefits</font></b></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.28%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">2005</font></b></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.34%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2004</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.34%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2003</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Service cost</font></p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>$118</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$112</font></p></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$105</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Interest cost</font></p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>204</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">201</font></p></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">191</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Expected return
  on plan assets</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>(31)</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(30)</font></p></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33)</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'><font size="2">Amortization of
  unrecognized</font></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.2pt;text-autospace:none'>
    <font size="2">prior service gain</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'>&nbsp;</p></td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>(14)</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(14)</font></p></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'><font size="2">Amortization of
  unrecognized</font></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right">&nbsp;</td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>&nbsp;</td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-left:10.2pt;text-autospace:none'>
    <font size="2">net transition obligation</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'>&nbsp;</p></td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>71</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">71</font></p></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">71</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Amortization of
  accumulated loss</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'>&nbsp;</p></td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>59</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.32%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">51</font></p></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="8%" valign=top style='width:8.98%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">21</font></p></td>
  </tr>
  <tr style='height:13.2pt'>
    <td width="29%" valign=top style='width:29.38%;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Net periodic
  cost</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>$407</B></FONT></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.32%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$391</font></p></td>
    <td width="2%" valign=top style='width:2.36%;padding:0in 5.4pt 0in 5.4pt;
  height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="8%" valign=top style='width:8.98%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:13.2pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">$341</font></p></td>
  </tr>
</table>
<br clear=all style='page-break-before:always'>
<P>The following table provides the weighted-average
assumptions used to compute the actuarial present value of projected benefit
obligations:</P>
<table class=MsoNormalTable border=0 cellpadding=0 width="91%"
 style='width:80%;margin-left:17.1pt;border-collapse:collapse'>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.44%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="32%" colspan=5 valign=top style='width:32.44%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">U.S. Postretirement Benefits</font></b></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.44%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.26%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">2005</font></b></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.26%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2004</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.24%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2003</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.44%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Weighted-average
  discount rate</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>5.60%</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">5.85%</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">6.00%</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.44%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Rate of increase
  in compensation levels</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>3.10%</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">3.35%</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.26%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">3.50%</font></p></td>
  </tr>
</table>
<P>

The following table provides the weighted-average
assumptions used to compute the actuarial net periodic benefit cost:</P>

<table class=MsoNormalTable border=0 cellpadding=0 width="91%"
 style='width:80%;margin-left:17.1pt;border-collapse:collapse'>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.34%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="32%" colspan=5 valign=top style='width:32.62%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">U.S. Postretirement Benefits</font></b></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">2005</font></b></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.32%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2004</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.32%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:12.5pt'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <font size="1">2003</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Weighted-average
  discount rate</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.3%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF" align="right"><FONT size="2"><B>5.85%</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.3%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">6.00%</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.3%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">6.75%</font></p></td>
  </tr>
  <tr style='height:12.5pt'>
    <td width="29%" valign=top style='width:29.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Rate of increase
  in compensation levels</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td width="9%" valign=top style='width:9.3%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt' align="right"><FONT size="2"><B>3.35%</B></FONT></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.3%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">3.50%</font></p></td>
    <td width="2%" valign=top style='width:2.34%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <b><font size="2">&nbsp;</font></b></p></td>
    <td width="9%" valign=top style='width:9.3%;padding:0in 5.4pt 0in 5.4pt;
  height:12.5pt'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">4.25%</font></p></td>
  </tr>
</table>
<p class=MsoNormal>In 2003, the Medicare Prescription Drug Improvement and
Modernization Act of 2003 (the &quot;Act&quot;) was signed into law. The Act introduces a
Medicare prescription drug benefit beginning in 2006 as well as a federal
subsidy to sponsors of retirement health care plans that provide a benefit at
least actuarially equivalent to the Medicare benefit. The effect of the Act is not expected to have a material impact on the Company's
consolidated financial statements.</p>
<p class=MsoNormal>The assumed health care cost trend increased from 9% to 10%
in 2005, and it is assumed that the rate will decline gradually to 5% by 2010 and
beyond. The effect of a one-percentage-point change in the assumed health care
cost trend would have altered the amounts of the benefit obligation and the sum
of the service cost and interest cost components of postretirement benefit
expense for 2005, as follows:</p>

<table class=MsoNormalTable border=0 cellpadding=0 width=577
 style='width:80%;margin-left:17.1pt;border-collapse:collapse'>
  <tr style='height:12.35pt'>
    <td valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:421px;border-bottom:1.0pt solid windowtext;
  height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='text-autospace:none'><b><font size="1">(In
  thousands)</font></b></p></td>
    <td valign=top
    style='width:17px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td colspan=2 valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <B><FONT size="1">Increase</FONT></B></p></td>
    <td valign=top
    style='width:15px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td colspan=2 valign=top
    style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=center style='text-align:center;text-autospace:none'>
    <B><FONT size="1">Decrease</FONT></B></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
    style='width:421px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">Effect on total
  of service and interest cost components of net periodic expense</font></p>
    </td>
    <td valign=top
    style='width:17px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='width:9px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='text-autospace:none'><font size="2">$</font></p>
    </td>
    <td valign=top
    style='width:57px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">25</font></p></td>
    <td valign=top
    style='width:15px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='width:6px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:left;text-autospace:none'>
    <font size="2">$</font></p></td>
    <td valign=top
    style='width:66px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(22)</font></p></td>
  </tr>
  <tr style='height:12.35pt'>
    <td valign=top
    style='width:421px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='text-autospace:none'><font size="2">Effect on
  post-retirement benefit obligation</font></p></td>
    <td valign=top
    style='width:17px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='width:9px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal style='text-autospace:none'>&nbsp;</p></td>
    <td valign=top
    style='width:57px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">189</font></p></td>
    <td valign=top
    style='width:15px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='width:6px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>&nbsp;</p>
    </td>
    <td valign=top
    style='width:66px;height:12.35pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
    <p class=MsoNormal align=right style='text-align:right;text-autospace:none'>
    <font size="2">(160)</font></p></td>
  </tr>
</table>

<p class=MsoNormal>
The Company has a life insurance plan which provides
eligible executives with life insurance protection equal to three times base
salary. Upon retirement, the executive is provided with life insurance protection
equal to final base salary. The expenses related to this
plan were $66,800 in 2005, $267,000 in 2004 and $264,000 in 2003.</P>
<p class=MsoNormal>
The Company has severance agreements with certain key
employees that could provide benefits upon termination of up to 3.5 times total
annual compensation of such employees.</P>

<br clear=all style='page-break-before:always'>
<p class=MsoNormal><b>NOTE 16 - CAPITAL STOCK</b></p>
<p class=MsoNormal>The Company is incorporated in Delaware. The articles of
incorporation authorize 24,000,000 shares of $2.50 par value common stock,
1,000,000 shares of $1.00 par value preferred stock and 100,000 shares of $1.00
par value series A junior participating cumulative preferred stock. The
preferred stock may be issued in series, with the rights and preferences of
each series to be established by the Board of Directors. As of November 30, 2005, no shares of preferred stock or series
A junior participating
cumulative preferred stock were outstanding.</p>
<p class=MsoNormal>On March 26, 2003 the Company's Board of Directors declared
a two-for-one stock split in the form of a stock dividend of one additional
common share for every outstanding common share held by stockholders of record
on May 1, 2003, payable May 27, 2003. The weighted-average number of shares and
per share information presented herein reflect the Company's shares and earnings
and dividends per share on a post-split basis.</p>
<p class=MsoNormal>As of November 30, 2005, 8,698,148 shares of common stock
were issued and outstanding, including 99,834 restricted shares. Restrictions
limit the sale and transfer of these shares. On each anniversary of the grant
date, a percentage of the shares (determined at the time of the grant) becomes
unrestricted. The restrictions will lapse on 52,833 shares in 2006, 32,834
shares in 2007, and 14,167 shares in 2008.</p>
<p class=MsoNormal>The Company has a Stockholders Rights Plan, which, among
other things, entitles stockholders to purchase common stock at a significant
discount if a party acquires 15% or more of the Company's common stock or
announces a tender offer for at least 15% of the Company's common stock outstanding.</p>

<p class=MsoNormal><b>NOTE 17 - SEGMENT
INFORMATION</b></p>
<p class=MsoNormal>SFAS No. 131, &quot;Disclosure about Segments
of an Enterprise and Related Information&quot; requires disclosure of
certain information about operating segments, geographic areas in which the
Company operates, major customers, and products and services. In accordance
with SFAS No. 131, the Company has determined it has four operating segments.
The Performance Coatings &amp; Finishes Group manufactures and markets
high-performance industrial and marine coatings. The Fiberglass-Composite Pipe
Group manufactures and markets filament-wound and molded composite fiberglass
pipe, tubing, fittings and well screens. The Water Transmission Group
manufactures and supplies concrete and steel pressure pipe, concrete
non-pressure pipe, protective linings for pipe, and fabricated products. The
Infrastructure Products Group manufactures and sells ready-mix concrete, sand
and aggregates, concrete pipe and culverts, and concrete and steel lighting and
traffic poles. Each of these segments has a dedicated management team and is
managed separately, primarily because of differences in products.&nbsp; TAMCO,
the Company's equity method investment, is not included in any of these
segments.</p>
<p class=MsoNormal>The markets served by the Performance Coatings &amp;
Finishes Group and the Fiberglass-Composite Pipe Group are worldwide in scope.
The Water Transmission Group serves primarily the western U.S.&nbsp; The Infrastructure Products Group's quarry and ready-mix business operates
exclusively in Hawaii, and poles are sold throughout the U.S. Sales for export
or to any individual customer did not exceed 10% of consolidated sales in 2005,
2004 or 2003.</p>
<p class=MsoNormal>In accordance with SFAS No. 131, the following table
presents information related to each operating segment included in, and in a
manner consistent with, internal management reports. The Company allocates
certain selling, general and administrative expenses to operating segments
utilizing assumptions believed to be appropriate in the circumstances.</p>

<p class=MsoNormal>Inter-segment sales were not significant. Income from
reportable segments is exclusive of certain unallocated income and expenses, including
LIFO adjustments, interest expense and income taxes. Total assets by segment
are those assets that are used exclusively by such segment. Unallocated assets
are principally cash, corporate property and equipment, and investments.
Long-lived assets consist of all long-term assets, excluding investments,
goodwill, intangible assets, and
deferred tax assets.</p>

