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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As filed with the Securities and Exchange Commission on November 30,
2004</font></b></p>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registrant Statement No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES
AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM
S-8</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REGISTRATION STATEMENT <br>
UNDER <br>
THE SECURITIES ACT OF 1933</font></b></p>

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

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

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">QUIXOTE CORPORATION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its
charter)</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="346" valign="top" style="padding:0in 0in 0in 0in;width:259.7pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.55pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="358" valign="top" style="padding:0in 0in 0in 0in;width:268.75pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">36-2675371</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="346" valign="top" style="padding:0in 0in 0in 0in;width:259.7pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State of incorporation)</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="358" valign="top" style="padding:0in 0in 0in 0in;width:268.75pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(IRS Employer</font>&nbsp; <br>Identification No.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="346" valign="top" style="padding:0in 0in 0in 0in;width:259.7pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.55pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="358" valign="top" style="padding:0in 0in 0in 0in;width:268.75pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="346" valign="top" style="padding:0in 0in 0in 0in;width:259.7pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Thirty-Five
  East Wacker Drive, Chicago, Illinois</font></b></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.55pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="358" valign="top" style="padding:0in 0in 0in 0in;width:268.75pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">60601</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="346" valign="top" style="padding:0in 0in 0in 0in;width:259.7pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices)</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="358" valign="top" style="padding:0in 0in 0in 0in;width:268.75pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
 </tr>
 <tr>
  <td width="346" valign="top" style="padding:0in 0in 0in 0in;width:259.7pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.55pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="358" valign="top" style="padding:0in 0in 0in 0in;width:268.75pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">QUIXOTE
  CORPORATION INCENTIVE SAVINGS PLAN</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Full title of the Plan)</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Joan
  R. Riley</font></b>&nbsp; <br>
  <b><font style="font-weight:bold;">Vice President, Secretary and General
  Counsel <br>
  Quixote Corporation <br>
  Thirty-Five East Wacker Drive <br>
  Chicago, Illinois&nbsp; 60601</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and address of agent for service)</font></p>
  </td>
 </tr>
 <tr>
  <td width="346" valign="top" style="padding:0in 0in 0in 0in;width:259.7pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="358" valign="top" style="padding:0in 0in 0in 0in;width:268.75pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(312)
  467-6755</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Telephone number, including area code, of agent for service)</font></p>
  </td>
 </tr>
</table>

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

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

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

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

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="181" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:135.9pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title
  of Securities to be Registered</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.7pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="146" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:109.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount
  Being Registered <br>
  (1)(3)</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0in 0in 0in 0in;width:10.35pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="126" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:94.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Proposed
  Maximum <br>
  Offering Price Per <br>
  Share(2)</font></b></p>
  </td>
  <td width="9" valign="bottom" style="padding:0in 0in 0in 0in;width:6.75pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="119" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:89.1pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Proposed
  Maximum <br>
  Aggregate Offering <br>
  Price(2)</font></b></p>
  </td>
  <td width="9" valign="bottom" style="padding:0in 0in 0in 0in;width:6.75pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="100" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:75.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount
  of <br>
  Registration Fee</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="181" valign="top" style="border:none;padding:0in 0in 0in 0in;width:135.9pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="146" valign="top" style="border:none;padding:0in 0in 0in 0in;width:109.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0in 0in 0in 0in;width:10.35pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="126" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:94.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0in 0in 0in 0in;width:6.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="119" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:89.1pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0in 0in 0in 0in;width:6.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="100" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:75.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="181" valign="bottom" style="padding:0in 0in 0in 0in;width:135.9pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock $.01-<sup>2</sup>/<sub>3 </sub>Par Value(3)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="146" valign="bottom" style="padding:0in 0in 0in 0in;width:109.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
  349,645 Shares</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0in 0in 0in 0in;width:10.35pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="117" valign="bottom" style="padding:0in 0in 0in 0in;width:87.5pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.16</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0in 0in 0in 0in;width:6.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="109" valign="bottom" style="padding:0in 0in 0in 0in;width:82.1pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,048,843</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0in 0in 0in 0in;width:6.75pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="91" valign="bottom" style="padding:0in 0in 0in 0in;width:68.15pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">893.00</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="181" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="146" style="border:none;"></td>
  <td width="14" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="117" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="109" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="91" style="border:none;"></td>
 </tr>
</table>

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

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

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 22.8pt;text-indent:-22.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>This Registration
Statement shall also cover any additional shares of Common Stock which may
become issuable under the Quixote Corporation Incentive Savings Plan by reason
of any stock dividend, stock split, recapitalization or other similar
transaction effected without receipt of consideration which results in an
increase in the number of outstanding shares of Common Stock of Quixote
Corporation.</p>

<p style="margin:0in 0in .0001pt 22.8pt;text-indent:-22.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 22.8pt;text-indent:-22.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Estimated solely
for purposes of calculating the registration fee under Rule 457(h), based upon
the average of the high and low prices as reported by the NASDAQ National
Market System on November 26, 2004.</p>

<p style="margin:0in 0in .0001pt 22.8pt;text-indent:-22.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 22.8pt;text-indent:-22.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3) </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Includes the preferred
stock rights associated with the Common Stock which will be issued for no
additional consideration.</p>

<p style="margin:0in 0in .0001pt 22.8pt;text-indent:-22.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Registrant is registering its contribution from time to time of 100,000 shares
of its Common Stock to the Quixote Corporation Incentive Savings Plan (the &#147;Plan&#148;),
and the subsequent sale or other distribution of these 100,000 shares to
employees or other persons pursuant to the Plan. These shares constitute the
Registrant&#146;s matching contribution for employees pursuant to the terms of the
Plan.&#160; In addition, this Registration
Statement applies to 249,645 additional shares of Common Stock currently owned
by the Plan which were acquired by the Plan in open market purchases and can be
distributed to employees or other persons for subsequent sale or other
distribution pursuant to the Plan.</font></p>

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

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

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

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

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

</font></div>

</div>
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<div style="font-family:Times New Roman;">

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The information in this
prospectus is not complete and may be changed. The selling stockholders may not
sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective.&#160; This prospectus is not an offer to sell these
securities and it is not soliciting an offer to buy these securities in any
state where the offer of sale is not permitted.</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Subject
to Completion, Dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004</font></b></p>

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

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

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

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

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">349,645 </font></b><b><font style="font-weight:bold;">Shares</font></b></p>

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

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

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

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

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The shares of common
stock described in this prospectus are being offered for sale from time to time
by the selling stockholders who acquired these shares by distribution from the
Quixote Corporation Incentive Savings Plan (the &#147;Plan&#148;) or by the Plan, acting
at the request of the selling stockholders pursuant to the terms of the
Plan.&#160; Quixote Corporation will not
receive any proceeds from any sale of common stock offered pursuant to this
prospectus.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selling stockholders
(or the Plan, at their request) may offer and sell the shares of common stock
at various times and in various types of transactions, including sales in the
open market, sales in negotiated transactions and sales by a combination of
these methods.&#160;&#160; Shares may be sold at
the market price of the common stock at the time of a sale, at prices relating
to the market price over a period of time, or at prices negotiated with the
buyers of shares. &#160;The shares may be sold
through underwriters or dealers which the selling stockholders may select.&#160; If underwriters or dealers are used to sell
the securities, we will name them and describe their compensation in a
prospectus supplement.&#160; For a detailed description
of the various methods by which the selling stockholders may offer and sell the
common stock described in this prospectus see the discussions entitled &#147;Plan of
Distribution&#148; on page 19 of this prospectus.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selling stockholders
are responsible for all brokerage fees and commissions and similar sale-related
expenses.&#160; Quixote Corporation is paying
expenses relating to the registration of the shares with the Securities and
Exchange Commission.</font></p>

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

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

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our common stock is
traded on The Nasdaq Stock Market&#174; under the symbol &#147;QUIX.&#148;&#160; On November 26, 2004, the closing price of
Quixote common stock was $20.30.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investing in Quixote
Corporation&#146;s common stock involves risks.&#160;
See the sections entitled &#147;Disclosure Regarding Forward-Looking
Statements&#148; on page 5 and &#147;Risk Factors&#148; beginning on page 6 of this prospectus
to read about factors to consider in connection with purchasing these shares.</font></b></p>

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

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

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Neither the Securities and
Exchange Commission nor any state securities commission has approved or
disapproved these securities, or determined if this prospectus is truthful or
complete.&#160; Any representations to the
contrary is a criminal offense.</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The date of this
prospectus is
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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