<br clear=all style='page-break-before:always'>
<table class=MsoNormalTable border=0 cellpadding=0 width="98%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td valign=bottom style='width:28%;padding:0in; '>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td valign=bottom style='width:9px;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="75%" colspan=20 valign=bottom style='width:75.94%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">SEGMENT
  INFORMATION</font></b></p></td>
  </tr>
  <tr>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:28%;border-bottom:
  1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9px;border-bottom:1.0pt solid windowtext;
  padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="11%" colspan=2 valign=bottom style='width:11.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Performance<br>Coatings &amp; Finishes</font></b></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="9%" colspan=2 valign=bottom style='width:9.5%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Fiberglass-<br>Composite Pipe</font></b></p>
    </td>
    <td width="0%" valign=bottom style='width:.7%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="10%" colspan=2 valign=bottom style='width:10.98%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Water<br>Transmission</font></b></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="11%" colspan=2 valign=bottom style='width:11.66%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Infrastructure<br>Products</font></b></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="8%" colspan=2 valign=bottom style='width:8.78%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Other</font></b></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="10%" colspan=2 valign=bottom style='width:10.28%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Eliminations</font></b></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="9%" colspan=2 valign=bottom style='width:9.54%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Total</font></b></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:28%;border:medium none;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">2005</font></b></p></td>
    <td valign=bottom style='width:9px;border:medium none;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="0%" valign=bottom
    style='width:.56%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.5%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <b><font size="1">&nbsp;</font></b></p></td>
    <td width="0%" valign=bottom
    style='width:.7%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.98%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="0%" valign=bottom
    style='width:.72%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.66%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="0%" valign=bottom
    style='width:.72%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.78%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="0%" valign=bottom
    style='width:.72%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.28%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="0%" valign=bottom
    style='width:.78%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.54%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="1">&nbsp;</font></b></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; '>
    <p class=MsoNormal><b><font size="1">Sales</font></b></p></td>
    <td valign=bottom style='width:9px;padding:0in; '>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">$</font></b></p></td>
    <td width="8%" valign=bottom style='width:8.04%;padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="1"><B>209,807</B></FONT></td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.34%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:3.15pt'><b><font size="1">$</font></b></p>
    </td>
    <td width="7%" valign=bottom style='width:7.16%;padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="1"><B>134,071</B></FONT></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="3%" valign=bottom style='width:3.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">$</font></b></p></td>
    <td width="7%" valign=bottom style='width:7.98%;padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="1"><B>192,731</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="3%" valign=bottom style='width:3.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">$</font></b></p></td>
    <td width="8%" valign=bottom style='width:8.66%;padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="1"><B>168,990</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.36%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">$</font></b></p></td>
    <td width="6%" valign=bottom style='width:6.42%;padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.42%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">$</font></b></p></td>
    <td width="7%" valign=bottom style='width:7.86%;padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="1"><B>(1,025)</B></FONT></td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="3%" valign=bottom style='width:3.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">$</font></b></p></td>
    <td width="6%" valign=bottom style='width:6.46%;padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="1"><B>704,574</B></FONT></td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">Income before interest, income taxes
    and</font></b></p></td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    &nbsp;</td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; '>
    <B><FONT size="1">&nbsp;&nbsp;&nbsp; equity in earnings of joint venture</FONT></B></td>
    <td valign=bottom style='width:9px;padding:0in; '>
    &nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="1">
    5,634</FONT></B></td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' align="right"><B><FONT size="1">
    24,482</FONT></B></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' align="right"><B>
    <FONT size="1">25,845</FONT></B></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' align="right"><B>
    <FONT size="1">22,127</FONT></B></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' align="right"><B><FONT size="1">
    (34,794)</FONT></B></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' align="right"><B>
    <FONT size="1">-</FONT></B></td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' align="right"><B><FONT size="1">
    43,294</FONT></B></td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">Equity in earnings of joint venture,</font></b></p>
    </td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    align="right" bgcolor="#CCEEFF">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; '>
    <B><FONT size="1">&nbsp;&nbsp; net of taxes</FONT></B></td>
    <td valign=bottom style='width:9px;padding:0in; '>
    &nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in'
    align="right"><FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' align="right">
    <FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in'
    align="right"><FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in'
    align="right"><FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in'
    align="right"><FONT size="1"><B>9,005</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in'
    align="right"><FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in'
    align="right"><FONT size="1"><B>9,005</B></FONT></td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">Income from joint ventures - cost method</font></b></p>
    </td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>540</B></FONT></td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <FONT size="1"><B>1,300</B></FONT></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>1,840</B></FONT></td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; '>
    <p class=MsoNormal><b><font size="1">Investments in joint ventures</font></b></p>
    </td>
    <td valign=bottom style='width:9px;padding:0in; '>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">&nbsp;&nbsp; Equity method</font></b></p></td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>13,777</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>13,777</B></FONT></td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; '>
    <p class=MsoNormal><b><font size="1">&nbsp;&nbsp; Cost method</font></b></p></td>
    <td valign=bottom style='width:9px;padding:0in; '>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' align="right"><FONT size="1"><B>
    2,138</B></FONT></td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' align="right"><FONT size="1"><B>
    3,784</B></FONT></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' align="right"><FONT size="1">
    <B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' align="right"><FONT size="1">
    <B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' align="right"><FONT size="1"><B>
    -</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' align="right"><FONT size="1">
    <B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' align="right"><FONT size="1"><B>
    5,922</B></FONT></td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">Long-lived assets</font></b></p></td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>40,685</B></FONT></td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <FONT size="1"><B>30,199</B></FONT></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>38,520</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>43,553</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>39,048</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>192,005</B></FONT></td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; '>
    <p class=MsoNormal><b><font size="1">Total assets</font></b></p></td>
    <td valign=bottom style='width:9px;padding:0in; '>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' align="right"><FONT size="1"><B>
    170,784</B></FONT></td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' align="right"><FONT size="1"><B>
    176,713</B></FONT></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' align="right"><FONT size="1">
    <B>132,803</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' align="right"><FONT size="1">
    <B>83,053</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' align="right"><FONT size="1"><B>
    162,979</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' align="right"><FONT size="1">
    <B>(148,296)</B></FONT></td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in .7pt 0in'
    align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' align="right"><FONT size="1"><B>
    578,036</B></FONT></td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">Capital expenditures</font></b></p>
    </td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>5,108</B></FONT></td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF" align="right">
    <FONT size="1"><B>8,919</B></FONT></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>5,567</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>4,607</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>1,170</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="1"><B>25,371</B></FONT></td>
  </tr>
  <tr>
    <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:28%;border-bottom:
  1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal><b><font size="1">Depreciation and amortization</font></b></p>
    </td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9px;border-bottom:1.0pt solid windowtext;
  padding:0in; '>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="1"><B>5,790</B></FONT></td>
    <td width="0%" valign=bottom style='width:.56%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom style='width:9.5%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="1"><B>4,070</B></FONT></td>
    <td width="0%" valign=bottom style='width:.7%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom style='width:10.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="1"><B>3,910</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom style='width:11.66%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="1"><B>4,444</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="8%" colspan=2 valign=bottom style='width:8.78%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="1"><B>710</B></FONT></td>
    <td width="0%" valign=bottom style='width:.72%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom style='width:10.28%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="1"><B>-</B></FONT></td>
    <td width="0%" valign=bottom style='width:.78%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom style='width:9.54%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="1"><B>18,924</B></FONT></td>
  </tr>
  <tr>
    <td valign=top style='width:28%;border:medium none;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">2004</font></p></td>
    <td valign=bottom style='width:9px;border:medium none;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="0%" valign=bottom
    style='width:.56%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.5%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="0%" valign=bottom
    style='width:.7%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.98%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="0%" valign=bottom
    style='width:.72%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.66%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="0%" valign=bottom
    style='width:.72%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.78%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="0%" valign=bottom
    style='width:.72%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.28%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="0%" valign=bottom
    style='width:.78%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.54%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; '>
    <p class=MsoNormal><font size="1">Sales</font></p></td>
    <td valign=bottom style='width:9px;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.96%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.04%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">199,623</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="2%" valign=bottom style='width:2.34%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal style='margin-right:3.15pt'><font size="1">$</font></p>
    </td>
    <td width="7%" valign=bottom style='width:7.16%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">116,289</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="3%" valign=bottom style='width:3.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">$</font></p></td>
    <td width="7%" valign=bottom style='width:7.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">154,231</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="3%" valign=bottom style='width:3.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">136,312</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="2%" valign=bottom style='width:2.36%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">$</font></p></td>
    <td width="6%" valign=bottom style='width:6.42%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="2%" valign=bottom style='width:2.42%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">$</font></p></td>
    <td width="7%" valign=bottom style='width:7.86%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">(602)</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="3%" valign=bottom style='width:3.08%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">$</font></p></td>
    <td width="6%" valign=bottom style='width:6.46%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">605,853</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">Income before interest, income taxes and</font></p></td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    &nbsp;</td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; '>
    <FONT size="1">&nbsp;&nbsp; equity in earnings of joint venture</FONT></td>
    <td valign=bottom style='width:9px;padding:0in; ' align="right">
    &nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' align="right">
    <FONT size="1">4,458</FONT></td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    align="right">
    &nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' align="right">
    <FONT size="1">21,429</FONT></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    align="right">
    &nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' align="right">
    <FONT size="1">13,458</FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">
    &nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' align="right">
    <FONT size="1">14,519</FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">
    &nbsp;</td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' align="right">
    <FONT size="1">(37,877)</FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right">
    &nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' align="right">
    <FONT size="1">-</FONT></td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    align="right">
    &nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' align="right">
    <FONT size="1">15,987</FONT></td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">Equity in earnings of joint venture, net of taxes</font></p>
    </td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">-</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">10,791</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">10,791</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; '>
    <p class=MsoNormal><font size="1">Income from joint ventures - cost method</font></p>
    </td>
    <td valign=bottom style='width:9px;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">506</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">-</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">506</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">Investments in joint ventures</font></p>
    </td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">&nbsp;</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">&nbsp;</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">&nbsp;</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">&nbsp;</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">&nbsp;</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">&nbsp;</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; '>
    <p class=MsoNormal><font size="1">&nbsp;&nbsp; Equity method</font></p></td>
    <td valign=bottom style='width:9px;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">-</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">16,042</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">16,042</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;&nbsp; Cost method</font></p></td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">2,138</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">3,784</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">5,922</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; '>
    <p class=MsoNormal><font size="1">Long-lived assets</font></p></td>
    <td valign=bottom style='width:9px;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="1">46,166</FONT></td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right" style="margin-right: 3.15pt">
    <FONT size="1">26,353</FONT></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">37,970</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="1">40,564</FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">41,481</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="1">192,534</FONT></td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">Total assets</font></p></td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">173,807</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">155,390</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">120,921</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">74,623</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="1">198,797</FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">(179,601)</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="1">543,937</FONT></td>
  </tr>
  <tr>
    <td valign=top style='width:28%;padding:0in; '>
    <p class=MsoNormal><font size="1">Capital expenditures</font></p></td>
    <td valign=bottom style='width:9px;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">5,291</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
  style='width:9.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">4,777</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">2,693</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">5,045</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">506</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">18,312</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:28%;border-bottom:
  1.0pt solid windowtext;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">Depreciation and amortization</font></p>
    </td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9px;border-bottom:1.0pt solid windowtext;
  padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">5,597</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.5%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">4,115</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">3,977</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.66%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">4,507</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.78%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">701</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.28%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;</font></p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.54%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">18,897</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top style='width:28%;border:medium none;padding:0in; '>
    <p class=MsoNormal><font size="1">2003</font></p></td>
    <td valign=bottom style='width:9px;border:medium none;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.0%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="0%" valign=bottom
    style='width:.56%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.5%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="0%" valign=bottom
    style='width:.7%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.98%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="0%" valign=bottom
    style='width:.72%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.66%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="0%" valign=bottom
    style='width:.72%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.78%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="0%" valign=bottom
    style='width:.72%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.28%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="0%" valign=bottom
    style='width:.78%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.54%;border:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <TR>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">Sales</font></p></td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.96%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.04%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">190,280</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.34%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal style='margin-right:3.15pt'><font size="1">$</font></p>
    </td>
    <td width="7%" valign=bottom style='width:7.16%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">114,613</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="3%" valign=bottom style='width:3.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">$</font></p></td>
    <td width="7%" valign=bottom style='width:7.98%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">165,497</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="3%" valign=bottom style='width:3.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.66%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">130,493</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.36%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">$</font></p></td>
    <td width="6%" valign=bottom style='width:6.42%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.42%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">$</font></p></td>
    <td width="7%" valign=bottom style='width:7.86%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">(388)</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in .7pt 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="3%" valign=bottom style='width:3.08%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">$</font></p></td>