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

</font></div>

</div>
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<div>

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

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="662" valign="top" style="padding:0in 0in 0in 0in;width:496.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in 0in 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="662" valign="top" style="padding:0in 0in 0in 0in;width:496.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in 0in 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:33.5pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="662" valign="top" style="padding:0in 0in 0in 0in;width:496.5pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#DisclosureRegardingForwardlookingSta" title="Click to goto DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS">DISCLOSURE
  REGARDING FORWARD-LOOKING STATEMENTS</a></font></b></p>
  </td>
  <td width="13" valign="top" style="padding:0in 0in 0in 0in;width:10.0pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0in 0in 0in 0in;width:33.5pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#DisclosureRegardingForwardlookingSta" title="Click to goto DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS">5</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="662" valign="top" style="padding:0in 0in 0in 0in;width:496.5pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="top" style="padding:0in 0in 0in 0in;width:10.0pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0in 0in 0in 0in;width:33.5pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="662" valign="top" style="padding:0in 0in 0in 0in;width:496.5pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#AboutThisProspectus" title="Click to goto ABOUT THIS PROSPECTUS">ABOUT THIS PROSPECTUS</a></font></b></p>
  </td>
  <td width="13" valign="top" style="padding:0in 0in 0in 0in;width:10.0pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0in 0in 0in 0in;width:33.5pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#AboutThisProspectus" title="Click to goto ABOUT THIS PROSPECTUS">5</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="662" valign="top" style="padding:0in 0in 0in 0in;width:496.5pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="top" style="padding:0in 0in 0in 0in;width:10.0pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0in 0in 0in 0in;width:33.5pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="662" valign="top" style="padding:0in 0in 0in 0in;width:496.5pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#RiskFactors" title="Click to goto RISK FACTORS">RISK FACTORS</a></font></b></p>
  </td>
  <td width="13" valign="top" style="padding:0in 0in 0in 0in;width:10.0pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0in 0in 0in 0in;width:33.5pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#RiskFactors" title="Click to goto RISK FACTORS">6</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="662" valign="top" style="padding:0in 0in 0in 0in;width:496.5pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="top" style="padding:0in 0in 0in 0in;width:10.0pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0in 0in 0in 0in;width:33.5pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="662" valign="top" style="padding:0in 0in 0in 0in;width:496.5pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#QuixoteCorporation" title="Click to goto QUIXOTE CORPORATION">QUIXOTE CORPORATION</a></font></b></p>
  </td>
  <td width="13" valign="top" style="padding:0in 0in 0in 0in;width:10.0pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0in 0in 0in 0in;width:33.5pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#QuixoteCorporation" title="Click to goto QUIXOTE CORPORATION">11</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="662" valign="top" style="padding:0in 0in 0in 0in;width:496.5pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="top" style="padding:0in 0in 0in 0in;width:10.0pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0in 0in 0in 0in;width:33.5pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="662" valign="top" style="padding:0in 0in 0in 0in;width:496.5pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#UseOfProceeds" title="Click to goto USE OF PROCEEDS">USE OF PROCEEDS</a></font></b></p>
  </td>
  <td width="13" valign="top" style="padding:0in 0in 0in 0in;width:10.0pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0in 0in 0in 0in;width:33.5pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#UseOfProceeds" title="Click to goto USE OF PROCEEDS">13</a></font></p>
  </td>
 </tr>
 <tr>
  <td width="662" valign="top" style="padding:0in 0in 0in 0in;width:496.5pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="top" style="padding:0in 0in 0in 0in;width:10.0pt;">
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#LegalMatters" title="Click to goto LEGAL MATTERS">LEGAL MATTERS</a></font></b></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></p>
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  MORE INFORMATION</a></font></b></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="DisclosureRegardingForwardlookingSta"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DISCLOSURE
REGARDING FORWARD-LOOKING STATEMENTS</font></b></a></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our
disclosure and analysis in this prospectus and any prospectus supplement,
including information incorporated by reference, may include forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, or the Securities Act, Section 21E of the Securities Exchange Act of
1934, as amended, or the Exchange Act, and the Private Securities Litigation
Reform Act of 1995, that are subject to risks and uncertainties. You can
identify these statements by forward-looking words such as &#147;may,&#148; &#147;will,&#148; &#147;expect,&#148;
&#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;plan&#148; and &#147;continue&#148; or similar
words.&#160; We have based these statements on
our current expectations about future events.&#160;
We make no undertaking to update these statements or to revise them to
reflect subsequent events.&#160; Although we
believe that our expectations reflected in or suggested by our forward-looking
statements are reasonable, our actual results may differ materially from what
we currently expect.&#160; Important factors
which could cause our actual results to differ materially from the
forward-looking statements in this prospectus or in the documents that we
incorporate by reference into this prospectus include those described under &#147;Risk
Factors&#148; and the following:</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>uncertainties related to continued federal, state
and municipal funding for highways and transportation safety, and risks related
to reductions in government expenditures;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the successful completion, integration and
rationalization of our acquisitions;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the ability to generate sufficient future cash
flows to be in compliance with our financing agreements;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the introduction and acceptance of our products
and services;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>unfavorable changes in product sales mix;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>seasonality, along with the extent and timing of
the award of large contracts;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the cyclical nature of our governmental markets;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>competitive and pricing pressures;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>increasing raw material costs;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>excess manufacturing capacity;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the possible impairment of goodwill or intangible
assets;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>uncertainties relating to managing and expanding
international markets;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>weather conditions;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>acts of war and terrorist activities;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>general economic conditions;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>other risks and uncertainties as may be detailed
from time to time in our public announcements and Securities and Exchange
Commission filings.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You
should carefully read this prospectus, supplements to this prospectus and the
documents that we incorporate by reference into this prospectus completely and
with the understanding that our actual future results may be materially
different from what we expect.&#160; All
forward-looking statements attributable to us are expressly qualified by these
cautionary statements.</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
prospectus is part of a registration statement that we filed with the
Securities and Exchange Commission utilizing a &#147;shelf registration&#148;
process.&#160; Under this shelf registration
process, the selling stockholders may, from time to time, offer and sell up to 349,645
shares of our common stock described in this prospectus.&#160; The information in this prospectus or any
supplement may not contain all of the information that may be important to
you.&#160; You should read the entire
prospectus or any supplement, as well as the documents incorporated by
reference in the prospectus or any supplement, before making an investment
decision.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You
should rely only on the information contained in this prospectus or any
supplement.&#160; We have not authorized any
other person to provide you with different information.&#160; If anyone provides you with different or
inconsistent information, you should not rely on it.&#160; We are not making an offer to sell these shares
in any jurisdiction where the offer or sale is not permitted.&#160; You should not assume that the information in
this prospectus or any supplement is accurate as of any date other than the
date on the front cover of such documents.&#160;
Our business, financial condition, results of operations and prospects
may have changed since that date.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