    <td width="6%" valign=bottom style='width:6.46%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">600,495</font></p>
    </td>
  </TR>
  <TR>
    <td valign=top style='width:28%;padding:0in; '>
    <p class=MsoNormal><font size="1">Income before interest, income taxes and</font></p></td>
    <td valign=bottom style='width:9px;padding:0in; '>
    &nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
   style='width:9.5%;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in .7pt 0in'>
    &nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'>
    &nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in'>
    &nbsp;</td>
  </TR>
  <TR>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <FONT size="1">&nbsp;&nbsp; equity in earnings of joint venture</FONT></td>
    <td valign=bottom style='width:9px;padding:0in; ' align="right"
    bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF">
    <FONT size="1">9,383</FONT></td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    align="right" bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
   style='width:9.5%;padding:0in 0in 0in 0in' align="right" bgcolor="#CCEEFF">
    <FONT size="1">21,881</FONT></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    align="right" bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF">
    <FONT size="1">26,634</FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right" bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF">
    <FONT size="1">15,509</FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right" bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF">
    <FONT size="1">(23,459)</FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    align="right" bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF">
    <FONT size="1">-</FONT></td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    align="right" bgcolor="#CCEEFF">
    &nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' align="right"
    bgcolor="#CCEEFF">
    <FONT size="1">49,948</FONT></td>
  </TR>
  <TR>
    <td valign=top style='width:28%;padding:0in; '>
    <p class=MsoNormal><font size="1">Equity in earnings of joint venture, net of taxes</font></p>
    </td>
    <td valign=bottom style='width:9px;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom
   style='width:9.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">-</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.78%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">614</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.28%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.54%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">614</font></p>
    </td>
  </TR>
  <TR>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">Income from joint ventures - cost method</font></p>
    </td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">636</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom
   style='width:9.5%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">3,042</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">2,633</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">6,311</font></p>
    </td>
  </TR>
  <TR>
    <td valign=top style='width:28%;padding:0in; '>
    <p class=MsoNormal><font size="1">Investments in joint ventures</font></p>
    </td>
    <td valign=bottom style='width:9px;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom
   style='width:9.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>&nbsp;</p>
    </td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.78%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.28%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.54%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </TR>
  <TR>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">&nbsp;&nbsp; Equity method</font></p></td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom
   style='width:9.5%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">-</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">13,064</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">13,064</font></p>
    </td>
  </TR>
  <TR>
    <td valign=top style='width:28%;padding:0in; '>
    <p class=MsoNormal><font size="1">&nbsp;&nbsp; Cost method</font></p></td>
    <td valign=bottom style='width:9px;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">1,695</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom
   style='width:9.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">3,784</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.78%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.28%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.54%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">5,479</font></p>
    </td>
  </TR>
  <TR>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">Long-lived assets</font></p></td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="1">43,036</FONT></td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom
   style='width:9.5%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right" style="margin-right: 3.15pt">
    <FONT size="1">24,700</FONT></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">39,470</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="1">40,122</FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="1">51,838</FONT></td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="1">199,166</FONT></td>
  </TR>
  <TR>
    <td valign=top style='width:28%;padding:0in; '>
    <p class=MsoNormal><font size="1">Total assets</font></p></td>
    <td valign=bottom style='width:9px;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">164,399</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom
   style='width:9.5%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">147,326</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.98%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">125,501</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.66%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">70,202</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.78%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">184,839</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.28%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">(158,775)</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.54%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">533,492</font></p>
    </td>
  </TR>
  <TR>
    <td valign=top style='width:28%;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="1">Capital expenditures</font></p></td>
    <td valign=bottom style='width:9px;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">5,901</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom
   style='width:9.5%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">2,542</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.98%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">2,656</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.66%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">5,041</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom
    style='width:8.78%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">967</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.28%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.54%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="1">17,107</font></p>
    </td>
  </TR>
  <TR>
    <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:28%;border-bottom:
  1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal><font size="1">Depreciation and amortization</font></p>
    </td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:9px;border-bottom:1.0pt solid windowtext;
  padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">5,206</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.56%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.5%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='margin-right:3.15pt;text-align:right'>
    <font size="1">3,940</font></p></td>
    <td width="0%" valign=bottom style='width:.7%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.98%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">4,124</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.66%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">4,382</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="8%" colspan=2 valign=bottom style='width:8.78%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">719</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.72%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.28%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">-</font></p>
    </td>
    <td width="0%" valign=bottom style='width:.78%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.54%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="1">18,371</font></p>
    </td>
  </TR>
</table>
<p class=MsoNormal style='page-break-before:always'>&nbsp;</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="27%" valign=bottom style='width:27.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">&nbsp;</font></b></p></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td colspan=17 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:69%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">GEOGRAPHIC AREAS</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="27%" valign=bottom style='width:27.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands)</font></b></p></td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:10%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">United<br>States</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Europe</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Asia</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Other</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Eliminations</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Total</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="27%" valign=top
    style='width:27.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">2005</font></b></p></td>
    <td valign=bottom style='width:2%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom style='width:10%;border:medium none;
  padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="27%" valign=top style='width:27.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">Sales to external customers</font></b></p>
    </td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td valign=bottom style='width:1%;padding:0in; '>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="2"><B>490,594</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="2"><B>95,674</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="2"><B>67,202</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="2"><B>51,104</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="2"><B>704,574</B></FONT></td>
  </tr>
  <tr>
    <td width="27%" valign=top style='width:27.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">Long-lived assets</font></b></p></td>
    <td valign=bottom style='width:2%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom
    style='width:10%;padding:0in; ' bgcolor="#CCEEFF" align="right">
    <FONT size="2"><B>136,201</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>23,732</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>19,228</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>12,844</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>-</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><FONT size="2"><B>192,005</B></FONT></td>
  </tr>
  <tr>
    <td width="27%" valign=top style='width:27.0%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">Total assets</font></b></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2%;border-bottom:
  1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:10%;border-bottom:1.0pt solid windowtext;padding:0in; '
    align="right"><FONT size="2"><B>475,722</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>95,196</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>113,062</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>42,352</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>(148,296)</B></FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in .7pt 0in' align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in' align="right">
    <FONT size="2"><B>578,036</B></FONT></td>
  </tr>
  <tr>
    <td width="27%" valign=top
    style='width:27.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">2004</font></p></td>
    <td valign=bottom
    style='width:2%;border:medium none;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:10%;border:medium none;
  padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="27%" valign=top style='width:27.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Sales to external customers</font></p>
    </td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:1%;padding:0in; '>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">405,731</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">96,682</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">58,508</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">44,932</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">605,853</font></p>
    </td>
  </tr>
  <tr>
    <td width="27%" valign=top style='width:27.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Long-lived assets</font></p></td>
    <td valign=bottom style='width:2%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom
    style='width:10%;padding:0in; ' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">135,747</FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">30,160</FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">13,133</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">13,494</FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">192,534</FONT></td>
  </tr>
  <tr>
    <td width="27%" valign=top style='width:27.0%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Total assets</font></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2%;border-bottom:
  1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:10%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <P class="MsoNormal" align="right"><FONT size="2">476,486</FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">108,135</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">97,172</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">41,745</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(179,601)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <P class="MsoNormal" align="right"><FONT size="2">543,937</FONT></td>
  </tr>
  <tr>
    <td width="27%" valign=top
    style='width:27.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">2003</font></p></td>
    <td valign=bottom
    style='width:2%;border:medium none;padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom style='width:10%;border:medium none;
  padding:0in; ' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom
    style='width:2.0%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="27%" valign=top style='width:27.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Sales to external customers</font></p>
    </td>
    <td valign=bottom style='width:2%;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td valign=bottom style='width:1%;padding:0in; '>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">422,091</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">92,104</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">51,228</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">35,072</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.7%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">600,495</font></p>
    </td>
  </tr>
  <tr>
    <td width="27%" valign=top style='width:27.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Long-lived assets</font></p></td>
    <td valign=bottom style='width:2%;padding:0in; '
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom
    style='width:10%;padding:0in; ' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">148,453</FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">28,210</FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">10,692</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">11,811</FONT></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <P class="MsoNormal" align="right"><FONT size="2">199,166</FONT></td>
  </tr>
  <tr>
    <td width="27%" valign=top style='width:27.0%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Total assets</font></p></td>
    <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:2%;border-bottom:
  1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal>&nbsp;</p></td>
    <td colspan=2 valign=bottom
    style='border-left:medium none; border-right:medium none; border-top:medium none; width:10%;border-bottom:1.0pt solid windowtext;padding:0in; '>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">464,548</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">106,637</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">80,826</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">40,256</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(158,775)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in .7pt 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">533,492</font></p>
    </td>
  </tr>
</table>
<p class=MsoNormal>&nbsp;</p>
<p class=MsoNormal>&nbsp;</p>
<p class=MsoNormal><b>SUPPLEMENTARY DATA - QUARTERLY
FINANCIAL DATA (UNAUDITED)</b></p>
<p class=MsoNormal>Summarized quarterly financial data for the years ended November 30, 2005 and 2004, follow:</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="95%"
 style='width:95.0%;border-collapse:collapse'>
  <tr>
    <td width="43%" valign=bottom style='width:43.02%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="1">(In thousands,<br>except per share data)</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">First<br>Quarter</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Second<br>Quarter</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Third<br>Quarter</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">&nbsp;</font></b></p>
    </td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=center style='text-align:center'><b><font size="1">Fourth<br>Quarter</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="43%" valign=top
    style='width:43.02%;border:none;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">2005</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;border:none;
  padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">Sales</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'>
    <P align="right"><B><FONT size="2">138,812</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'>
    <P align="right"><B><FONT size="2">176,205</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'>
    <P align="right"><B><FONT size="2">193,047</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">$</font></b></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'>
    <P align="right"><B><FONT size="2">196,510</FONT></B></td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">Gross profit</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">33,012</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">44,818</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">52,652</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">51,625</FONT></B></td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">Net income</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    481</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    5,270</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    13,528</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    13,331</FONT></B></td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">Diluted net income per share</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">.06</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">.62</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">1.58</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">1.53</FONT></B></td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">Stock price per share-high</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    38.85</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    36.96</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    39.11</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    46.61</FONT></B></td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">Stock price per share-low</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">31.96</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">31.76</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">33.00</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right"><B><FONT size="2">38.91</FONT></B></td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">Dividends per share</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    .20</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    .20</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    .20</FONT></B></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right"><B><FONT size="2">
    .20</FONT></B></td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF" align="right">
    <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF"
    align="right">
    <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">2004</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    align="right">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    align="right">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    align="right">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' align="right">
    <p class=MsoNormal align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Sales</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">129,668</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">150,516</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">155,413</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="1%" valign=bottom style='width:1.3%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.7%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">170,256</font></p>
    </td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Gross profit</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">29,939</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">36,586</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">38,245</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">43,641</font></p>
    </td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Net income/(loss)</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(2,753)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">6,873</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(8,775)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">18,114</font></p>
    </td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Diluted net income/(loss) per share</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(.34)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">.82</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">(1.05)</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">2.13</font></p>
    </td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Stock price per share-high</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">40.05</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">39.60</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">35.60</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">38.02</font></p>
    </td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">Stock price per share-low</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">32.40</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">28.60</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">30.96</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.0%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal align=right style='text-align:right'><font size="2">32.21</font></p>
    </td>
  </tr>
  <tr>
    <td width="43%" valign=top style='width:43.02%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">Dividends per share</font></p></td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">.20</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">.20</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">.20</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.0%;padding:0in 0in 0in 0in'
    bgcolor="#CCEEFF">
    <p class=MsoNormal><font size="2">&nbsp;</font></p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.0%;padding:0in 0in 0in 0in' bgcolor="#CCEEFF">
    <p class=MsoNormal align=right style='text-align:right'><font size="2">.20</font></p>
    </td>
  </tr>
</table>
<p class=MsoNormal>The Company traditionally experiences lower sales during the
first fiscal quarter because of seasonal patterns associated with weather and
contractor schedules.</p>

<br clear=all style='page-break-before:always'>
<p class=Style0><b>ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE</b></p>
<P class="MsoNormal">(Not applicable)</P>

<p class=Style0><b>ITEM 9A - CONTROLS AND PROCEDURES</b></p>
<p><b>Evaluation of Disclosure Controls and
Procedures.</b> Management has established disclosure controls and procedures to
ensure that material information relating to the Company, including its
consolidated subsidiaries, is made known to the officers who certify the
Company's financial reports and to other members of senior management and the
Board of Directors. </p>
<P>The Company carried out an evaluation, under the
supervision and with the participation of the Company's management, including
the Company's Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of the Company's disclosure controls
and procedures as of November 30, 2005 pursuant to Exchange Act Rule 13a-14.&nbsp;
Based upon that evaluation, the Chief Executive Officer and Chief Financial
Officer concluded that the Company's disclosure controls and procedures
(as defined in Rules&nbsp;13a-15(e) and 15d-15(e) under the Securities Exchange Act
of 1934) are
effective in timely alerting them to material information relating to the
Company (including its consolidated subsidiaries) required to be included in the
Company's periodic Commission filings.&nbsp; No changes
were made in the Company's internal controls over financial reporting during the
fiscal quarter ended November 30, 2005 that have materially affected, or are
reasonably likely to materially affect, the Company's internal control over
financial reporting.</P>
<p class=Style0><b>Management's Report on Internal Control Over Financial
Reporting.</b> Management is responsible for establishing and maintaining
adequate internal control over financial reporting, as such term is defined in
Exchange Act Rule&nbsp;13a-15(f) and 15d-15(f). Under the supervision and with the
participation of management, including the principal executive officer and
principal financial officer, management conducted an evaluation of the
effectiveness of internal control over financial reporting based on the
framework in <i>Internal Control - Integrated Framework</i> issued by the
Committee of Sponsoring Organizations of the Treadway Commission. Based on
management's evaluation under the framework in <i>Internal Control
- Integrated Framework,</i> management concluded that internal control over
financial reporting was effective as of November 30, 2005. Management's assessment of the effectiveness of internal control over financial
reporting as of November&nbsp;30, 2005 has been audited by
PricewaterhouseCoopers LLP, an independent registered public accounting firm, as
stated in its report which is included herein.</p>
<br clear=all style='page-break-before:always'>
<p class=MsoNormal><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></p>
<p class=MsoNormal style='margin-bottom:6.0pt'><b>To the Board of Directors and
Stockholders of Ameron International Corporation</b></p>
<p class=MsoNormal style='margin-bottom:6.0pt'>We have completed integrated
audits of Ameron International Corporation's 2005 and 2004 consolidated financial
statements and of its internal control over financial reporting as of November
30, 2005, and an audit of its 2003 consolidated financial statements in
accordance with the standards of the Public Company Accounting Oversight Board
(United States). Our opinions on Ameron International Corporation's 2005, 2004,
and 2003 consolidated financial statements and on its internal control over
financial reporting as of November 30, 2005, based on our audits, are presented below.</p>
<p class=MsoNormal style='margin-bottom:6.0pt'><b><u>Consolidated financial
statements and financial statement schedule</u></b></p>
<p class=MsoNormal style='margin-bottom:6.0pt'>In our opinion, the accompanying
consolidated balance sheets and the related consolidated statements of income,
of stockholders' equity, of comprehensive income and of cash flows present
fairly, in all material respects, the financial position of Ameron
International Corporation and its subsidiaries at November 30, 2005 and 2004,
and the results of their operations and their cash flows for each of the three
years in the period ended November 30, 2005 in conformity with accounting
principles generally accepted in the United States of America.&nbsp; In
addition, in our opinion, the accompanying financial statement schedule presents
fairly, in all material respects, the information set forth therein when read in
conjunction with the consolidated financial statements.&nbsp; These financial
statements and financial statement schedule are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements and
financial statement schedule based on
our audits. We conducted our audits of these statements in accordance with the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit of financial statements includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.</p>
<p class=MsoNormal style='margin-bottom:6.0pt'><b><u>Internal control over
financial reporting</u></b></p>
<p class=MsoNormal style='margin-bottom:6.0pt'>Also, in our opinion,
management's assessment, included in Management's Report on
Internal Control Over Financial Reporting appearing under Item 9(A), that the Company maintained
effective internal control over financial reporting as of November 30, 2005
based on criteria established in <I>Internal Control - Integrated Framework</I> issued
by the Committee of Sponsoring Organizations of the Treadway Commission (&quot;COSO&quot;),
is fairly stated, in all material respects, based on those criteria.
Furthermore, in our opinion, the Company maintained, in all material respects,
effective internal control over financial reporting as of November 30, 2005 based on criteria established in <I>Internal Control - Integrated Framework</I>
issued by COSO.
The Company's management is responsible for maintaining effective internal
control over financial reporting and for its assessment of the effectiveness of
internal control over financial reporting. Our responsibility is to express
opinions on management's assessment and on the effectiveness of the Company's
internal control over financial reporting based on our audit. We conducted our
audit of internal control over financial reporting in accordance with the
standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether effective internal control over financial reporting was
maintained in all material respects. An audit of internal control over
financial reporting includes obtaining an understanding of internal control
over financial reporting, evaluating management's assessment, testing and
evaluating the design and operating effectiveness of internal control, and
performing such other procedures as we consider necessary in the
circumstances. We believe that our audit provides a reasonable basis for our
opinions.</p>
<p class=MsoNormal style='margin-bottom:6.0pt'>A company's internal control
over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally
accepted accounting principles. A company's internal control over financial
reporting includes those policies and procedures that (i) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (ii)
provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of management and
directors of the company; and (iii) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of the company's assets that could have a material effect on the financial
statements. </p>
<p class=MsoNormal style='margin-bottom:6.0pt'>Because of its inherent
limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to
future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate. </p>
<p class=MsoNormal>/s/ PricewaterhouseCoopers LLP<br>Los Angeles, California<br>
January 30, 2006<br>
</p>

<p class=Style0 align=center style='text-align:center'><b>PART III</b></p>
<p class=Style0><b>ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT</b></p>
<p class=Style0>Information with respect to the directors, the Audit Committee
of the Board of Directors, and the audit committee financial expert, is
contained in the Company's Proxy Statement. Such information is incorporated
herein by reference.&nbsp; The Board of Directors of the Company has a
separately-designated standing audit committee established in accordance with
section&nbsp;3(a)(58)(A) of the Securities Exchange Act.&nbsp; The members of
that audit committee are identified in the Company's Proxy Statement under the
section captioned &quot;The Board and Its Committees.&quot; Such information
is incorporated herein by reference. The Board of Directors has
determined that none of the members of its Audit Committee is an &quot;audit
committee financial expert&quot; as defined in Item 401(h)(2) of Regulation S-K.</p>
<p class=Style0>Information with respect to the executive officers who are not
directors of the Company is located in Part I, Item 4 of this report.</p>
<p class=Style0>The Company has adopted a Code of Business Conduct and Ethics
(the &quot;Code&quot;) that applies to directors, officers and employees of the Company,
including its principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar functions.&nbsp;
Copies of the Code, as well as each of the Company's Corporate Governance
Guidelines and charters of the Audit, the Compensation and the Nominating &amp;
Corporate Governance committees of its Board of Directors are available on the
Company's website, located at <u>www.ameron.com</u>, and are available in print
to stockholders upon written request to the Secretary of the Company at the
Company's headquarters address.</p>
<p class=Style0><b>ITEM 11 - EXECUTIVE COMPENSATION*</b></p>
<p class=Style0><b>ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS*</b></p>
<p class=Style0><b>ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS*</b></p>
<p class=Style0><b>ITEM 14 - PRINCIPAL ACCOUNTANT'S FEES AND SERVICES*</b></p>
<div class=Style0><hr size=1 width="25%" noshade align=left>
</div>
<p class=Style0>*The information required by Items 11, 12, 13 and 14 is
contained in the Company's Proxy Statement. Such information is incorporated
herein by reference.</p><br clear=all style='page-break-before:always'>
<p class=Style0 align=center style='text-align:center'><b>PART IV</b></p>
<p class=Style0><b>ITEM 15 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND
REPORTS ON FORM 8-K</b></p>
<p class=Style0 style="margin-top: 10px; margin-bottom: 10px">(a) (1) FINANCIAL STATEMENT SCHEDULES:</p>
<p class=Style0 style="margin-top: 10px; margin-bottom: 10px">The following financial statements are included in this Annual
Report on Form 10-K:</p>
<TABLE border="0" cellpadding="0" style="border-collapse: collapse" width="85%">
  <TR>
    <TD><FONT size="2">Consolidated Statements of Income for the years ended
    November 30, 2005, 2004 and 2003.</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size="2">Consolidated Balance Sheets as of November 30, 2005 and
    2004.</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size="2">Consolidated Statements of Stockholders' Equity for the
    years ended November 30, 2005, 2004 and 2003.</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size="2">Consolidated Statements of Comprehensive Income for the
    years ended November 30, 2005, 2004 and 2003.</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size="2">Consolidated Statements of Cash Flows for the years ended
    November 30, 2005, 2004 and 2003.</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size="2">Notes to Consolidated Financial Statements</FONT></TD>
  </TR>
</TABLE>
<p class=Style0 style="margin-top: 10px; margin-bottom: 10px">Financial statements of TAMCO, a 50-percent owned company will
be filed as an amendment under cover of Form 8 when such financial statements
are available.&nbsp; Summarized information as to the financial condition and results
of operations for TAMCO is presented in Note (5) in the Notes to Consolidated
Financial Statements, under Part II, Item 8. </p>
<p class=Style0 style="margin-top: 10px; margin-bottom: 10px">The following additional financial data should be read in
conjunction with the Consolidated Financial Statements. Schedules not included
with this additional financial data have been omitted because they are either
not applicable, not required, not significant, or the
required information is provided in the Consolidated Financial Statements under
Financial Statements and Supplementary Data, under Part II, Item 8.</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="92%"
 style='width:92.0%;margin-left:.25in;border-collapse:collapse'>
  <tr>
    <td width="17%" colspan=2 valign=top style='width:17.26%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0><b><font size="2">SCHEDULE</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.74%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>&nbsp;</FONT></b></p>
    </td>
    <td width="80%" valign=top style='width:80.0%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><font size="2">SCHEDULES OF AMERON</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="3%" valign=top style='width:3.94%;border:none;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" valign=top style='width:13.32%;border:none;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">I</font></p></td>
    <td width="2%" valign=bottom style='width:2.74%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="80%" valign=top style='width:80.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Valuation and Qualifying Accounts and Reserves</font></p></td>
  </tr>
  </table>
<p class=Style0 style="margin-top: 10px; margin-bottom: 10px">&nbsp;&nbsp;&nbsp; (2) EXHIBITS:</p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="92%"
 style='width:92.0%;margin-left:.25in;border-collapse:collapse'>
  <tr style='page-break-inside:avoid'>
    <td width="17%" colspan=2 valign=top style='width:17.26%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0><b><font size="2">EXHIBIT</font></b></p></td>
    <td width="2%" valign=bottom style='width:2.74%;padding:0in 0in 0in 0in'>
    <p class=Style0><b><FONT size=2>&nbsp;</FONT></b></p></td>
    <td width="80%" valign=top style='width:80.0%;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><font size="2">EXHIBITS OF AMERON</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="3%" valign=top style='width:3.94%;border:none;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" valign=top style='width:13.32%;border:none;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">3(i)</font></p></td>
    <td width="2%" valign=bottom style='width:2.74%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="80%" valign=top style='width:80.0%;border:none;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Certificate of Incorporation (1)</font></p></td>
  </tr>
  <tr>
    <td width="3%" valign=top style='width:3.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" valign=top style='width:13.32%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">3(ii)</font></p></td>
    <td width="2%" valign=bottom style='width:2.74%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="80%" valign=top style='width:80.0%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Bylaws (2)</font></p></td>
  </tr>
  <tr>
    <td width="3%" valign=top style='width:3.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" valign=top style='width:13.32%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">4</font></p></td>
    <td width="2%" valign=bottom style='width:2.74%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="80%" valign=top style='width:80.0%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Instruments Defining the Rights of Security Holders,
  Including Indentures</font></p></td>
  </tr>
  <tr>
    <td width="3%" valign=top style='width:3.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" valign=top style='width:13.32%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">10</font></p></td>
    <td width="2%" valign=bottom style='width:2.74%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="80%" valign=top style='width:80.0%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Material Contracts</font></p></td>
  </tr>
  <tr>
    <td width="3%" valign=top style='width:3.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" valign=top style='width:13.32%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">21</font></p></td>
    <td width="2%" valign=bottom style='width:2.74%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="80%" valign=top style='width:80.0%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Subsidiaries of the Registrant</font></p>
    </td>
  </tr>
  <tr>
    <td width="3%" valign=top style='width:3.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" valign=top style='width:13.32%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">23.1</font></p></td>
    <td width="2%" valign=bottom style='width:2.74%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="80%" valign=top style='width:80.0%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Consent of PricewaterhouseCoopers LLP</font></p>
    </td>
  </tr>
  <tr>
    <td width="3%" valign=top style='width:3.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" valign=top style='width:13.32%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">31.1</font></p></td>
    <td width="2%" valign=bottom style='width:2.74%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="80%" valign=top style='width:80.0%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Section&nbsp;302 Certification of Chief Executive Officer</font></p>
    </td>
  </tr>
  <tr>
    <td width="3%" valign=top style='width:3.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" valign=top style='width:13.32%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">31.2</font></p></td>
    <td width="2%" valign=bottom style='width:2.74%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="80%" valign=top style='width:80.0%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Section&nbsp;302 Certification of Chief Financial Officer</font></p>
    </td>
  </tr>
  <tr>
    <td width="3%" valign=top style='width:3.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" valign=top style='width:13.32%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">32</font></p></td>
    <td width="2%" valign=bottom style='width:2.74%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="80%" valign=top style='width:80.0%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Section&nbsp;906 Certification of Chief Executive Officer and
  Chief Financial Officer</font></p></td>
  </tr>
  </table>
<p class=Style0 style="margin-top: 10px; margin-bottom: 10px">(b) REPORTS ON FORM 8-K</p>
<p class=Style0 style="margin-top: 10px; margin-bottom: 10px">Three reports on Form 8-K were filed by the Company during the
last quarter of the fiscal year ended November&nbsp;30, 2005 as follows:</p>
<p class=Style0 style="margin-top: 10px; margin-bottom: 10px">September&nbsp;26, 2005 reporting under Item 2.02, the financial
results for the Company's third quarter ended August&nbsp;28, 2005.</p>
<p class=Style0 style="margin-top: 10px; margin-bottom: 10px">September&nbsp;27, 2005 reporting under Item 8.01, the declaration
of a quarterly dividend of 20 cents per share of common stock for the Company's
third quarter ended August&nbsp;28, 2005.</p>
<p class=Style0 style="margin-top: 10px; margin-bottom: 10px">October 4, 2005 reporting under Item 5.02, the appointment of
principal officers of the Company.</p>
<div class=Style0><hr size=1 width="25%" noshade align=left>
</div>
<p class=Style0 style="margin-top: 10px; margin-bottom: 10px">(1) The Certificate of Incorporation is incorporated by reference to the
Quarterly Report on Form 10-Q of the
Company filed June 24, 2005.</p>
<p class=Style0 style="margin-top: 10px; margin-bottom: 10px">(2) The Bylaws are incorporated by reference to the Report on
Form 8-K of the Company filed March 24, 2005.</p>