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

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

</font></div>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">When used in this
prospectus and any prospectus supplement, the terms &#147;Quixote,&#148; &#147;we,&#148; &#147;our,&#148; &#147;us&#148;
and &#147;Company&#148; refer to Quixote Corporation and its subsidiaries.</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Before you invest
in our shares, you should be aware that the occurrence of any of the events
described in this Risk Factors section and elsewhere in this prospectus or in a
supplement to this prospectus could have a material adverse effect on our
business, financial condition and results of operations.&#160; You should carefully consider these risk
factors and the specific risks set forth under the caption &#147;Risk Factors&#148; in
any supplement to this prospectus, together with all of the other information
included in this prospectus or in a supplement to this prospectus and in
documents we incorporate by reference before you decide to purchase our shares.&#160; This prospectus contains forward-looking
statements that involve risks and uncertainties.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investors are cautioned
that all forward-looking statements involve risks and uncertainties, including
those detailed in the Company&#146;s public filings with the SEC, news releases and
other communications, which speak only as of the dates of those filings or
communications. There can be no assurance that actual results will not differ
materially from the Company&#146;s expectations.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A decrease or delay in government
funding of transportation safety and highway construction and maintenance may
cause our revenues and profits to decrease.</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We depend substantially
on federal, state and municipal funding for transportation safety, highway
construction and maintenance and other related infrastructure projects. Any
decrease or delay in government funding for transportation safety, highway
construction and maintenance and other related infrastructure projects could
cause our revenues and profits to decrease.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Federal government
funding for infrastructure projects is usually accomplished through highway
authorization bills, which establish funding over a multi-year period. The most
recent highway authorization bill was enacted in June 1998 and covered federal
spending through September 30, 2003. It has been extended at current funding
levels several times and currently expires May 31, 2005. The delayed passage of
the new highway funding bill adversely affected our financial performance in
fiscal year 2004, and will continue to affect our financial performance in
fiscal year 2005.&#160; We can not predict
when a new highway bill will be enacted or the level of future federal
governmental spending.&#160; Until new
legislation is passed, the transportation safety allotment in federal and state
budgets will continue to be uncertain, and the Company believes this
uncertainty will continue to negatively impact spending on the products and
services offered by the Company.&#160; Even
after new legislation is enacted, funding appropriations may be revised in
future congressional sessions, and federal funding for infrastructure projects
may be reduced in the future.&#160; In
addition, Congress could pass legislation in future sessions which would divert
highway funds for other national purposes or would restrict funding for
infrastructure projects unless states comply with certain federal policies.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Constraints on local government
budgets may adversely affect our financial performance.</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Many states have been
suffering, and we believe will continue to suffer, from budget constraints
given the national and local economies.&#160;
Such budgetary constraints adversely affect the ability of states to fund
transportation, highway and infrastructure projects, and therefore reduce the
demand for our products.&#160; Municipalities
also suffer from budget constraints that can reduce transportation safety
spending.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Downturns in the U.S. economy or
the transportation safety and highway construction industries may adversely
affect our revenues and operating results.</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General economic
downturns, including downturns in the transportation safety and highway
construction industries, could result in a material decrease in our revenues
and operating results. In fact, we believe that the economic downturn and the
related political uncertainty during fiscal years 2002 through 2005 have
negatively affected our expected revenue growth. Sales of our products are
sensitive to foreign, domestic and regional economies in general, and in
particular, changes in highway government infrastructure spending. &#160;Many of our costs are fixed and cannot be
quickly reduced in response to decreased demand.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sales of our products often are
subject to government testing, inspection and approval.</font></b></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We frequently supply
products and services pursuant to agreements with general contractors who have
entered into contracts with federal, state or municipal government
agencies.&#160; In some cases we enter into
contracts directly with government agencies.&#160;
At times these contracts require engineered systems which combine our
Inform products, sometimes in conjunction with our Protect and Direct products,
into complex systems which may themselves be incorporated into other
systems.&#160; The successful completion of
our obligations under these contracts is often subject to satisfactory testing,
inspection and approval of such products and services by a representative of
the contracting agency.&#160; Although we
endeavor to satisfy the requirements of each of these contracts to which we are
a party, no assurance can be given that the necessary approval of our products
and services will be granted on a timely basis or at all and that we will
receive any payments due to us. In some cases, we may be dependent on others to
complete these projects which may also delay payments to us.&#160; Any failure to obtain these approvals and
payments may have a material adverse effect on our business and future
financial performance.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Past and
future acquisitions involve risks that could adversely affect our future
financial results.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have completed seven
acquisitions since 1997 and may acquire additional businesses in the future. We
may be unable to achieve the benefits expected to be realized from our
acquisitions. In addition, we may incur additional costs and our management&#146;s
attention may be diverted because of unforeseen expenses, difficulties,
complications, delays and other risks inherent in acquiring businesses,
including the following:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>we may have difficulty integrating
the acquired businesses as planned, which may include integration of systems of
internal controls over financial reporting and other financial and
administrative functions;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>acquisitions may divert management&#146;s
attention from our existing operations;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>we may have difficulty in competing
successfully for available acquisition candidates, completing future
acquisitions or accurately estimating the financial effect of any businesses we
acquire;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>we may have delays in realizing the
benefits of our strategies for an acquired business;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>we may not be able to retain key
employees necessary to continue the operations of an acquired business;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>acquisition costs may be met with
cash or debt, increasing the risk that we will be unable to satisfy current
financial obligations;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>we may acquire businesses that are
less profitable or have lower profit margins than our company&#146;s historical
profit margins; and</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>acquired companies may have unknown
liabilities that could require us to spend significant amounts of additional
capital.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
May and December, 2003, we made two acquisitions in the intersection signal
business and we have been rationalizing the operations of those two businesses
with other Inform businesses since then.&#160;
Integration of these businesses, combined with reduced demand for our
products given the government budgetary situation, adversely affected our
financial performance in the year ended June 30, 2004.&#160; In addition, we recorded impairment charges
of $32.6 million for the year ended June 30, 2004 related to goodwill,
intangible assets and other long-lived assets in the Inform segment.&#160; The Company has developed and is implementing
a plan to rationalize portions of these operations which includes integrating
product offerings, outsourcing non-critical component parts and focusing
manufacturing facilities to obtain greater synergies.&#160; The full benefit of projected annual cost
savings is not expected to be realized until fiscal 2006.&#160; There can be no assurance, however, that the
Company&#146;s rationalization plan will result in cost savings or to what extent
those savings will be realized.&#160; There is
no assurance that we will be able to successfully complete the integration of
these businesses in the near future.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Management&#146;s
estimates and assumptions affect reported amounts of expenses.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Goodwill
and other indefinite-lived intangible assets acquired by the Company are tested
for impairment at least annually, and the results of such testing may adversely
affect our financial results.&#160; We use a
third party appraisal firm to assist our determination of fair values, but the
impairment review is highly judgmental and involves the use of significant
estimates and assumptions.&#160; These
estimates and assumptions have a significant </font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">impact on the amount of
any impairment charge recorded, and actual results may differ significantly
from the estimates and assumptions used.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company recognizes deferred tax assets and liabilities for the expected future
tax consequences of events which are included in the financial statements or
tax returns.&#160; In assessing the
realizability of the deferred tax assets, management makes certain assumptions
about whether the deferred tax assets will be realized.&#160; The Company expects the deferred tax assets
currently recorded to be fully realizable, however there can be no assurance
that an increased valuation allowance would not need to be recorded in the
future.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Our
business could be adversely affected by access to reduced levels of cash,
whether generated from operations or from bank borrowings.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our
principal sources of funds have historically been cash flows from operations
and borrowings from banks.&#160; Our financial
performance in fiscal year 2004 has adversely affected the amount of cash flow
from operations and has required us to modify our bank credit agreement in
order to avoid the occurrence of events of defaults relating to certain
covenants and financial ratios.&#160; Amendments
to the credit agreement required us to modify certain covenants, pledge our assets
as collateral, and reduce the maximum amount of availability under the
revolving credit facility to $38 million.&#160;
The amended credit agreement also limits our dividend payments.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although
we are currently in compliance with the covenants of the credit agreement, our
ability to remain in compliance in the future will depend on our future
performance and may be affected by events beyond our control, including the
prolonged delay in the passage of a new federal highway bill.&#160; There can be no assurance that we will
generate sufficient earnings and cash flow to remain in compliance with the
credit agreement, or that we will be able to obtain future amendments to the
credit agreement to avoid a default.&#160; In
the event of a default, there can be no assurance that we could negotiate a new
credit agreement or that we could obtain a new credit agreement with
satisfactory terms and conditions within a reasonable time period.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">If we
are unable to protect our proprietary technology from infringement or if our
technology infringes technology owned by others, then the demand for our
products may decrease or we may be forced to modify our products which could
increase our costs.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hold numerous patents
covering technology and applications related to many of our products and
systems, and numerous trademarks and trade names registered with the U.S.
Patent and Trademark Office and in foreign countries. Our existing or future
patents or trademarks may not adequately protect us against infringements, and
pending patent or trademark applications may not result in issued patents or
trademarks. Our patents, registered trademarks and patent applications, if any,
may not be upheld if challenged, and competitors may develop similar or
superior methods or products outside the protection of our patents. This could
increase competition for our products and materially decrease our revenues. If
our products are deemed to infringe upon the patents or proprietary rights of
others, we could be required to modify the design of our products, change the
name of our products or obtain a license for the use of some of the
technologies used in our products. We may be unable to do any of the foregoing
in a timely manner, upon acceptable terms and conditions, or at all, and the
failure to do so could cause us to incur additional costs or lose expected
revenue.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Our
success depends on key members of our management and other employees.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Leslie J. Jezuit, our
Chairman and President, and Daniel P. Gorey, our Chief Financial Officer, are
of significant importance to our business and operations and neither has an
employment agreement with us. The loss of their services may adversely affect
our business. In addition, our ability to attract and retain qualified
engineers, skilled manufacturing and marketing personnel and other
professionals, either through direct hiring or acquisition of other businesses
employing such professionals, will also be an important factor in determining
our future success.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Difficulties
in managing and expanding in international markets could affect future growth
in these markets.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In fiscal year 2004,
international sales represented approximately $14,249,000 or 9.5%, of our total
sales and we believe international markets could be an important source of
growth. We plan to continue to increase our presence in these markets. In
connection with any increase in international sales efforts, we may need to
hire, train and retain qualified personnel in countries where language,
cultural or regulatory barriers may exist. Moreover, funding and government
requirements vary by country with respect to transportation safety.&#160; In a number of countries there are no governmental
requirements or funding for transportation safety and we must educate officials
and demonstrate the need for and benefits of our products. In addition,
international revenues are subject to the following risks:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>fluctuating currency exchange rates could
reduce the demand for or profitability of foreign sales by affecting the
pricing of our products;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the burden of complying with a wide
variety of foreign laws and regulations, including the requirements for
additional testing of our products;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>dependence on foreign sales agents;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>political and economic instability of
foreign governments; and</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the imposition of protective
legislation such as import or export barriers.</p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">We depend on principal customers.</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No single customer of
Quixote represents a significant portion of total revenues. However, in fiscal
2004, approximately 14% and 10% of our consolidated revenues resulted from
sales to customers in the States of California and Texas, respectively. &#160;Customers may consist of distributors,
contractors, departments of transportation, state agencies, local governments
or municipalities. A change in policy in state spending could materially affect
our sales in either state.&#160; The loss of,
or a significant reduction in, orders from these or our other major customers
could have a material adverse effect on our financial condition and results of
operations.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">We are in
a competitive marketplace.</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent one or more
of our current or future competitors introduce products that better address
customer requirements, or are less expensive than our products, our business
could be adversely affected and we may be unable to maintain our leadership
position in certain products.&#160; Competition
may adversely affect the selling prices and the profit margins on our products.&#160; We may not be successful in developing and
marketing our existing products or new products or incorporating new technology
on a timely basis or at a reduced cost.&#160;
If we are unable to timely develop and introduce new products, or
enhance existing products, or reduce costs, in response to changing market
conditions or customer requirements or demands, our business and results of
operations could be materially and adversely affected.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has acquired
complementary businesses over the past several years and, as a part of its
strategy, may continue to acquire complementary businesses.&#160; The gross profit margins of certain acquired
product lines are lower than the Company&#146;s historical gross profit margin,
which is adversely affecting the Company&#146;s gross profit margin.&#160; The Company is experiencing rigorous
competition in its variable message sign and weather sending system product
lines.&#160; Given competitive conditions, we
may be unable to improve our gross profit margins for these businesses and
products.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has been
affected by increased prices for certain commodities, particularly steel and
resin, which are a significant component of the cost of certain of the Company&#146;s
products.&#160; Such price increases
negatively impact the Company&#146;s gross margin for certain products, because we
have been unable to increase our prices for those products.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company does not
believe these trends will improve in the near future.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Our
quarterly operating results are likely to fluctuate, which may affect our stock
price.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our quarterly revenues,
expenses, operating results and gross profit margins have varied significantly
in the past and are likely to vary significantly from quarter to quarter in the
future. As a result, our operating results may fall below the expectations of
securities analysts and investors in some quarters, which could result in a
decrease in the market price of our common stock. The reasons our quarterly
results may fluctuate include:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>seasonality inherent in our
transportation safety and highway construction and maintenance business;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>variations in profit margins
attributable to product mix;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>changes in the general competitive
and economic conditions;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>delays in, or uneven timing in the delivery
of, customer orders;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the introduction of new products by
us or our competitors; and</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>delays in federal highway funding and
budgetary restraints on state and local government spending.</p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Period to period
comparisons of such items should not be relied on as indications of future
performance.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">We may experience volatility in
our stock price that could affect your investment.</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
market price of our common stock may be subject to significant fluctuations in
response to various factors, including:</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.75in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the relatively small public float of our stock;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 40.5pt;text-indent:-22.5pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>quarterly fluctuations in our operating results,
as described in the prior risk factor;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.75in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#160; changes
in securities analysts&#146; estimates of our future earnings; and</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.75in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>loss of significant customers or significant
business developments relating to us or our competitors.</p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our
failure to meet analysts&#146; expectations, even if minor, could cause the market
price of our common stock to decline.&#160; In
addition, stock markets have generally experienced a high level of price and
volume volatility, and the market prices of equity securities of many companies
have experienced wide price fluctuations not necessarily related to the
operating performance of such companies.&#160;
These broad market fluctuations may adversely affect our common stock&#146;s
market price.&#160; In the past, securities
class action lawsuits frequently have been instituted against companies
following periods of volatility in the market price of such companies&#146;
securities.&#160; If any such litigation is
instigated against us, it could result in substantial costs and a diversion of
management&#146;s attention and resources, which could have a material adverse
effect on our business, results of operations and financial condition.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Certain provisions of Delaware
law, our certificate of incorporation and our stockholder rights plan have
potential anti-takeover effects.</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain provisions of
Delaware law and of our Certificate of Incorporation and By-Laws could make a
merger, tender offer, or proxy contest involving us more difficult, even if
such events could be beneficial to the interests of our stockholders.&#160; These provisions include:</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Section 203 of the Delaware General
Corporation Law which prohibits us from engaging in any business combination
with any interested stockholder for a period of three years from the date the
person became an interested stockholder unless specific conditions are met;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the requirement that 60% of the
stockholders entitled to vote thereon approve certain transactions; and</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the existence of &#147;blank check&#148;
preferred stock that may be issued by our board of directors without
stockholder approval on such terms as the board may determine.</p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also have a
stockholders rights plan that could make a change of control of our Company
more difficult.&#160; See &#147;Description of
Capital Stock&#148;.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following summary
contains basic information about us.&#160; It
likely does not contain all the information that is important to you.&#160; We encourage you to read this entire
prospectus and the documents we have referred you to, including our consolidated financial statements and the notes thereto
that are incorporated by reference into this prospectus.</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quixote and its
subsidiaries develop, manufacture and market highway and transportation safety
products to protect, direct and inform motorists and highway workers in both
domestic and international markets.&#160;
These products include energy-absorbing highway crash cushions, flexible
post delineators, electronic wireless measuring and sensing devices, weather
information systems and forecasting services, mobile and permanent variable
message signs, highway advisory radios, intelligent intersection control
devices, automated photo enforcement systems and other highway and
transportation safety devices.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Our
operations are comprised of two reportable segments: &#160;the manufacture and sale of highway and
transportation safety products that &#147;Protect and Direct&#148;, and the manufacture
and sale of products and services that &#147;Inform&#148;, often referred to as
Intelligent Transportation Systems or ITS products.&#160; Our Protect and Direct segment provides
solutions for improving safety on the roads either by minimizing the severity
of crashes that occur or by preventing crashes from occurring by directing or
guiding traffic.&#160; Our Inform segment
provides solutions for improving traffic flow and safety on the roads by
providing information.&#160; Our products are
sold by both a direct sales force and a distribution network to customers in
the highway construction and safety business, state departments of
transportation, municipalities and other governmental transportation agencies.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We
also provide product education, selection and application assistance in
connection with our products.&#160; In limited
cases, we perform site preparation and installation services for our products,
but these services are primarily performed by our distributor/contractor
network.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Our
principal executive offices are located at 35 East Wacker Drive, Suite 1100, Chicago,
Illinois 60601, and our telephone number at that address is (312) 467-6755. Our
website is located at http://www.quixotecorp.com. Information contained in our
website is not a part of this prospectus.&#160;
</font>As of June 30, 2004, we employed approximately 1,300 people.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Protect and
Direct Segment</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Our
Protect and Direct category of products, which reduce the severity of crashes,
include our patented highway crash cushions which were first conceived and
developed in 1969.&#160; These products were
developed and sold in response to the high number of fatalities and serious
injuries suffered by occupants of errant vehicles in collisions with roadside
hazards, such as bridge abutments, overpass piers, overhead sign supports, lane
dividers, traffic islands and toll booths.&#160;
Since 1969, various types of highway crash cushions have been installed
in front of thousands of life-threatening roadside hazards.&#160; The Federal Highway Administration (FHWA)
endorses the installation of highway crash cushions as an effective safety
program.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We
develop, manufacture and market lines of patented highway crash cushion systems
and other barriers which absorb and dissipate the force of impact in collisions
between vehicles and fixed roadside objects or slow moving highway construction
vehicles.&#160; The product lines utilize the
principles of momentum transfer and kinetic energy to safely decelerate errant
vehicles.&#160; Energy absorption or energy
dissipation is accomplished by using different combinations of water, aluminum,
steel, urethane foam systems, cardboard, plastic structures, elastometric
cylinders and sand.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We
also manufacture and sell products that prevent crashes and help control the
flow of traffic by directing or guiding traveling vehicles.&#160; These products consist of a line of flexible
sign and guide post systems (delineators) and a glare screen system.&#160; The guide posts are used to delineate a
travel way, channel vehicles or mark the location of an object.&#160; The guide post system features a patented,
in-ground anchor system that permits inexpensive repair and </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">11</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">replacement
techniques.&#160; The glare screen system is
installed on top of median barriers to eliminate the distraction of lights from
oncoming vehicles on roads.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Our
products in the Protect and Direct segment also include a crashworthy barrier
arm for use at areas such as railroad crossings, tollroads and as security for
access ways, driveways and parking lots.&#160;
In addition, we market a FreezeFree&#174;<sup>&#160; </sup>anti-icing system which automatically
or manually dispenses deicing liquids in advance of ice formation on bridges,
roads and overpasses.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Inform
Segment</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">To
expand our business within the highway and transportation safety industry, we
began in 1998 acquiring companies that manufacture ITS products, which provide
information to ease congestion, improve traffic flow and prevent crashes from
occurring.&#160; These companies now comprise
the Inform segment.&#160; Highway Information
Systems, Inc., acquired in April 1998, manufactures highway advisory radio
systems that help control the flow of traffic by informing motorists of
accidents and traffic delays.&#160; In
December 1998, we acquired Nu-Metrics, Inc., which provides electronic wireless
measuring and sensing devices that gather and use information to relieve
traffic congestion.&#160; In January 2001, we
acquired National Signal, Inc., a provider of mobile variable message signs,
directional displays and warning lights for the transportation industry.&#160; In August 2001, we acquired Surface Systems,
Inc., expanding our ability to provide pavement sensing equipment and
specialized road and runway weather stations and through which we also provide
both road condition and weather forecasting services.&#160; </font>In May 2003, we acquired U.S. Traffic
Corporation (&#147;UST&#148;).&#160; UST provides an
array of intelligent intersection control systems and other traffic control
products. &#160;We acquired substantially all
of the assets of the North American operations of Peek Corporation (&#147;Peek&#148;) effective
December 1, 2003.&#160; Peek provides intelligent
intersection control systems and other traffic control products, including
electronic traffic controllers, toll and highway data collection systems,
in-ground vehicle sensors, vehicle and pedestrian signals, and red-light
enforcement systems.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Specific
products within the Inform segment include devices that measure distance and
perform repetitive spacing to within one-tenth of an inch per mile, as well as portable
or permanent sensors that record volume, speed, and length classification of
vehicles.&#160; These sensors also collect,
analyze and store traffic, road surface condition and freezing point data. This
information can then be relayed on a real-time basis for monitoring to a
transportation department&#146;s base computer or control center via telephone,
cellular link, fiber optic connection or a wireless link.&#160; We also manufacture and market road and
runway traffic and weather information systems.&#160;
Using a tower equipped with weather instruments and special detectors,
these systems can detect freezing conditions and provide valuable weather and
traffic data to transportation departments or airports in order to dispatch
salt trucks or automatically activate anti-icing systems.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Our
products within the Inform segment also include traffic controllers, in-ground
vehicle detectors, permanently-mounted and mobile variable message signs,
directional displays, traffic and pedestrian signals, traffic uninterruptible
power supply (or UPS) systems, illuminated transportation signage and tunnel
lighting.&#160; Traffic controllers and
detectors are devices that control traffic signal operations at intersections
either with preset timers or with detectors that enable the signals to change
in response to variations in traffic.&#160;
Permanently-mounted and mobile variable message signs provide advance
warning and directional information to oncoming drivers to assist in diverting
and controlling traffic around areas of potential hazard.&#160; These LED signs and displays can be
electronic, solar or diesel powered.&#160; UPS
is a power supply system with battery backup that keeps a lighted intersection
operating either normally or in flash-mode during a power interruption.&#160; Traffic and pedestrian signals are LED or
incandescent signals for intersection operations and pedestrian crossings which
may include countdown warnings before a signal changes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">We
also provide specialty lighting solutions for roadway and pedestrian tunnels,
subways and other areas.&#160; In addition, we
are a leading manufacturer of highway advisory radio or HAR systems that
broadcast traffic information using an AM radio frequency.&#160; HAR systems, in conjunction with flashing
lights and message signs, advise drivers to tune to a particular AM radio
station to communicate messages about traffic, road conditions and weather with
reception up to six miles from the unit.&#160;
One of our newly developed products is the Intellizone&#174; system which is
designed to provide real-time information to motorists who are approaching
construction zones by connecting traffic and/or weather sensors and variable
message signs through computer controlled software.</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All shares of
common stock sold pursuant to this prospectus will be sold by the selling
stockholders and Quixote will not receive any of the proceeds from such sales.</font></p>