<br clear=all style='page-break-before:always'>
<p class=Style0 align=center style='text-align:center'><b>AMERON INTERNATIONAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>SCHEDULE&nbsp;I - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES<br>FOR THE YEAR ENDED NOVEMBER&nbsp;30, 2005</b></p>
<p class=Style0 align=center style='text-align:center'>(In thousands)</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="34%" valign=bottom style='width:34.06%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0><b><FONT size=2>Classification</FONT></b></p></td>
    <td width="2%" valign=bottom style='width:2.06%;padding:0in 0in 0in 0in'>
    <p class=Style0><b><FONT size=2>&nbsp;</FONT></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Balance at<br>Beginning<br>of Year</FONT></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=Style0><b><FONT size=2>&nbsp;</FONT></b></p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Additions<br>Charged<br>to Costs<br>and<br>Expense</FONT></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0><b><FONT size=2>&nbsp;</FONT></b></p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Deductions,<br>Payments<br>and<br>Write-offs</FONT></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0><b><FONT size=2>&nbsp;</FONT></b></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Reclassifications<br>and Other</FONT></b></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0><b><FONT size=2>&nbsp;</FONT></b></p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Balance at<br>End<br>of Year</FONT></b></p>
    </td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.06%;border:none;background:
  #CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0><u><font size="2">DEDUCTED FROM ASSET ACCOUNTS</font></u></p>
    </td>
    <td width="2%" valign=bottom style='width:2.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.06%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.06%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Allowance for doubtful accounts</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.1%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.28%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="2">7,984</FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="7%" valign=bottom style='width:7.1%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <P align="right"><FONT size="2">2,502</FONT></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.16%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <P align="right"><FONT size="2">(2,362)</FONT></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.16%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="2">(431)</FONT></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.16%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.52%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="2">7,693</FONT></td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.06%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.06%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><u><font size="2">INCLUDED IN CURRENT LIABILITIES</font></u></p>
    </td>
    <td width="2%" valign=bottom style='width:2.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.06%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.06%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Reserve for pending claims and litigation</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.1%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.28%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="2">3,083</FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="7%" valign=bottom style='width:7.1%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <P align="right"><FONT size="2">4,869</FONT></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.16%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <P align="right"><FONT size="2">(5,738)</FONT></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.16%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="2">(512)</FONT></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.16%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.52%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P align="right"><FONT size="2">1,702</FONT></td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.06%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.06%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.38%;padding:0in 0in 0in 0in' align="right">
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'
    align="right">
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.22%;padding:0in 0in 0in 0in' align="right">
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    align="right">
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.36%;padding:0in 0in 0in 0in' align="right">
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    align="right">
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in' align="right">
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    align="right">
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.68%;padding:0in 0in 0in 0in' align="right">
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Reserve for product warranty</font></p></td>
    <td width="2%" valign=bottom style='width:2.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2">4,297</FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2">3,566</FONT></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2">(3,738)</FONT></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2">(99)</FONT></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2">4,026</FONT></td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.06%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.06%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.38%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.22%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.36%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.68%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Other reserves</font></p></td>
    <td width="2%" valign=bottom style='width:2.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2">110</FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2">(65)</FONT></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2">-</FONT></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2">(1)</FONT></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2">44</FONT></td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.06%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.06%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.38%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom
    style='width:9.22%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom
    style='width:11.36%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom
    style='width:12.08%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'
    align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom
    style='width:10.68%;padding:0in 0in 0in 0in' align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="34%" valign=bottom style='width:34.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Reserve for self-insured programs</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2">15,909</FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2">8,300</FONT></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2">(6,610)</FONT></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2">6,021</FONT></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right">&nbsp;</td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in' align="right"><FONT size="2">23,620</FONT></td>
  </tr>
</table>
<p class=Style0>&nbsp;</p>
<p class=Style0 align=center style='text-align:center'><b>AMERON INTERNATIONAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>SCHEDULE&nbsp;I - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES<br>FOR THE YEAR ENDED NOVEMBER&nbsp;30, 2004</b></p>
<p class=Style0 align=center style='text-align:center'>(In thousands)</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="33%" valign=bottom style='width:33.7%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0><b><FONT size=2>Classification</FONT></b></p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>&nbsp;</FONT></b></p>
    </td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Balance at<br>Beginning<br>of Year</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.92%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>&nbsp;</FONT></b></p>
    </td>
    <td width="9%" colspan=2 valign=bottom style='width:9.7%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Additions<br>Charged<br>to Costs<br>and<br>Expense</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>&nbsp;</FONT></b></p>
    </td>
    <td width="10%" colspan=2 valign=bottom style='width:10.44%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Deductions,<br>Payments<br>and<br>Write-offs</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>&nbsp;</FONT></b></p>
    </td>
    <td width="13%" colspan=2 valign=bottom style='width:13.4%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Reclassifications<br>and Other</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>&nbsp;</FONT></b></p>
    </td>
    <td width="10%" colspan=2 valign=bottom style='width:10.22%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Balance at<br>End<br>of Year</FONT></b></p>
    </td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><u><font size="2">DEDUCTED FROM ASSET ACCOUNTS</font></u></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.4%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.84%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.22%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.7%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.92%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.7%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.44%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.4%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.22%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Allowance for doubtful accounts</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.1%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.28%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">8,168</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="7%" valign=bottom style='width:7.1%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">1,991</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.16%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">(3,032</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">)</font></p></td>
    <td width="2%" valign=bottom style='width:2.16%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">857</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.16%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.52%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">7,984</font></p>
    </td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.7%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><u><font size="2">INCLUDED IN CURRENT LIABILITIES</font></u></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.7%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Reserve for pending claims and litigation</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.1%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.28%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">4,547</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="7%" valign=bottom style='width:7.1%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">2,358</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.16%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.2%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">(3,822</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">)</font></p></td>
    <td width="2%" valign=bottom style='width:2.16%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">-</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.16%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.52%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">3,083</font></p>
    </td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.7%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Reserve for product warranty</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">3,770</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">5,056</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">(4,632</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">)</font></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">103</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">4,297</font></p>
    </td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.7%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Other reserves</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">176</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">60</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">(131</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">)</font></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">5</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">110</font></p>
    </td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.7%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.08%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="2%" valign=bottom style='width:2.14%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Reserve for self-insured programs</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.38%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="Style0" align="right"><FONT size="2">14,988</FONT></td>
    <td width="2%" valign=bottom style='width:2.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.22%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">6,736</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="11%" colspan=2 valign=bottom style='width:11.36%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">(5,817</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">)</font></p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.08%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">2</font></p>
    </td>
    <td width="2%" valign=bottom style='width:2.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.68%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="Style0" align="right"><FONT size="2">15,909</FONT></td>
  </tr>
</table><br clear=all style='page-break-before:always'>
<p class=Style0 align=center style='text-align:center'><b>AMERON INTERNATIONAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>SCHEDULE&nbsp;I - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES<br>FOR THE YEAR ENDED NOVEMBER&nbsp;30, 2003</b></p>
<p class=Style0 align=center style='text-align:center'>(In thousands)</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="33%" valign=bottom style='width:33.22%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0><b><FONT size=2>Classification</FONT></b></p></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>&nbsp;</FONT></b></p>
    </td>
    <td width="10%" colspan=2 valign=bottom style='width:10.72%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Balance at<br>Beginning<br>of Year</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>&nbsp;</FONT></b></p>
    </td>
    <td width="10%" colspan=2 valign=bottom style='width:10.72%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Additions<br>Charged<br>to Costs<br>and<br>Expense</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>&nbsp;</FONT></b></p>
    </td>
    <td width="10%" colspan=2 valign=bottom style='width:10.72%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Deductions,<br>Payments<br>and<br>Write-offs</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>&nbsp;</FONT></b></p>
    </td>
    <td width="13%" colspan=2 valign=bottom style='width:13.1%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Reclassifications<br>and Other</FONT></b></p>
    </td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>&nbsp;</FONT></b></p>
    </td>
    <td width="10%" colspan=2 valign=bottom style='width:10.72%;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0 align=center style='text-align:center'><b><FONT size=2>Balance at<br>End<br>of Year</FONT></b></p>
    </td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.22%;border:none;background:
  #CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0><u><font size="2">DEDUCTED FROM ASSET ACCOUNTS</font></u></p>
    </td>
    <td width="1%" valign=bottom style='width:1.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.72%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.72%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.72%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.1%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.72%;border:none;
  background:#CCEEFF;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="33%" valign=bottom style='width:33.22%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.72%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.72%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.72%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.1%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.72%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </tr>
  <TR>
    <td width="33%" valign=bottom style='width:33.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Allowance for doubtful accounts</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.28%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.76%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">6,652</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">3,071</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.18%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">(1,668</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">)</font></p></td>
    <td width="1%" valign=bottom style='width:1.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="12%" valign=bottom style='width:12.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">113</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.84%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">8,168</font></p>
    </td>
  </TR>
  <TR>
    <td width="33%" valign=bottom style='width:33.7%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.92%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.7%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.44%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.4%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.22%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </TR>
  <TR>
    <td width="33%" valign=bottom style='width:33.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><u><font size="2">INCLUDED IN CURRENT LIABILITIES</font></u></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.4%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.84%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.22%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </TR>
  <TR>
    <td width="33%" valign=bottom style='width:33.7%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.92%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.7%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.44%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.4%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.22%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </TR>
  <TR>
    <td width="33%" valign=bottom style='width:33.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Reserve for pending claims and litigation</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.28%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="10%" valign=bottom style='width:10.76%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">1,051</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">557</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="9%" valign=bottom style='width:9.18%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">(162</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">)</font></p></td>
    <td width="1%" valign=bottom style='width:1.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="12%" valign=bottom style='width:12.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">3,101</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.84%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">$</font></p></td>
    <td width="8%" valign=bottom style='width:8.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">4,547</font></p>
    </td>
  </TR>
  <TR>
    <td width="33%" valign=bottom style='width:33.7%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.92%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.7%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.44%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.4%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.22%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </TR>
  <TR>
    <td width="33%" valign=bottom style='width:33.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Reserve for product warranty</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">4,257</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">2,631</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">(3,158</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">)</font></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.4%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">40</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.84%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.22%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">3,770</font></p>
    </td>
  </TR>
  <TR>
    <td width="33%" valign=bottom style='width:33.7%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.92%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.7%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.44%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.4%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.22%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </TR>
  <TR>
    <td width="33%" valign=bottom style='width:33.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Other reserves</font></p></td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">236</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">(31</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">)&nbsp;</font></p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">(41</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">)</font></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.4%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">12</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.84%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.22%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">176</font></p>
    </td>
  </TR>
  <TR>
    <td width="33%" valign=bottom style='width:33.7%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.92%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.7%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.94%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.44%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.96%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.4%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
    <td width="1%" valign=bottom style='width:1.84%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.22%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'>&nbsp;</p></td>
  </TR>
  <TR>
    <td width="33%" valign=bottom style='width:33.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">Reserve for self-insured programs</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="12%" colspan=2 valign=bottom style='width:12.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="Style0" align="right"><FONT size="2">14,222</FONT></td>
    <td width="1%" valign=bottom style='width:1.92%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="9%" colspan=2 valign=bottom style='width:9.7%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">5,204</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.94%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.44%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">(4,935</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.96%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2">)</font></p></td>
    <td width="13%" colspan=2 valign=bottom style='width:13.4%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><font size="2">497</font></p>
    </td>
    <td width="1%" valign=bottom style='width:1.84%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="10%" colspan=2 valign=bottom style='width:10.22%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
    <P class="Style0" align="right"><FONT size="2">14,988</FONT></td>
  </TR>
</table><br clear=all style='page-break-before:always'>
<p class=Style0>Pursuant to the requirements of Section&nbsp;13 or 15(d) 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.</p>
<p class=Style0 align=center style='text-align:center'><b>AMERON INTERNATIONAL
CORPORATION</b></p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="22%" valign=top style='width:22.52%;padding:0in 0in 0in 0in'>
    <p class=Style0 align=right style='text-align:right'><i><font size="2">By:
    </font></i></p></td>
    <td width="36%" valign=top style='width:36.38%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;&nbsp;&nbsp;/s/ Javier Solis</font></i></p>
    </td>
    <td width="41%" valign=top style='width:41.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="22%" valign=top style='width:22.52%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="77%" colspan=2 valign=top style='width:77.48%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">Javier Solis, Senior Vice President &amp; Secretary</font></i></p>
    </td>
  </tr>
</table>
<p class=Style0>Date: February 1, 2006</p>
<p class=Style0>Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on behalf of
the Registrant and in the capacities and on the dates indicated.</p>
<p class=Style0>&nbsp;</p>
<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='width:95%;border-collapse:collapse'>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="23%" valign=top style='width:23.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">Date: 2-1-06</font></i></p></td>
    <td width="23%" valign=top style='width:23.92%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">/s/ James S. Marlen</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">Director, Chairman of the Board,</font></i></p>
    </td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="23%" valign=top style='width:23.92%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">James S. Marlen</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">President and Chief Executive</font></i></p>
    </td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="23%" valign=top style='width:23.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">&nbsp;</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">Officer (Principal Executive</font></i></p>
    </td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="23%" valign=top style='width:23.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">Officer)</font></i></p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="23%" valign=top style='width:23.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <TR>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><FONT size=2><i>Date: 2-1-06</i></FONT></p></td>
    <td width="23%" valign=top style='width:23.92%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">/s/ </font></i><font size="2"><i>James R.
  McLaughlin</i></font></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0><font size="2"><i>Senior</i></font><i><font size="2"> Vice President,
    Chief Financial Officer &amp; Treasurer</font></i></p></td>
  </TR>
  <TR>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="23%" valign=top style='width:23.92%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2"><i>James R. McLaughlin</i></font></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0>
<FONT size=2>
    <i>(Principal Financial &amp; Accounting Officer)</i></p>
    </td>
  </TR>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="23%" valign=top style='width:23.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">&nbsp;</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>&nbsp;</td>
    <td width="23%" valign=top style='width:23.92%;padding:0in 0in 0in 0in'>&nbsp;</td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>&nbsp;</td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>&nbsp;</td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><FONT size=2><i>Date: 2-1-06</i></FONT></p></td>
    <td width="23%" valign=top style='width:23.92%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">/s/ Daniel J. Emmett</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2"> Vice President,
    C</font></i><FONT size="2"><I>ontroller</I></FONT></p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="23%" valign=top style='width:23.92%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><FONT size="2"><I>Daniel J. Emmett</I></FONT></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0>
&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>&nbsp;</td>
    <td width="23%" valign=top style='width:23.92%;padding:0in 0in 0in 0in'>&nbsp;</td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>&nbsp;</td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>&nbsp;</td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><FONT size=2><i>Date: 2-1-06</i></FONT></p></td>
    <td width="23%" valign=top style='width:23.92%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">/s/Peter Barker</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">Director</font></i></p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="23%" valign=top style='width:23.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">Peter K. Barker</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="23%" valign=top style='width:23.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><FONT size=2><i>Date: 2-1-06</i></FONT></p></td>
    <td width="23%" valign=top style='width:23.92%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">/s/David Davenport</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">Director</font></i></p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="23%" valign=top style='width:23.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">David Davenport</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="23%" valign=top style='width:23.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><FONT size=2><i>Date: 2-1-06</i></FONT></p></td>
    <td width="23%" valign=top style='width:23.92%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">/s/Michael Hagan</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">Director</font></i></p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="23%" valign=top style='width:23.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><font size="2"><i>J. Michael Hagan</i></font></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>&nbsp;</td>
    <td width="23%" valign=top style='width:23.92%;padding:0in 0in 0in 0in'>&nbsp;</td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>&nbsp;</td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>&nbsp;</td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><FONT size=2><i>Date: 2-1-06</i></FONT></p></td>
    <td width="23%" valign=top style='width:23.92%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">/s/Terry Haines</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">Director</font></i></p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="23%" valign=top style='width:23.92%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">Terry L. Haines</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="23%" valign=top style='width:23.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><FONT size=2><i>Date: 2-1-06</i></FONT></p></td>
    <td width="23%" valign=top style='width:23.92%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">/s/John Peppercorn</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">Director</font></i></p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="23%" valign=top style='width:23.92%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">John E. Peppercorn</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="23%" valign=top style='width:23.92%;padding:0in 0in 0in 0in'>
    <p class=MsoNormal>&nbsp;</p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><FONT size=2><i>Date: 2-1-06</i></FONT></p></td>
    <td width="23%" valign=top style='width:23.92%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">/s/Dennis Poulsen</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">Director</font></i></p></td>
  </tr>
  <tr>
    <td width="21%" valign=top style='width:21.86%;padding:0in 0in 0in 0in'>
    <p class=Style0><i><font size="2">&nbsp;</font></i></p></td>
    <td width="23%" valign=top style='width:23.92%;border:none;padding:0in 0in 0in 0in'>
    <p class=MsoNormal><i><font size="2">Dennis C. Poulsen</font></i></p></td>
    <td width="3%" valign=top style='width:3.1%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
    <td width="51%" valign=top style='width:51.12%;padding:0in 0in 0in 0in'>
    <p class=Style0>&nbsp;</p></td>
  </tr>
</table>
<p class=Style0>&nbsp;</p>