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

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

<p style="margin:0in 0in .0001pt;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The common stock being
registered by this prospectus consists of 349,645
shares of common stock held by the Plan or by persons who acquired or will
acquire those shares from the Plan, pursuant to its terms.&#160; The Plan is an employee benefit plan that
complies with Section 401(k) of the Internal Revenue Code.&#160; Employees of the Company and its subsidiaries
may acquire shares of common stock pursuant to the terms of the Plan, and may sell
such shares either directly or indirectly by requesting the Plan to sell the shares.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See &#147;Plan of Distribution&#148;
on page 19 of this prospectus.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="DescriptionOfCapitalStock"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DESCRIPTION OF CAPITAL STOCK</font></b></a></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our authorized capital
stock consists of 15,000,000 shares of common stock, $0.01-2/3 par value, and
100,000 shares of preferred stock, no par value per share. The following
summary is qualified in its entirety by reference to our certificate of
incorporation and bylaws, copies of which are filed as exhibits to our previous
filings with the Securities and Exchange Commission and incorporated herein by
reference.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are authorized to
issue 15,000,000 shares of common stock, $0.01-2/3 par value per share.&#160; Each holder of our common stock is entitled
to one vote for each share held.&#160; Except
as provided below under &#147;Certain Other Anti-Takeover Matters&#148;, stockholders do
not have the right to cumulate their votes in elections of directors.&#160; Directors are elected if they receive at
least sixty percent of all votes of shares entitled to vote.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our common stock is
listed on The Nasdaq Stock Market&#174;.&#160;
Subject to the preferential rights of any holders of any outstanding
series of preferred stock, holders of our common stock will be entitled to
dividends on a pro rata basis upon declaration of dividends by our board of
directors.&#160; Dividends are payable only
out of unreserved and unrestricted surplus that is legally available for the
payment of dividends. Dividends that may be declared on our common stock will
be paid in an equal amount to the holder of each share.&#160; No pre-emptive rights are conferred upon the
holders of such stock and there are no liquidation or conversion rights.&#160; There are no redemption or sinking fund
provisions and there is no liability to further calls or to assessments by us.
Any determination to declare or pay dividends in the future will be at the
discretion of our board of directors and will depend on our results of
operations, financial condition, contractual or legal restrictions and other
factors deemed relevant by our board of directors. Upon our liquidation,
holders of our common stock will be entitled to a pro rata distribution of our
assets, after payment of all amounts owed to our creditors and the preferential
amounts owing with respect to any of our outstanding preferred stock.</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The rights, preferences
and privileges of holders of common stock are subject to, and may be adversely
affected by, the rights of the holders of shares of any series of preferred
stock that we may designate and issue in the future.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our certificate of
incorporation provides for the issuance of up to 100,000 shares of preferred
stock. Our board of directors will have the authority, without further action
by the stockholders, to issue up to 100,000 shares of preferred stock in one or
more series and to designate the rights, preferences, privileges and
restrictions of each such series. The issuance of preferred stock could have
the effect of restricting dividends on the common stock, diluting </font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

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

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</font></div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the voting power of the
common stock, impairing the liquidation rights of the common stock or delaying
or preventing a change in control without further action by the
stockholders.&#160; Subject to the rights of
the holders of any series of preferred stock, the number of authorized shares
of any series of preferred stock may be increased or decreased (but not below
the number of shares thereof then outstanding) by resolution adopted by our
board of directors.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with a
previous stockholder rights plan, we authorized 10,000 shares of Series A
preferred stock, none of which was issued.&#160;
At present, 10,000 shares of Series B junior participating preferred
stock have been authorized and are reserved for issuance under the rights plan
as described below. We have no plans to issue any other shares of preferred
stock.</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective June 30, 1998,
our board of directors adopted a stockholder rights plan.&#160; To implement the rights plan, our board of
directors declared a dividend distribution of one right for each outstanding
share of common stock, to shareholders of record at the close of business on
July 14, 1998, and for each share of common stock issued between July 14, 1998
and the distribution date.&#160; When
exercisable, each right will entitle the registered holder to purchase from us
a unit consisting of one one-thousandth of a share of Series B junior
participating preferred stock, no par value per share, at a purchase price of
$40.00, subject to adjustment.&#160; The
description and terms of the rights are set forth in a rights agreement between
us and EquiServe Trust Company, N.A. as rights agent, dated as of July 24,
1998, a copy of which is attached as Exhibit 1 to our Form 8-A Registration
Statement, File No. 001-08123, filed with the Securities and Exchange
Commission on July 23, 1998.&#160; This
summary description does not purport to be complete and is qualified in its
entirety by reference to the rights agreement.</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Common
Stock Certificates Representing Right.&#160; </font></i></b>Initially,
the rights will be evidenced by Quixote common stock certificates representing
shares then outstanding, and no separate certificates for the rights will be
distributed.&#160; The rights will be
exercisable and transferable apart from our common stock and a distribution
date will occur upon the earliest of (1) ten days following the stock
acquisition date, which is a public announcement that a person or group of
affiliated or associated persons (an acquiring person) has acquired, or
obtained the right to acquire, beneficial ownership of 15% or more of our
outstanding common stock and (2) ten business days following the commencement
of a tender offer or exchange offer that would result in the beneficial
ownership by a person or group of 20% or more of our outstanding common stock.</p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until the distribution
date, (1) the rights will be evidenced by Quixote common stock certificates and
will be transferred with and only with such common stock certificates, (2) new
common stock certificates issued after July 14, 1998 will contain a notation
incorporating the rights agreement by reference, and (3) the surrender for
transfer of any certificates for common stock outstanding will also constitute
the transfer of the rights associated with the common stock represented by such
certificate.</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Issuance
of Rights Certificates.&#160; </font></i></b>As
soon as practicable following the distribution date, separate certificates
representing only rights shall be mailed to the holders of record of our common
stock as of the close of business on the distribution date, and such separate
rights certificates alone shall represent such rights from and after the
distribution date.&#160; Except as otherwise
determined by our board of directors, only shares of our common stock issued
before the distribution date will be issued with rights.</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Expiration
of Rights.</font></i></b>&#160; The
rights are not exercisable until the distribution date and will expire at the
close of business on July 24, 2008, unless earlier redeemed or exchanged by us
as described below.</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Exercise
of Rights.&#160; </font></i></b>If any
person becomes the beneficial owner of 15% or more of the then-outstanding
shares of our common stock (except pursuant to an offer for all outstanding
shares of our common stock determined by our board of directors who are not
officers of Quixote and who are not representatives, nominees, affiliates or
associates of an acquiring person or adverse person<b><font style="font-weight:bold;"> </font></b>to
be fair to and otherwise in the best interests of us and our shareholders), or
our board of directors declares any individual or entity (alone or together
with its affiliates and associates as defined in Rule 12b-2 of the Securities
and Exchange Act of 1934, as amended) owning at least 10% of the
then-outstanding shares of our common stock to be an adverse person (as defined
in the rights agreement), each holder of a right will thereafter have the right
to receive, upon exercise thereof, the number of shares of our common </p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