</div>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>2
<FILENAME>amn_exhibit04v01.htm
<DESCRIPTION>RIGHTS OF SECURITY HOLDERS
<TEXT>
<HTML>

<HEAD>
<META content="text/html; charset=windows-1252">
<TITLE>Ameron International 10K 2005 - Exhibit 4</TITLE>

</HEAD>

<BODY>

<p class=Style0 align=right style='text-align:right'><b><FONT size="2">EXHIBIT 4</FONT></b></p>

<p class=Style0 align=center style='text-align:center'><b><u><FONT size="2">INSTRUMENTS
DEFINING THE RIGHTS OF SECURITY HOLDERS, INCLUDING INDENTURES</FONT></u></b></p>

<p class=Style0><FONT size="2">Exhibit 4 is:</FONT></p>

<p class=Style0><FONT size="2">Amended and Restated Note Purchase Agreement dated January&nbsp;24, 2003, re: $50,000,000 7.92% Senior Secured Notes due September&nbsp;1, 2006.</FONT></p>

<p class=Style0><FONT size="2">Amended and Restated Rights Agreement dated December&nbsp;16, 1996,
which document is incorporated by reference to Form 8-A/A, Amendment No. 3
filed with the Commission on February&nbsp;5, 1997.</FONT></p>

<p class=Style0><FONT size="2">Industrial Development Revenue Bonds dated April&nbsp;1, 2001, maturing April&nbsp;1, 2021.</FONT></p>

<p class=Style0><FONT size="2">Industrial Development Revenue Bonds dated May 1, 1996, maturing May 1, 2016.</FONT></p>

<p class=Style0><FONT size="2">Amended and Restated Note Purchase Agreement dated January&nbsp;24, 2003, re: $50,000,000 5.36% Senior Secured Notes due November&nbsp;30, 2009.</FONT></p>

<p class=Style0><FONT size="2">Note Purchase Agreement dated November 25, 2005,
re: SGD 51,000,000 4.25% Senior Secured Notes due November 25, 2012.</FONT></p>
<p class=Style0><FONT size="2">The Company agrees to provide to the Securities and Exchange
Commission, on request, copies of instruments defining the rights of security
holders of long-term debt of the Company.</FONT></p>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>amn_exhibit10v01.htm
<DESCRIPTION>MATERIAL CONTRACTS
<TEXT>
<HTML>

<HEAD>
<META content="text/html; charset=windows-1252">
<TITLE>Ameron International 10K 2005 - Exhibit 4</TITLE>

</HEAD>

<BODY>

<p class=CENTER align=right style='text-align:right'><b><FONT size="2">EXHIBIT 10</FONT></b></p>

<p class=CENTER align="center"><FONT size="2">&nbsp;</FONT><b><u><FONT
size="2">MATERIAL
CONTRACTS</FONT></u></b></p>

<p class=MsoNormal><FONT size="2">Exhibit 10 is:</FONT></p>

<p class=MsoNormal><FONT size="2">(1) Amended and Restated Employment Agreement between James
S. Marlen and the Company. </FONT> </p>

<p class=MsoNormal><FONT size="2">(2) Change of Control Agreement between Javier Solis and the
Company. </FONT> </p>

<p class=MsoNormal><FONT size="2">(3) Change of Control Agreement between Gary Wagner and the
Company.</FONT></p>

<p class=MsoNormal><FONT size="2">(4) Change of Control Agreement between James R. McLaughlin
and the Company. </FONT> </p>

<p class=MsoNormal><FONT size="2">(5) 2001 Stock Incentive Plan. </FONT> </p>

<p class=MsoNormal><FONT size="2">(6) 2004 Stock Incentive Plan</FONT></p>

<p class=MsoNormal><FONT size="2">(7) Key Executive Long-Term Cash Incentive Plan</FONT></p>
<p class=MsoNormal><FONT size="2">(8) Description of Directors Compensation</FONT></p>
<p class=MsoNormal><FONT size="2">(9) Form of Restricted Stock Agreement for
Employees</FONT></p>

<p class=MsoNormal><FONT size="2">Exhibit 10, Item (1) is incorporated by reference to Annual
Report on Form 10-K filed with the Commission for Registrant's fiscal year
ended November&nbsp;30, 2003</FONT></p>

<p class=MsoNormal><FONT size="2">Exhibit 10, Items (2) and (3) are incorporated by reference
to Annual Report on Form 10-K filed with the Commission for Registrant's fiscal
year ended November&nbsp;30, 1998. </FONT> </p>

<p class=MsoNormal><FONT size="2">Exhibit 10, Item (4) is incorporated by reference to Annual
Report on Form 10-K filed with the Commission for Registrant's fiscal year
ended November&nbsp;30, 2000. </FONT> </p>

<p class=MsoNormal><FONT size="2">Exhibit 10, Item (5) is incorporated by reference to
Registration Statement No. 333-61816 on Form S-8 filed with the Commission on May 29, 2001.</FONT></p>

<p class=MsoNormal><FONT size="2">Exhibit 10, Item (6) is incorporated by reference to
Registration Statement No. 333-114534 on Form S-8 filed with the Commission on April 16, 2004.</FONT></p>
<p class=MsoNormal><FONT size="2">Exhibit 10, Item (7) is incorporated by
reference to Annual Report on Form 10-K filed with the Commission for
Registrant's fiscal year
ended November 30, 2004.</FONT></p>
<p class=MsoNormal><FONT size="2">Exhibit 10, Item (8) is incorporated by
reference to Report on Form 8-K of the Company filed June 23, 2005.</FONT></p>
<p class=MsoNormal><FONT size="2">Exhibit 10, Item (9) is incorporated by
reference to Report on Form 8-K of the Company filed January 27, 2006</FONT></p>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>4
<FILENAME>amn_exhibit21v01.htm
<DESCRIPTION>SUBSIDIARIES OF REGISTRANT
<TEXT>
<HTML>

<HEAD>
<META content="text/html; charset=windows-1252">
<TITLE>Ameron International 10K 2005 - Exhibit 21</TITLE>

</HEAD>

<BODY>

<p class=Style0 align=right style='text-align:right'><b><FONT size="2">EXHIBIT 21</FONT></b></p>

<p class=Style0 align=center style='text-align:center'><b><u><FONT size="2">SUBSIDIARIES OF
THE REGISTRANT</FONT></u></b></p>

<p class=Style0><b><u><FONT size="2">Parents </FONT> </u></b></p>

<p class=Style0><FONT size="2">None</FONT></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="95%"
 style='width:95.0%;border-collapse:collapse'>
 <tr>
  <td width="56%" valign=bottom style='width:56.5%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
  <p class=Style0><b><FONT size="1">Subsidiaries Consolidated</FONT></b></p>
  </td>
  <td width="3%" valign=bottom style='width:3.26%;padding:0in 0in 0in 0in'>
  <p class=Style0><b><FONT size="1">&nbsp;</FONT></b></p>
  </td>
  <td width="15%" valign=bottom style='width:15.32%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><b><FONT size="1">Jurisdiction of<br>
  Incorporation</FONT></b></p>
  </td>
  <td width="3%" valign=bottom style='width:3.14%;padding:0in 0in 0in 0in'>
  <p class=Style0><b><FONT size="1">&nbsp;</FONT></b></p>
  </td>
  <td width="20%" valign=bottom style='width:20.12%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><b><FONT size="1">Percent of<br>
  Stock Owned</FONT></b></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=bottom style='width:56.5%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Amercoat Japan Company, Limited</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=bottom style='width:15.32%;border:none;background:
  #CCEEFF;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Japan</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=bottom style='width:20.12%;border:none;background:
  #CCEEFF;padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">100</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=bottom style='width:56.5%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">American Pipe &amp; Construction International</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.26%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=bottom style='width:15.32%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">California</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.14%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=bottom style='width:20.12%;padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">100</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=bottom style='width:56.5%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Ameron (Australia) Pty. Limited</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=bottom style='width:15.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Australia</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=bottom style='width:20.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">100</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=bottom style='width:56.5%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Ameron B.V.</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.26%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=bottom style='width:15.32%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">the Netherlands</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.14%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=bottom style='width:20.12%;padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">100</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=bottom style='width:56.5%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Ameron Composites Inc.</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=bottom style='width:15.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Delaware</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=bottom style='width:20.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">100</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=bottom style='width:56.5%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Ameron (Hong Kong) Ltd.</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.26%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=bottom style='width:15.32%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Hong Kong</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.14%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=bottom style='width:20.12%;padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">100</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=bottom style='width:56.5%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Ameron Malaysia Sdn. Bhd.</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=bottom style='width:15.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Malaysia</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=bottom style='width:20.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">100</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=bottom style='width:56.5%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Ameron (New Zealand) Limited</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.26%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=bottom style='width:15.32%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">New Zealand</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.14%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=bottom style='width:20.12%;padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">100</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=bottom style='width:56.5%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Ameron (Pte) Ltd.</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=bottom style='width:15.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Singapore</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=bottom style='width:20.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">100</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=bottom style='width:56.5%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Ameron (UK) Limited</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.26%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=bottom style='width:15.32%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">United Kingdom</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.14%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=bottom style='width:20.12%;padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">100</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=bottom style='width:56.5%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Centron International, Inc.</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.26%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=bottom style='width:15.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Delaware</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.14%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=bottom style='width:20.12%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">100</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=bottom style='width:56.5%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Island Ready-Mix Concrete, Inc.</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.26%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=bottom style='width:15.32%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Hawaii</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.14%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=bottom style='width:20.12%;padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">100</FONT></p>
  </td>
 </tr>
</table>

<p class=Style0>&nbsp;</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="95%"
 style='width:95.0%;border-collapse:collapse'>
 <tr>
  <td width="56%" valign=top style='width:56.42%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
  <p class=Style0><b><FONT size="1">Subsidiaries Not
  Consolidated and<br>
  Fifty-Percent or Less Owned Companies </FONT></b></p>
  </td>
  <td width="3%" valign=bottom style='width:3.32%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=top style='width:15.3%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="3%" valign=bottom style='width:3.06%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=top style='width:20.28%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=top style='width:56.42%;border:none;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">TAMCO</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=top style='width:15.3%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">California</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=top style='width:20.28%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">50</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=top style='width:56.42%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Bondstrand, Ltd.</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.32%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=top style='width:15.3%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Saudi Arabia</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.06%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=top style='width:20.28%;padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">40</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=top style='width:56.42%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Oasis-Ameron, Ltd.</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.32%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=top style='width:15.3%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Saudi Arabia</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.06%;background:#CCEEFF;
  padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=top style='width:20.28%;background:#CCEEFF;padding:
  0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">40</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign=top style='width:56.42%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Ameron Saudi Arabia, Ltd.</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.32%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="15%" valign=top style='width:15.3%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Saudi Arabia</FONT></p>
  </td>
  <td width="3%" valign=bottom style='width:3.06%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="20%" valign=top style='width:20.28%;padding:0in 0in 0in 0in'>
  <p class=Style0 align=center style='text-align:center'><FONT size="2">30</FONT></p>
  </td>
 </tr>
</table>

<p class=Style0><FONT size="2">Names of other consolidated subsidiaries and subsidiaries not
consolidated and fifty-percent or less owned companies are omitted because when
considered in the aggregate as a single subsidiary they do not constitute a
significant subsidiary.</FONT></p>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>5
<FILENAME>amn_exhibit231v01.htm
<DESCRIPTION>CONSENT OF PWC
<TEXT>
<HTML>

<HEAD>
<META content="text/html; charset=windows-1252">
<TITLE>Ameron International 10K 2005 - Exhibit 23.1</TITLE>

</HEAD>

<BODY>

<p class=Style0 align=right style='text-align:right'><b><FONT size="2">EXHIBIT 23.1</FONT></b></p>

<p class=Style0 align=center style='text-align:center'><b><u><FONT size="2">CONSENT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></u></b></p>