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

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

</font></div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">stock (or, in certain
circumstances, cash, property, or other securities of Quixote or a reduction in
the purchase price) having a value equal to two times the exercise price of the
right.&#160; Notwithstanding any of the
foregoing, following the occurrence of either event described above, all rights
that are, or (under certain circumstances specified in the rights agreement)
were, beneficially owned by any acquiring person will be void.&#160; The rights are not, however, exercisable
following the occurrence of the event set forth above until such time as the
rights are no longer redeemable by us, as described below.&#160; Further, rights generally are exercisable
only after the effectiveness of a registration statement covering the
underlying shares of our common stock under the Securities Act of 1933, as
amended.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For example, at an
exercise price of $40.00, each right not owned by an acquiring person or an
adverse person (or by certain related parties) following an event set forth in
the preceding paragraph would entitle its holder to purchase $80.00 worth of
common stock (or other consideration, as noted above) for $40.00.&#160; Assuming that the common stock had a
per-share market value of $20.00 at such time, the holder of each valid right
would be entitled to purchase four shares of our common stock at $40.00.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If at any time following
the stock acquisition date or the date on which an individual or entity is
declared an adverse person pursuant to the rights agreement, (1) we are
acquired in a merger or other business combination transaction in which we are
not the surviving corporation (other than pursuant to a qualified offer as
described above), or (2) more than 50% of our assets or earning power is sold
or transferred (each of such events is referred to as a &#147;Section 13 Event&#148;),
then each holder of a right (except rights that have been previously voided, as
set forth above) shall thereafter have the right to receive, upon exercise,
common stock of the acquiring company having a value equal to two times the
exercise price of the right.&#160; If the
rights cannot be exercised for common stock of the acquiring company as set
forth above, rights holders will be entitled to put the rights to the acquiring
company for cash equal to the exercise price of the rights (i.e., at a 50%
discount).&#160; The events described in this
paragraph and in the second preceding paragraph are referred to as the
triggering events.</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Adjustments
to Prevent Dilution.</font></i></b>&#160;
The purchase price payable, and the number of units of preferred stock
or other securities or property issuable, upon exercise of the rights are
subject to adjustment from time to time to prevent dilution (1) in the event of
a stock dividend on, or a subdivision, combination, or reclassification of, the
preferred stock, (2) if holders of the preferred stock are granted certain
rights or warrants to subscribe for preferred stock or convertible securities
at less than the current market price of the preferred stock, or (3) upon the
distribution to holders of the preferred stock of evidences of indebtedness or
assets (excluding regular quarterly cash dividends) or of subscription rights
or warrants (other than those referred to above).</p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With certain exceptions,
no adjustment in the purchase price will be required until cumulative
adjustments amount to at least 1% of the purchase price.&#160; No fractional units of preferred stock will
be issued and, in lieu thereof, an adjustment in cash will be made based on the
market price of the preferred stock on the last trading date before the date of
exercise.</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Redemption
of Rights.</font></i></b>&#160; At any
time until ten days following the stock acquisition date (or such later date as
our board of directors may determine), we may redeem the rights in whole, but
not in part, at a price of $.01 per right, payable in cash, or shares of common
stock or other consideration deemed appropriate by our board of directors.&#160; Immediately upon the action of our board of
directors ordering redemption of the rights, the rights will terminate and the
only right of the holders of rights will be to receive the $.01 redemption
price.</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">No
Stockholder Rights Before Exercise.</font></i></b>&#160; Until a right is exercised, the holder
thereof, as such, will have no rights as a stockholder of Quixote, including
the right to vote or to receive dividends. While the distribution of the rights
will not be taxable to stockholders or to us, stockholders may, depending upon
the circumstances, recognize taxable income if the rights become exercisable
for common stock (or other consideration) or for common stock of an acquiring
company as set forth above.</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Amendment
of Rights Agreement.&#160; </font></i></b>Any
of the provisions of the rights agreement may be amended by our board of
directors before the distribution date. After the distribution date, the
provisions of the rights agreement may be amended by our board of directors to
cure any ambiguity, to correct inaccuracies and inconsistencies, to make
changes that do not adversely affect the interests of holders of rights
(excluding the interests of any acquiring person or an adverse person or any of
their affiliates or associates), or to shorten or lengthen any time period
under the </p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

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

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

</font></div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">rights agreement;
however, no amendment to adjust the time period governing redemption shall be
made at such time as the rights are not redeemable.</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Anti-takeover
Effects</font></i></b>.&#160; The
rights have certain anti-takeover effects.&#160;
The rights will cause substantial dilution to a person or group that
attempts to acquire Quixote in a manner which causes the rights to become
discount rights unless the offer is conditional on a substantial number of
rights being acquired.&#160; The rights,
however, should not affect any prospective offeror willing to make an offer at
a fair price and otherwise in the best interests of Quixote and its
stockholders as determined by a majority of the directors who are not
affiliated with the person making the offer, or willing to negotiate with the
board of directors.&#160; The rights should
not interfere with any merger or other business combination approved by the
board of directors since the board of directors may, at its option, at any time
until ten business days following the stock acquisition date redeem all but not
less than all the then outstanding rights at the redemption price.</p>

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

<p style="margin:0in 0in .0001pt;"><a name="CertificateOfIncorporationProvisions"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Certificate Of Incorporation Provisions Requiring
Supermajority Approval Of Certain Actions</font></b></a></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our certificate of
incorporation provides that holders of at least sixty percent (60%) of our
issued and outstanding shares must agree to:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amend our certificate of incorporation;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>adopt or approve any agreement or
plan of merger or consolidation or any transaction including a merger of consolidation
of Quixote;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>elect directors;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>transfer all or substantially all of
our property and assets; and</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>adopt or approve a plan of
liquidation or dissolution.</p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Limitation of Liability and
Indemnification Matters</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our certificate of
incorporation provides that a director of Quixote will not be liable to Quixote
or its stockholders for monetary damages for breach of fiduciary duty as a
director, except in certain cases where liability is mandated by the Delaware
General Corporation Law. Our by-laws provide for indemnification, to the
fullest extent permitted by law, of any person made or threatened to be made a
party to any action, suit or proceeding by reason of the fact that such person
is or was a director or officer of Quixote, or is or was a director of a
subsidiary of Quixote, or, at the request of Quixote, serves or served as a
director or officer of or in any other capacity for, or in relation to, any
other enterprise, against all expenses, liabilities, losses and claims actually
incurred or suffered by such person in connection with the action, suit or
proceeding. Our by-laws also provide that, to the extent authorized from time
to time by our board of directors, Quixote may provide to any one or more
employees and other agents of Quixote or any subsidiary or other enterprise,
rights of indemnification and to receive payment or reimbursement of expenses,
including attorneys&#146; fees, that are similar to the rights conferred by the
by-laws on directors and officers of Quixote or any subsidiary or other
enterprise.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section 203 of the Delaware
General Corporation Law</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are subject to the
provisions of Section 203 of the Delaware General Corporation Law. In general,
Section 203 prohibits a publicly held Delaware corporation from engaging in a &#147;business
combination&#148; with an &#147;interested stockholder&#148; for a period of three years after
the date of the transaction in which the person became an interested
stockholder, unless the business combination is approved in a prescribed
manner. A &#147;business combination&#148; includes a merger, asset sale or a transaction
resulting in a financial benefit to the interested stockholder. An &#147;interested
stockholder&#148; under Section 203 is a person who, together with affiliates and
associates, owns (or, in certain cases, within three years prior, did own) 15%
or more of the corporation&#146;s outstanding voting stock. Under Section 203, a
business combination between Quixote and a Section 203 interested stockholder
is prohibited unless it satisfies one of the following conditions:</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>prior to the time the stockholder
became a Section 203 interested stockholder, our board of directors must have
previously approved either the business combination or the transaction that
resulted in the stockholder becoming a Section 203 interested stockholder;</p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

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

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

</font></div>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>on consummation of the transaction
that resulted in the stockholder becoming a Section 203 interested stockholder,
the Section 203 interested stockholder owned at least 85% of our voting stock
outstanding at the time the transaction commenced (excluding, for purposes of
determining the number of shares outstanding, shares owned by persons who are
directors and officers); or</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the business combination is approved
by our board of directors and authorized at an annual or special meeting of the
stockholders by the affirmative vote of at least 66 2/3% of the outstanding
voting stock which is not owned by the Section 203 interested stockholder.</p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Certain Other Anti-Takeover
Matters</font></b></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Business
Combination and Limitations in our Certificate of Incorporation</font></i></b>.&#160; In addition to the requirements of Section
203 described above, our certificate of incorporation requires the affirmative
vote of the holders of at least 60% of our outstanding voting stock not owned
by an interested stockholder (as defined below), for the approval of certain
business combinations and certain other transactions with an interested
stockholder unless certain minimum price and procedural requirements are met
and for the amendment or repeal of these provisions.&#160; An &#147;interested stockholder&#148; is defined by our
certificate of incorporation as any person or entity that either (i)
beneficially owns 5% or more of our outstanding voting stock, (ii) is an
affiliate of Quixote and, at any time within the two years prior to the date
the determination is made, was the beneficial owner of 5% or more of our voting
stock or (iii) is the assignee of, or otherwise succeeds to, shares
beneficially owned by an interested stockholder during the two years prior to the
date the determination is made (other than as a result of a public offering
under the Securities Act of 1933).&#160; This
super-majority approval would not be required if (1) the business combination
has been approved by a majority of disinterested directors (being those
directors who are not affiliated with the interested stockholder and who were
directors prior to the time the interested stockholder became an interested
stockholder) or (2) all following conditions are satisfied:&#160; (a) the cash or fair market value of the
consideration to be received per share by holders of the common stock is not
less than the higher of (i) the highest price paid for any common stock by any
person who is an interested stockholder during the two years prior to the
announcement of the proposed business combination or in the transaction in
which such person became an interested stockholder (whichever is higher) or
(ii) the price of our common stock on the announcement date or the date on
which the interested stockholder became an interested stockholder (whichever is
higher); (b) the consideration to be received by holders of a particular class
of outstanding voting stock shall be in cash or in the same form as the
interested stockholder has previously paid for shares of such class of voting
stock; (c) after becoming an interested stockholder and prior to consummation
of such business combination, (i) there has been no reduction in dividends, or
an effective reduction in the number of common shares outstanding, unless
approved by the board, (ii) such interested stockholder shall not have become
the beneficial owner of any additional shares of common stock except as part of
the transaction which resulted in such stockholder becoming an interested
stockholder and (iii) the interested stockholder shall not have received the
benefit, directly or indirectly (except proportionately as a stockholder), of
any loans or other financial assistance provided by us, or made any major
change in our equity capital structure; and (d) if such proposal otherwise
requires stockholder approval, a proxy statement responsive to the requirements
of the Securities Exchange Act of 1934, whether or not we are subject to such
requirements, shall be mailed to our stockholders for the purpose of soliciting
stockholder approval of such business combination.</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Cumulative
Voting Triggered by 60% Stockholder</font></i></b>.&#160; The certificate of incorporation also
provides that in any election of directors on or after the date on which any
person becomes the beneficial holder of 60% of our outstanding voting stock,
and until such time as no 60% stockholder any longer exists:</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.25pt;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>there shall be cumulative voting for
the election of directors so that any holder of shares of voting stock entitled
to vote in such election may cumulate such stockholder&#146;s votes and give one
candidate a number of votes equal to the number of directors to be elected
multiplied by the number of votes to which stockholder&#146;s shares are entitled,
or distribute such stockholder&#146;s votes on the same principle among as many
candidates as such stockholder sees fit; and</p>

<p style="margin:0in 0in .0001pt 38.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.25pt;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any person who is the beneficial
owner of shares of voting stock with a market price of $100,000 or more shall
have the right to nominate one or more candidates for election to the board of
directors and such candidates shall be entitled to include in any proxy
statement or other </p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

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

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

</font></div>

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

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">communication with
respect to such election to be sent to the holders of shares of voting stock
during such period, at our expense, descriptions and other statements of such
candidates which shall receive equal space, coverage and treatment as is
received by candidates nominated by the board of directors or our management.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our certificate of
incorporation and by-laws include a number of other provisions that may have
the effect of encouraging persons considering unsolicited tender offers or
other unilateral takeover proposals to negotiate with our board of directors
rather than pursue non-negotiated takeover attempts. These provisions include:</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Classified
Board of Directors</font></i></b>.&#160;
Our certificate of incorporation provides for a board of directors that
consists of three to nine members divided into three classes, with one class to
be elected each year to serve for a three-year term. As a result, at least two
annual meetings of stockholders may be required for the stockholders to change
a majority of our board of directors. In addition, the stockholders can only
remove directors by the affirmative vote of the holders of not less than 75% of
the outstanding shares of our capital stock entitled to vote in the election of
directors. Vacancies on our board of directors may be filled only by our board
of directors. The classification of directors and the inability of stockholders
to remove directors without a supermajority vote and to fill vacancies on the
board of directors will make it more difficult to change the composition of our
board of directors, but will promote a continuity of existing management.</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">No
Written Consent of Stockholders; Limitations on Call of Special Meetings</font></i></b>.&#160; Our certificate of incorporation requires all
stockholder actions to be taken by a vote of the stockholders at an annual or
special meeting, and does not permit our stockholders to act by written
consent, without a meeting.&#160; Our bylaws
provide that only our chairman, our president or a majority of our board may
call a special stockholders&#146; meeting.</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Supermajority
Approval of Amendment of Charter</font></i></b>.&#160; Our certificate of incorporation requires the
approval of not less than 65% of our outstanding voting stock to amend the
provisions of the certificate of incorporation which provide for a classified
board, limit stockholder actions by consent or by the calling of a special
meeting of stockholders and business combinations with an interested
shareholder.&#160;&#160; Those provisions will make
it more difficult to dilute the anti-takeover effects of our certificate of
incorporation.</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Blank
Check Preferred Stock</font></i></b>.&#160;
Our certificate of incorporation provides for 100,000 authorized shares
of preferred stock. The existence of authorized but unissued shares of
preferred stock may enable the board of directors to render more difficult or
to discourage an attempt to obtain control of Quixote by means of a merger,
tender offer, proxy contest or otherwise. For example, if in the due exercise
of its fiduciary obligations, the board of directors were to determine that a
takeover proposal is not in the best interests of Quixote, the board of
directors could cause shares of preferred stock to be issued without
stockholder approval in one or more private offerings or other transactions
that might dilute the voting or other rights of the proposed acquiror or
insurgent stockholder or stockholder group. In this regard, the certificate of
incorporation grants our board of directors broad power to establish the rights
and preferences of authorized and unissued shares of preferred stock. The
issuance of shares of preferred stock could decrease the amount of earnings and
assets available for distribution to holders of shares of common stock and
nonvoting common stock. The issuance may also adversely affect the rights and
powers, including voting rights, of such holders and may have the effect of
delaying, deterring or preventing a change in control of Quixote. The board of
directors currently does not intend to seek stockholder approval prior to any
issuance of shares of preferred stock, unless otherwise required by law.</p>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our common stock is
listed on The Nasdaq Stock Market&#174;.</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The transfer agent for
our common stock is EquiServe Trust Company, N.A.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

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

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

</font></div>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selling stockholders,
or the Plan at the request of the selling stockholders, may from time to time
sell the shares of common stock directly to purchasers on The Nasdaq Stock
Market&#174; (or on any other national securities exchange where the shares of
common stock may be trading) or other over-the-counter market at prices and at
terms then prevailing or at prices related to the then current market price or
in negotiated transactions.&#160; These shares
of common stock may be sold by one or more of the following:</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a block trade in which the broker or
dealer will attempt to sell shares as agent but may position and resell a
portion of the block as principal to facilitate the transaction;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>purchases by a broker or dealer as
principal and resale by a broker or dealer for its account using this
prospectus;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>through the writing of options;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ordinary brokerage transactions in
which the broker does not solicit purchasers and transactions in which the
broker does solicit purchasers;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>transactions directly with a market
maker; and</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in privately negotiated transactions
not involving a broker or dealer.</p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each sale may be made either at market prices
prevailing at the time of the sale, at negotiated prices, at fixed prices which
may be changed, or at prices related to prevailing market prices.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selling stockholders will act independently of
Quixote in making decisions with respect to the timing, manner and size of each
sale.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brokers or dealers engaged by any of the selling
stockholders to sell the shares may arrange for other brokers or dealers to
participate.&#160; Brokers or dealers engaged
to sell the shares will receive compensation in the form of commissions or
discounts in amounts to be negotiated before each sale and which may be in
excess of customary discounts or commissions.&#160;
These brokers or dealers and any other participating brokers or dealers
may be determined to be underwriters within the meaning of the Securities Act
of 1933.&#160; We will receive no proceeds
from any resales of the shares offered by this prospectus, and we anticipate
that the brokers or dealers, if any, participating in the sales of the shares
will receive their usual and customary selling commissions.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some persons participating in this offering may engage
in transactions that stabilize, maintain or otherwise affect the price of the
securities, including the entry of stabilizing bids or syndicate covering
transactions or the imposition of penalty bids.&#160;
The selling stockholders and any other person participating in a
distribution will be subject to applicable provisions of the Exchange Act and
the rules and regulations thereunder including Regulation M.&#160; This regulation may limit the timing of
purchases and sales of any of the securities by the selling stockholders and
any other person.&#160; The anti-manipulation
rules under the Exchange Act may apply to sales of securities in the market and
to the activities of the selling stockholders and their affiliates.&#160; Furthermore, Regulation M of the Exchange Act
may restrict the ability of any person engaged in the distribution of the
securities to engage in market-making activities with respect to the particular
securities being distributed for a period of up to five business days before
the distribution.&#160; All of the foregoing
may affect the marketability of the securities and the ability of any person or
entity to engage in market-making activities with respect to the securities.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selling stockholders may enter into hedging
transactions.&#160; Persons with whom they
enter into hedging transactions may engage in short sales of our common
stock.&#160; The selling stockholders may
engage in short sales of our common stock and transactions involving options,
swaps, derivatives and other transactions involving our securities or its
investments in those securities, and may sell and deliver the shares covered by
this prospectus under agreements to undertake these transactions or in settlement
of securities loans.&#160; These transactions
may be entered into with broker-dealers or other financial institutions that
may resell those shares.&#160; The selling
stockholders may pledge their shares to secure borrowings.&#160; Upon delivery of the shares or a default by a
selling stockholder, the broker-dealer or financial institution may offer and
sell the pledged shares.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Selling stockholders may resell all or a portion of
their shares in open market transactions in reliance upon available exemptions
under the Securities Act including in reliance upon Rule 144 under the
Securities Act, provided they meet the criteria and conform to the requirements
of one of these exemptions.&#160; The selling
stockholders may decide not to sell all or a portion of the shares offered under
this prospectus.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

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

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

</font></div>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A selling stockholder may
from time to time pledge or grant a security interest in some or all of the
common stock owned by them and, if they default in the performance of their
secured obligations, the pledgees or secured parties may offer and sell the
shares of common stock from time to time under this prospectus, or under an
amendment to this prospectus under Rule 424(b)(3) or other applicable provision
of the Securities Act of 1933</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">amending the list of
selling stockholders to include the pledgee, transferee or other successors in
interest as selling stockholders under this prospectus.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To comply with the
securities laws of some states, if applicable, the shares will be sold in those
states only through brokers or dealers.&#160;
The shares may not be sold in some states unless they have been
registered or qualified for sale in those states or an exemption from
registration or qualification is available and is complied with.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If necessary, the
specific shares of our common stock to be sold, the name of the selling
stockholder, the purchase and public offering prices, the names of any agent,
dealer or underwriter, and any applicable commissions or discounts will be
disclosed in an accompanying prospectus supplement or, if appropriate, a
post-effective amendment to the registration statement of which this prospectus
is a part.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will bear all expenses
of the offering of the common stock that is offered in this prospectus
including without limitation all filing, registration and qualification,
printing, legal and accounting fees, except that the selling stockholders will
pay any applicable underwriting commissions and expenses, brokerage fees and
transfer taxes, and the fees and disbursements of their counsel and experts.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selling stockholders
are not restricted as to the price or prices at which they may sell the shares
of our common stock offered under this prospectus. Sales of shares at less than
the market price may depress the market price of our stock. Moreover, the
selling stockholders are not restricted as to the number of shares which may be
sold at any one time, and it is possible that a significant number of shares
could be sold at the same time which may also depress the market price of our
stock.</font></p>

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

<h1 align="center" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="LegalMatters"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LEGAL MATTERS</font></b></a></h1>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The validity of the
shares of common stock offered pursuant to this prospectus will be passed upon
by Joan R. Riley, Esq., General Counsel of Quixote.&#160; Ms. Riley beneficially owns, or has rights to
acquire under Quixote&#146;s employee benefit plans, an aggregate of less than 1.5%
of Quixote&#146;s common stock.</font></p>

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

<h1 align="center" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><a name="WhereYouCanFindMoreInformation"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHERE YOU CAN FIND MORE INFORMATION</font></b></a></h1>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We file annual, quarterly
and special reports, proxy statements, and other information with the
Commission. You may read and copy any materials we file with the Commission at
the Commission&#146;s public reference room at 450 Fifth Street, N.W., Washington,
D.C. 20549. Please call the Commission at 1-800-SEC-0330 for more information
on its public reference rooms. The Commission also maintains an Internet
Website at http://www.sec.gov that contains reports, proxy and information
statements, and other information regarding issuers that file electronically
with the Commission.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We maintain an internet
website http://www.quixotecorp.com, at which you can access our annual report
on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and
amendments to those reports filed pursuant to Section 13(a) or 15(d) of the
Exchange Act.&#160; We make those filings
available on our website as soon as reasonably practicable after such material
is filed, or furnished, to the Securities and Exchange Commission.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have filed a registration
statement on Form S-8 to register with the Commission the securities described
herein.&#160; This prospectus is a part of
that registration statement and constitutes a prospectus of Quixote.&#160; As allowed by Commission rules, this
prospectus does not contain all the information that can be found in the
registration statement or the exhibits to the registration statement.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

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

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

</font></div>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Commission allows us
to &#147;incorporate by reference&#148; the information we file with them, which means
that we can disclose important information to you by referring you to those
documents. The information incorporated by reference is considered to be a part
of this prospectus, and later information that we file with the Commission will
automatically update and supersede this information.&#160; In all cases, you should rely on the later
information over comparable but earlier dated information included in this
prospectus. We incorporate by reference the documents listed below and any
future filings we make with the Commission under Sections 13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934, as amended:</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Annual Report on Form 10-K for the year ended
June 30, 2004 (including information specifically incorporated by reference
into our Form 10-K from our definitive Proxy Statement) filed with the
Commission on September 13, 2004.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Quarterly report on Form 10-Q for the three month
period ended September 30, 2004, filed with the Commission on November 9, 2004.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company&#146;s Current Reports on Form 8-K and 8-K/A
filed with the Commission on July 26, 2004, August 17, 2004, August 18, 2004
(8-K/A), September 16, 2004, September 17, 2004 (8-K/A), September 27,
September 28, 2004 (8-K/A) and October 29, 2004.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All documents subsequently filed by Quixote
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act
of 1934, as amended, shall be deemed to be incorporated by reference in this
prospectus and to be part hereof from the date of filing of such documents.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All documents filed by Quixote after the date of
filing the initial registration statement on Form S-8, of which this prospectus
is a part, and prior to the effectiveness of such registration statement
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act
of 1934, as amended, shall be deemed to be incorporated by reference into this
prospectus and to be part hereof from the date of filing of such documents.</p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On
request we will provide at no cost to each person, including any beneficial
owner who receives a copy of this prospectus, a copy of any or all of the
documents incorporated in this prospectus by reference.&#160; We will not provide exhibits to any such
documents, however, unless such exhibits are specifically incorporated by
reference into those documents.&#160; Written
or telephone requests for such copies should be addressed to Quixote&#146;s
executive offices located at 35 East Wacker Drive, Chicago, Illinois 60601,
Attention: Corporate Secretary, telephone number (312) 467-6755.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>

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

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

</font></div>

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

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">349,645 </font>Shares</font></b></p>