<p class=Style0><FONT size="2">We hereby consent to the incorporation by reference in the
Registration Statements on Form S-8 (No. 333-114534, No. 033-57308, No.
033-59697, No. 333-36497 and No. 333-61816) of Ameron International Corporation
of our report dated January 30, 2006 relating to the financial statements,
financial statement schedule, management's assessment of the effectiveness of
internal control over financial reporting and the effectiveness of internal control over financial reporting, which
appears in the Annual Report to Shareholders, which appears in this Annual
Report on Form 10-K.</FONT></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr style='page-break-inside:avoid'>
  <td width="100%" colspan=2 valign=top style='width:100.0%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">/s/ PricewaterhouseCoopers LLP</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign=top style='width:24.38%;border:none;border-top:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">Los Angeles, California</FONT></p>
  </td>
  <td width="75%" valign=top style='width:75.62%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan=2 valign=top style='width:100.0%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">February 2, 2006</FONT></p>
  </td>
 </tr>
</table>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>6
<FILENAME>amn_exhibit311v01.htm
<DESCRIPTION>CERTIFICATION OF CEO
<TEXT>
<HTML>

<HEAD>
<META content="text/html; charset=windows-1252">
<TITLE>EXHIBIT 31</TITLE>
</HEAD>

<BODY>

<p class=Style0 align=right style='text-align:right'><b><FONT size="2">EXHIBIT 31.1</FONT></b></p>

<p class=Style0 align=center style='text-align:center'><b><u><FONT size="2">SECTION&nbsp;302
CERTIFICATION OF CHIEF EXECUTIVE OFFICER</FONT></u></b></p>

<p class=Style0><FONT size="2">I, James S. Marlen, certify that:</FONT></p>

<p class=Style0><FONT size="2">1. I have reviewed this Annual Report on Form 10-K of Ameron
International Corporation;</FONT></p>

<p class=Style0><FONT size="2">2. Based on my knowledge, this Annual Report does not contain
any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this Annual Report;</FONT></p>

<p class=Style0><FONT size="2">3. Based on my knowledge, the financial statements, and other
financial information included in this Annual Report, fairly present in all
material respects the financial condition, results of operations and cash flows
of the Registrant as of, and for, the periods presented in this Annual Report;</FONT></p>

<p class=Style0><FONT size="2">4. The Registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15(d)-15(f)) for the Registrant and have:</FONT></p>

<p class=Style0><FONT size="2">a) designed such disclosure controls and procedures to ensure
that material information relating to the Registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this Annual Report is being prepared;</FONT></p>

<p class=Style0><FONT size="2">b) designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;</FONT></p>

<p class=Style0><FONT size="2">c) evaluated the effectiveness of the
Registrant's disclosure
controls and procedures; and presented in this Annual Report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this report based on such evaluation, and;</FONT></p>

<p class=Style0><FONT size="2">d) disclosed in this report any change in the
Registrant's
internal control over financial reporting that occurred during the Registrant's
most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial
reporting; and</FONT></p>

<p class=Style0><FONT size="2">5. The Registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the Registrant's auditors
and the audit committee of Registrant's board of directors (or persons
performing the equivalent functions):</FONT></p>

<p class=MsoNormal style='text-autospace:none'><FONT size="2">a) all significant deficiencies
in the design or operation of internal controls over financial reporting which
are reasonably likely to adversely affect the Registrant's ability to record,
process, summarize and report financial information; and</FONT></p>

<p class=Style0><FONT size="2">b) any fraud, whether or not material, that involves management
or other employees who have a significant role in the Registrant's internal
controls.</FONT></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="100%" colspan=2 valign=top style='width:100.0%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">February&nbsp;1, 2006</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan=2 valign=top style='width:100.0%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign=top style='width:70.36%;padding:0in 0in 0in 0in'>
  <p class=Style0><i><FONT size="2">&nbsp;</FONT></i></p>
  </td>
  <td width="29%" valign=top style='width:29.64%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
  <p class=Style0><i><FONT size="2">/s/ James S. Marlen</FONT></i></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign=top style='width:70.36%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="29%" valign=top style='width:29.64%;padding:0in 0in 0in 0in'>
  <p class=Style0><i><FONT size="2">James S. Marlen</FONT></i></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign=top style='width:70.36%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="29%" valign=top style='width:29.64%;padding:0in 0in 0in 0in'>
  <p class=Style0><i><FONT size="2">President &amp; Chief Executive Officer</FONT></i></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign=top style='width:70.36%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="29%" valign=top style='width:29.64%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
 </tr>
</table>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>7
<FILENAME>amn_exhibit312v01.htm
<DESCRIPTION>CERTIFICATION OF CFO
<TEXT>
<HTML>

<HEAD>
<META content="en-us">
<META content="text/html; charset=windows-1252">
<TITLE>EXHIBIT 31</TITLE>

</HEAD>

<BODY>

<p class=Style0 align=right style='text-align:right'><b><FONT size="2">EXHIBIT 31.2</FONT></b></p>

<p class=Style0 align=center style='text-align:center'><b><u><FONT size="2">SECTION&nbsp;302
CERTIFICATION OF CHIEF FINANCIAL OFFICER</FONT></u></b></p>

<p class=Style0><FONT size="2">I, James R. McLaughlin, certify that:</FONT></p>

<p class=Style0><FONT size="2">1. I have reviewed this Annual Report on Form 10-K of Ameron
International Corporation;</FONT></p>

<p class=Style0><FONT size="2">2. Based on my knowledge, this Annual Report does not contain
any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this Annual Report;</FONT></p>

<p class=Style0><FONT size="2">3. Based on my knowledge, the financial statements, and other
financial information included in this Annual Report, fairly present in all
material respects the financial condition, results of operations and cash flows
of the Registrant as of, and for, the periods presented in this Annual Report;</FONT></p>

<p class=Style0><FONT size="2">4. The Registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15(d)-15(f)) for the Registrant and have:</FONT></p>

<p class=Style0><FONT size="2">a) designed such disclosure controls and procedures to ensure
that material information relating to the Registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this Annual Report is being prepared;</FONT></p>

<p class=Style0><FONT size="2">b) designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;</FONT></p>

<p class=Style0><FONT size="2">c) evaluated the effectiveness of the
Registrant's disclosure
controls and procedures; and presented in this Annual Report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation, and;</FONT></p>

<p class=Style0><FONT size="2">d) disclosed in this report any change in the
Registrant's
internal control over financial reporting that occurred during the Registrant's
most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial
reporting; and</FONT></p>

<p class=Style0><FONT size="2">5. The Registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the Registrant's auditors and
the audit committee of Registrant's board of directors (or persons performing
the equivalent functions):</FONT></p>

<p class=Style0><FONT size="2">a) all significant deficiencies in the design or operation of
internal controls over financial reporting which are reasonably likely to
adversely affect the Registrant's ability to record, process, summarize and
report financial information; and</FONT></p>

<p class=Style0><FONT size="2">b) any fraud, whether or not material, that involves management
or other employees who have a significant role in the Registrant's internal
controls.</FONT></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="100%" colspan=2 valign=top style='width:100.0%;padding:0in 0in 0in 0in'>
  <p class=Style0><FONT size="2">February&nbsp;1, 2006</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan=2 valign=top style='width:100.0%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='width:70%;padding:0in'>
  <p class=Style0><i><FONT size="2">&nbsp;</FONT></i></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:30%;border-bottom:
  1.0pt solid windowtext;padding:0in'>
  <p class=Style0><i><FONT size="2">/s/ James R. McLaughlin</FONT></i></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='width:70%;padding:0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td valign=top style='width:30%;padding:0in'>
  <p class=Style0><I><FONT size="2">James R. McLaughlin</FONT></I></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='width:70%;padding:0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td valign=top style='width:30%;padding:0in'>
  <p class=Style0><i><FONT size="2">Senior Vice President-Chief Financial
  Officer</FONT></i></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='width:70%;padding:0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td valign=top style='width:30%;padding:0in'>
  <p class=Style0><i><FONT size="2">&amp; Treasurer</FONT></i></p>
  </td>
 </tr>
</table>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>8
<FILENAME>amn_exhibit32v01.htm
<DESCRIPTION>CERTIFICATION OF CEO & CFO
<TEXT>
<HTML>

<HEAD>
<META content="en-us">
<META content="text/html; charset=windows-1252">
<TITLE>Ameron International 10K 2005 - Exhibit 32</TITLE>

</HEAD>

<BODY>

<p class=Style0 align=right style='text-align:right'><b><FONT size="2">EXHIBIT 32</FONT></b></p>

<p class=Style0 align=center style='text-align:center'><b><u><FONT size="2">CERTIFICATION OF
CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER<br>
PURSUANT TO 18 U.S.C. ss.1350, AS ADOPTED PURSUANT TO SECTION&nbsp;906 OF THE<br>
SARBANES-OXLEY ACT OF 2002</FONT></u></b></p>

<p class=Style0><FONT size="2">In connection with the Annual Report of Ameron International
Corporation (the &quot;Company&quot;) on Form 10-K for the fiscal year ended
November&nbsp;30, 2005 as filed with the Securities and Exchange Commission on
the date hereof (the &quot;Report&quot;), I, James S. Marlen, President, Chief Executive
Officer of the Company and I, James R. McLaughlin, Chief Financial Officer of the
Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to
Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that:</FONT></p>

<p class=Style0><FONT size="2">1. The Report fully complies with the requirements of
Section&nbsp;13(a) or 15(d) of the Securities Act of 1934; and</FONT></p>

<p class=Style0><FONT size="2">2. The information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the
Company.</FONT></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="73%" valign=top style='width:73.04%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="26%" valign=top style='width:26.96%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
  <p class=Style0 align=right style='text-align:right'><i><FONT size="2">/s/ James S. Marlen</FONT></i></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign=top style='width:73.04%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="26%" valign=top style='width:26.96%;border:none;padding:0in 0in 0in 0in'>
  <p class=Style0 align=right style='text-align:right'><FONT size="2">James S. Marlen</FONT></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width="100%" colspan=2 valign=top style='width:100.0%;padding:0in 0in 0in 0in'>
  <p class=Style0 align=right style='text-align:right'><FONT size="2">President &amp; Chief
  Executive Officer </FONT> </p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width="100%" colspan=2 valign=top style='width:100.0%;padding:0in 0in 0in 0in'>
  <p class=Style0 align=right style='text-align:right'><FONT size="2">February&nbsp;1, 2006</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign=top style='width:73.04%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="26%" valign=top style='width:26.96%;padding:0in 0in 0in 0in'>
  <p class=Style0 align=right style='text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign=top style='width:73.04%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="26%" valign=top style='width:26.96%;padding:0in 0in 0in 0in'>
  <p class=Style0 align=right style='text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign=top style='width:73.04%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="26%" valign=top style='width:26.96%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
  <p class=Style0 align=right style='text-align:right'><i><FONT size="2">/s/ James R.
  McLaughlin</FONT></i></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign=top style='width:73.04%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="26%" valign=top style='width:26.96%;border:none;padding:0in 0in 0in 0in'>
  <p class=Style0 align=right style='text-align:right'><FONT size="2">James R. McLaughlin</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign=top style='width:73.04%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="26%" valign=top style='width:26.96%;padding:0in 0in 0in 0in'>
  <p class=Style0 align=right style='text-align:right'><FONT size="2">Senior Vice President-Chief
  Financial Officer</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign=top style='width:73.04%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="26%" valign=top style='width:26.96%;padding:0in 0in 0in 0in'>
  <p class=Style0 align=right style='text-align:right'><FONT size="2">&amp;
  Treasurer</FONT></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign=top style='width:73.04%;padding:0in 0in 0in 0in'>
  <p class=Style0>&nbsp;</p>
  </td>
  <td width="26%" valign=top style='width:26.96%;padding:0in 0in 0in 0in'>
  <p class=Style0 align=right style='text-align:right'><FONT size="2">February&nbsp;1, 2006</FONT></p>
  </td>
 </tr>
</table>

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