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

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

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

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

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

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004</font></b></p>

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

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

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

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

</font></div>

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

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

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

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

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 3.&#160;&#160;&#160;&#160; INCORPORATION OF
DOCUMENTS BY REFERENCE</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quixote
Corporation (the &#147;Company&#148;) hereby incorporated into this Registration
Statement by reference the following documents filed with the Securities and
Exchange Commission (the &#147;Commission&#148;) (File No. 0-7903):</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160; The Company&#146;s Annual Report
on Form 10-K filed pursuant to Section 13(a) of the Securities Exchange Act of
1934 as amended (the &#147;Securities Exchange Act&#148;) for the fiscal year ended June
30, 2004 (including information specifically incorporated by reference into our
form 10-K Report from our Proxy Statement for the annual meeting of
stockholders on November 18, 2004);</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; The Company&#146;s Quarterly Report
on Form 10-Q filed with the Commission on November 9, 2004 for the quarter
ended September 30, 2004; and</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; The Company&#146;s Current
Reports on Form 8-K and 8-K/A filed with the Commission on July 26, 2004,
August 17, 2004, August 18, 2004 (8-K/A), September 16, 2004, September 17,
2004 (8-K/A), September 27, September 28, 2004 (8-K/A), October 29, 2004 and
November 19, 2004.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; The description of the
Common Stock of the Company contained in the registration statement filed by
the Company under the Securities Exchange Act, including any amendment or
report filed for the purpose of updating such description.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All documents filed by the Company pursuant to Section 13(a), 13(c), 14
or 15(d) of the Securities Exchange Act subsequent to the date of this Registration
Statement and prior to the filing of a post-effective amendment which indicates
that all securities offered hereby have been sold or which deregisters all
securities remaining unsold, shall be deemed to be incorporated by reference
herein and to be a part hereof from the date of the filing of such reports and
documents.&#160; Any statement contained in a
document incorporated herein by reference shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document which
also is incorporated by reference herein modifies or supersedes such
statement.&#160; Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 5.&#160;&#160;&#160;&#160; INTERESTS OF NAMED
EXPERTS AND COUNSEL</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The
validity of the shares of Common Stock being registered pursuant to this
Registration Statement has been passed upon by Joan R. Riley, Esq., Vice
President, Secretary and General Counsel </font>of </font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-1</font></p>

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

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

</font></div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Company. &#160;Ms. Riley beneficially owns or has rights to
acquire under Quixote&#146;s employee benefit plans an aggregate of less than 1.5%
of the shares of Common Stock of the Company.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 6.&#160;&#160;&#160;&#160; INDEMNIFICATION OF
OFFICERS AND DIRECTORS</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company is subject to the Delaware General Corporation Law.&#160; Delaware law provides that officers and
directors may receive indemnification from their corporations for certain
actual or threatened lawsuits.&#160; Delaware
law sets out the standard of conduct which the officers and directors must meet
in order to be indemnified, the parties who are to determine whether the
standard has been met, and the types of expenditures which will be
indemnified.&#160; Delaware law further
provides that a corporation may purchase indemnification insurance providing
indemnification for the officers and directors whether or not the corporation
would have the power to indemnity them against such liability under the
provisions of the Delaware law.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company has adopted a provision within its By-Laws which provides that the
Company will indemnify its officers and directors to the full extent permitted
by Delaware law.&#160; Further, the Company is
covered by insurance which will reimburse it for certain amounts it is
obligated to pay in lawsuits involving officers and directors serving in such
capacities in which the damages, judgments, settlements, costs, charges or
expenses incurred in connection with the defense of the action, suit or
proceeding are reimbursable pursuant to law.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 8.&#160;&#160;&#160;&#160; EXHIBITS</font></b></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restated
  Certificate of Incorporation dated February 4, 1998 filed as Exhibit 3(a) to
  the Registrant&#146;s Form 10-Q Report for the quarter ended December 31, 1997,
  File No. 0-7903, and incorporated herein by reference; Certificate of
  Designation, Preferences and Rights of Series B Junior Participating
  Preferred Stock dated July 24, 1998, filed as Exhibit 1 to the Registrant&#146;s
  Form 8-A Registration Statement dated July 23, 1998, File No. 001-08123, and
  incorporated herein by reference.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended
  and Restated By-Laws of the Registrant as amended through February 24, 2000,
  filed as Exhibit 3(b) to the Registrant&#146;s Form 10-Q Report for the quarter
  ended March 31, 2000, file no. 0-7903, and incorporated herein by reference.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment
  to Rights Agreement dated as of October 15, 2001 between the Registrant and
  BankBoston, N.A., filed as Exhibit 4(a) to the Registrant&#146;s Form 10-Q Report
  for the quarter ended December 31, 2001, File No. 0-7903, and incorporated
  herein by reference; Rights Agreement dated as of July 24, 1998, between the
  Registrant and BankBoston, N.A., as Rights Agent, filed as Exhibit 1 to the
  Registrant&#146;s Form 8-A Registration Statement dated July 23, 1998, File No.
  001-08123, and incorporated herein by reference.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion
  of Counsel</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registrant does not
  have a determination letter from the Internal Revenue Service (IRS) with
  respect to qualification of the Quixote Corporation Incentive Savings Plan
  (Plan); the Registrant undertakes to submit the Plan and any amendment
  thereto to the IRS in a timely manner and will make all changes required by
  the IRS in order to qualify the Plan.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent
  of PricewaterhouseCoopers LLP</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23(b)*</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent
  of Joan R. Riley, Esq.</font></p>
  </td>
 </tr>
</table>

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

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

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

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

</font></div>

</div>
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<div>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Powers
  of Attorney</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quixote
  Corporation Incentive Savings Plan</font></p>
  </td>
 </tr>
</table>

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

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

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Not
  filed; incorporated in Exhibit 5</font></p>
  </td>
 </tr>
</table>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 9.&#160;&#160;&#160;&#160; UNDERTAKINGS</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The undersigned registrant hereby
undertakes:</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To file, during any period in which
offers or sales are being, made, a post-effective amendment to this
registration statement:</font></p>

<p style="margin:0in 0in .0001pt 37.05pt;text-indent:-37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To include any prospectus required
by Section 10(a)(3) of the Securities Act of 1933;</font></p>

<p style="margin:0in 0in .0001pt 37.05pt;text-indent:-37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To reflect in the prospectus any
facts or events arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in
the registration statement.&#160;
Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) promulgated under the
Securities Act if, in the aggregate, the changes in volume and price represent
no more than a 20% change in the maximum aggregate offering price set forth in
the &#147;Calculation of Registration Fee&#148; table in the effective registration
statement;</font></p>

<p style="margin:0in 0in .0001pt 37.05pt;text-indent:-37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To include any material information
with respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the
registration statement;</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provided;
however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
registration statement is on Form S-3 or Form S-8, and the information required
to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed by the registrant pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the registration statement.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; That, for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To remove from the registration by
means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The undersigned registrant hereby
undertakes that, for purposes of determining any liability under the Securities
Act of 1933, each filing of the registrant&#146;s annual report pursuant to Section
13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan&#146;s annual report pursuant to
Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by
reference in the registration statement shall be deemed to be a new
registration </font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-3</font></p>

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

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

</font></div>

</div>
<!-- SEQ.=1,FOLIO='II-3',FILE='C:\JMS\knguyena\04-13966-2\task241430\13966-2-ba.htm',USER='knguyenc',CD='Nov 30 10:06 2004' -->


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<div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Insofar as indemnification for
liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Act and is, therefore,
unenforceable.&#160; In the event that a claim
for indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
persons of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it against public policy as expressed in the Act and will be
governed by the final adjudication of such issue.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-4</font></p>

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

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

</font></div>

</div>
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<div style="font-family:Times New Roman;">

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements
for filing of Form S-8 and has duly caused this registration statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Chicago, State of Illinois on the 29<sup>th</sup> day of November, 2004.</font></p>

<p style="margin:0in 0in .0001pt 76.95pt;text-indent:139.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">QUIXOTE
  CORPORATION</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.08%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-19.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ LESLIE J. JEZUIT</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Leslie
  J. Jezuit</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman
  and Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 239.4pt;text-indent:-234.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:34.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement
has been signed below by the following persons in the capacities and on the
dates indicated.</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="203" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Signature</font></b></p>
  </td>
  <td width="28" valign="bottom" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="342" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:256.2pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title</font></b></p>
  </td>
  <td width="22" valign="bottom" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="125" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:93.7pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="border:none;padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" valign="top" style="border:none;padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="border:none;padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ LESLIE J. JEZUIT</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" rowspan="2" valign="top" style="padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman, Chief Executive
  Officer and Director (Principal Executive Officer)</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November 17, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="border:none;padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Leslie J. Jezuit</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" valign="top" style="padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ DANIEL P. GOREY</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" rowspan="2" valign="top" style="padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Vice President, Chief
  Financial Officer, Treasurer and Director</font>&nbsp; </font>(Principal Financial&nbsp;Officer and Principal&nbsp;Accounting Officer)</p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November 17, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="border:none;padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel P. Gorey</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" valign="top" style="padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ JAMES H. DEVRIES</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" valign="top" style="padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November 17, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="border:none;padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James H. DeVries</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" valign="top" style="padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" valign="top" style="padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ WILLIAM G. FOWLER</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" valign="top" style="padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November 17, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="border:none;padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William G. Fowler</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" valign="top" style="padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" valign="top" style="padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ LAWRENCE C. MCQUADE</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" valign="top" style="padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November 17, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="border:none;padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lawrence C. McQuade</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" valign="top" style="padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" valign="top" style="padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">/s/ ROBERT D. VAN ROIJEN,
  JR.</font>&nbsp; </font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" valign="top" style="padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November 17, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" valign="top" style="border:none;padding:0in 0in 0in 0in;width:152.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert D. van Roijen, Jr.</font></p>
  </td>
  <td width="28" valign="top" style="padding:0in 0in 0in 0in;width:21.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="342" valign="top" style="padding:0in 0in 0in 0in;width:256.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="top" style="padding:0in 0in 0in 0in;width:16.85pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="125" valign="top" style="padding:0in 0in 0in 0in;width:93.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-5</font></p>

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

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

</font></div>

</div>
<!-- SEQ.=1,FOLIO='II-5',FILE='C:\JMS\knguyena\04-13966-2\task241430\13966-2-ba.htm',USER='knguyenc',CD='Nov 30 10:06 2004' -->


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


<div>

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

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit
  No.</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion
  of Counsel</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23(a)</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent
  of PricewaterhouseCoopers LLP</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Power
  of Attorney</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99(a)</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quixote
  Corporation Incentive Savings Plan</font></p>
  </td>
 </tr>
</table>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-6</font></p>

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

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

</font></div>

</div>
<!-- SEQ.=1,FOLIO='II-6',FILE='C:\JMS\knguyena\04-13966-2\task241430\13966-2-ba.htm',USER='knguyenc',CD='Nov 30 10:06 2004' -->


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[{"type": "S-8", "sequence": "1", "filename": "a04-13966_2s8.htm", "description": "S-8", "secsgml_size_bytes": 273656}]
{"company-data": {"conformed-name": "QUIXOTE CORP", "cik": "0000032870", "assigned-sic": "3089", "irs-number": "362675371", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-120852", "film-number": "041174844"}, "business-address": {"street1": "ONE E WACKER DR", "street2": "STE 3000", "city": "CHICAGO", "state": "IL", "zip": "60601", "phone": "3124676755"}, "mail-address": {"street1": "ONE EAST WACKER DRIVE", "city": "CHICAGO", "state": "IL", "zip": "60601"}, "former-company": {"former-conformed-name": "ENERGY ABSORPTION SYSTEMS INC", "date-changed": "19800815"}}
As filed with the Securities and Exchange Commission on November 30,
2004
Registrant Statement No.
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
QUIXOTE CORPORATION
(Exact name of registrant as specified in its
charter)
Delaware
36-2675371
(State of incorporation)
(IRS Employer
Identification No.)
Thirty-Five
  East Wacker Drive, Chicago, Illinois
60601
(Address of principal executive offices)
(Zip Code)
QUIXOTE
  CORPORATION INCENTIVE SAVINGS PLAN
(Full title of the Plan)
Joan
  R. Riley
Vice President, Secretary and General
  Counsel
Quixote Corporation
Thirty-Five East Wacker Drive
Chicago, Illinois  60601
(Name and address of agent for service)
(312)
  467-6755
(Telephone number, including area code, of agent for service)
Calculation of Registration Fee
Title
  of Securities to be Registered
Amount
  Being Registered
(1)(3)
Proposed
  Maximum
Offering Price Per
Share(2)
Proposed
  Maximum
Aggregate Offering
Price(2)
Amount
  of
Registration Fee
Common Stock $.01-
2
/
3
Par Value(3)
349,645 Shares
$
20.16
$
7,048,843
$
893.00
(1)
This Registration
Statement shall also cover any additional shares of Common Stock which may
become issuable under the Quixote Corporation Incentive Savings Plan by reason
of any stock dividend, stock split, recapitalization or other similar
transaction effected without receipt of consideration which results in an
increase in the number of outstanding shares of Common Stock of Quixote
Corporation.
(2)
Estimated solely
for purposes of calculating the registration fee under Rule 457(h), based upon
the average of the high and low prices as reported by the NASDAQ National
Market System on November 26, 2004.
(3)
Includes the preferred
stock rights associated with the Common Stock which will be issued for no
additional consideration.
The
Registrant is registering its contribution from time to time of 100,000 shares
of its Common Stock to the Quixote Corporation Incentive Savings Plan (the "Plan"),
and the subsequent sale or other distribution of these 100,000 shares to
employees or other persons pursuant to the Plan. These shares constitute the
Registrant's matching contribution for employees pursuant to the terms of the
Plan.  In addition, this Registration
Statement applies to 249,645 additional shares of Common Stock currently owned
by the Plan which were acquired by the Plan in open market purchases and can be
distributed to employees or other persons for subsequent sale or other
distribution pursuant to the Plan.
The information in this
prospectus is not complete and may be changed. The selling stockholders may not
sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective.  This prospectus is not an offer to sell these
securities and it is not soliciting an offer to buy these securities in any
state where the offer of sale is not permitted.
Subject
to Completion, Dated                   ,
2004
PROSPECTUS
QUIXOTE
CORPORATION
349,645
Shares
of
Common Stock
The shares of common
stock described in this prospectus are being offered for sale from time to time
by the selling stockholders who acquired these shares by distribution from the
Quixote Corporation Incentive Savings Plan (the "Plan") or by the Plan, acting
at the request of the selling stockholders pursuant to the terms of the
Plan.  Quixote Corporation will not
receive any proceeds from any sale of common stock offered pursuant to this
prospectus.
The selling stockholders
(or the Plan, at their request) may offer and sell the shares of common stock
at various times and in various types of transactions, including sales in the
open market, sales in negotiated transactions and sales by a combination of
these methods.   Shares may be sold at
the market price of the common stock at the time of a sale, at prices relating
to the market price over a period of time, or at prices negotiated with the
buyers of shares.  The shares may be sold
through underwriters or dealers which the selling stockholders may select.  If underwriters or dealers are used to sell
the securities, we will name them and describe their compensation in a
prospectus supplement.  For a detailed description
of the various methods by which the selling stockholders may offer and sell the
common stock described in this prospectus see the discussions entitled "Plan of
Distribution" on page 19 of this prospectus.
The selling stockholders
are responsible for all brokerage fees and commissions and similar sale-related
expenses.  Quixote Corporation is paying
expenses relating to the registration of the shares with the Securities and
Exchange Commission.
Our common stock is
traded on The Nasdaq Stock Market® under the symbol "QUIX."  On November 26, 2004, the closing price of
Quixote common stock was $20.30.
Investing in Quixote
Corporation's common stock involves risks. 
See the sections entitled "Disclosure Regarding Forward-Looking
Statements" on page 5 and "Risk Factors" beginning on page 6 of this prospectus
to read about factors to consider in connection with purchasing these shares.
Neither the Securities and
Exchange Commission nor any state securities commission has approved or
disapproved these securities, or determined if this prospectus is truthful or
complete.  Any representations to the
contrary is a criminal offense.
The date of this
prospectus is
                ,
2004
3
TABLE OF
CONTENTS
Page
DISCLOSURE
  REGARDING FORWARD-LOOKING STATEMENTS
5
ABOUT THIS PROSPECTUS
5
RISK FACTORS
6
QUIXOTE CORPORATION
11
USE OF PROCEEDS
13
SELLING STOCKHOLDERS
13
DESCRIPTION OF CAPITAL STOCK
13
PLAN OF DISTRIBUTION
19
LEGAL MATTERS
20
WHERE YOU CAN FIND
  MORE INFORMATION
20
INCORPORATION BY REFERENCE
21
4
DISCLOSURE
REGARDING FORWARD-LOOKING STATEMENTS
Our
disclosure and analysis in this prospectus and any prospectus supplement,
including information incorporated by reference, may include forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, or the Securities Act, Section 21E of the Securities Exchange Act of
1934, as amended, or the Exchange Act, and the Private Securities Litigation
Reform Act of 1995, that are subject to risks and uncertainties. You can
identify these statements by forward-looking words such as "may," "will," "expect,"
"anticipate," "believe," "estimate," "plan" and "continue" or similar
words.  We have based these statements on
our current expectations about future events. 
We make no undertaking to update these statements or to revise them to
reflect subsequent events.  Although we
believe that our expectations reflected in or suggested by our forward-looking
statements are reasonable, our actual results may differ materially from what
we currently expect.  Important factors
which could cause our actual results to differ materially from the
forward-looking statements in this prospectus or in the documents that we
incorporate by reference into this prospectus include those described under "Risk
Factors" and the following:
•
uncertainties related to continued federal, state
and municipal funding for highways and transportation safety, and risks related
to reductions in government expenditures;
•
the successful completion, integration and
rationalization of our acquisitions;
•
the ability to generate sufficient future cash
flows to be in compliance with our financing agreements;
•
the introduction and acceptance of our products
and services;
•
unfavorable changes in product sales mix;
•
seasonality, along with the extent and timing of
the award of large contracts;
•
the cyclical nature of our governmental markets;
•
competitive and pricing pressures;
•
increasing raw material costs;
•
excess manufacturing capacity;
•
the possible impairment of goodwill or intangible
assets;
•
uncertainties relating to managing and expanding
international markets;
•
weather conditions;
•
acts of war and terrorist activities;
•
general economic conditions;
•
other risks and uncertainties as may be detailed
from time to time in our public announcements and Securities and Exchange
Commission filings.
You
should carefully read this prospectus, supplements to this prospectus and the
documents that we incorporate by reference into this prospectus completely and
with the understanding that our actual future results may be materially
different from what we expect.  All
forward-looking statements attributable to us are expressly qualified by these
cautionary statements.
ABOUT THIS
PROSPECTUS
This
prospectus is part of a registration statement that we filed with the
Securities and Exchange Commission utilizing a "shelf registration"
process.  Under this shelf registration
process, the selling stockholders may, from time to time, offer and sell up to 349,645
shares of our common stock described in this prospectus.  The information in this prospectus or any
supplement may not contain all of the information that may be important to
you.  You should read the entire
prospectus or any supplement, as well as the documents incorporated by
reference in the prospectus or any supplement, before making an investment
decision.
You
should rely only on the information contained in this prospectus or any
supplement.  We have not authorized any
other person to provide you with different information.  If anyone provides you with different or
inconsistent information, you should not rely on it.  We are not making an offer to sell these shares
in any jurisdiction where the offer or sale is not permitted.  You should not assume that the information in
this prospectus or any supplement is accurate as of any date other than the
date on the front cover of such documents. 
Our business, financial condition, results of operations and prospects
may have changed since that date.
5
When used in this
prospectus and any prospectus supplement, the terms "Quixote," "we," "our," "us"
and "Company" refer to Quixote Corporation and its subsidiaries.
RISK FACTORS
Before you invest
in our shares, you should be aware that the occurrence of any of the events
described in this Risk Factors section and elsewhere in this prospectus or in a
supplement to this prospectus could have a material adverse effect on our
business, financial condition and results of operations.  You should carefully consider these risk
factors and the specific risks set forth under the caption "Risk Factors" in
any supplement to this prospectus, together with all of the other information
included in this prospectus or in a supplement to this prospectus and in
documents we incorporate by reference before you decide to purchase our shares.  This prospectus contains forward-looking
statements that involve risks and uncertainties.
Investors are cautioned
that all forward-looking statements involve risks and uncertainties, including
those detailed in the Company's public filings with the SEC, news releases and
other communications, which speak only as of the dates of those filings or
communications. There can be no assurance that actual results will not differ
materially from the Company's expectations.
A decrease or delay in government
funding of transportation safety and highway construction and maintenance may
cause our revenues and profits to decrease.
We depend substantially
on federal, state and municipal funding for transportation safety, highway
construction and maintenance and other related infrastructure projects. Any
decrease or delay in government funding for transportation safety, highway
construction and maintenance and other related infrastructure projects could
cause our revenues and profits to decrease.
Federal government
funding for infrastructure projects is usually accomplished through highway
authorization bills, which establish funding over a multi-year period. The most
recent highway authorization bill was enacted in June 1998 and covered federal
spending through September 30, 2003. It has been extended at current funding
levels several times and currently expires May 31, 2005. The delayed passage of
the new highway funding bill adversely affected our financial performance in
fiscal year 2004, and will continue to affect our financial performance in
fiscal year 2005.  We can not predict
when a new highway bill will be enacted or the level of future federal
governmental spending.  Until new
legislation is passed, the transportation safety allotment in federal and state
budgets will continue to be uncertain, and the Company believes this
uncertainty will continue to negatively impact spending on the products and
services offered by the Company.  Even
after new legislation is enacted, funding appropriations may be revised in
future congressional sessions, and federal funding for infrastructure projects
may be reduced in the future.  In
addition, Congress could pass legislation in future sessions which would divert
highway funds for other national purposes or would restrict funding for
infrastructure projects unless states comply with certain federal policies.
Constraints on local government
budgets may adversely affect our financial performance.
Many states have been
suffering, and we believe will continue to suffer, from budget constraints
given the national and local economies. 
Such budgetary constraints adversely affect the ability of states to fund
transportation, highway and infrastructure projects, and therefore reduce the
demand for our products.  Municipalities
also suffer from budget constraints that can reduce transportation safety
spending.
Downturns in the U.S. economy or
the transportation safety and highway construction industries may adversely
affect our revenues and operating results.
General economic
downturns, including downturns in the transportation safety and highway
construction industries, could result in a material decrease in our revenues
and operating results. In fact, we believe that the economic downturn and the
related political uncertainty during fiscal years 2002 through 2005 have
negatively affected our expected revenue growth. Sales of our products are
sensitive to foreign, domestic and regional economies in general, and in
particular, changes in highway government infrastructure spending.  Many of our costs are fixed and cannot be
quickly reduced in response to decreased demand.
6
Sales of our products often are
subject to government testing, inspection and approval.
We frequently supply
products and services pursuant to agreements with general contractors who have
entered into contracts with federal, state or municipal government
agencies.  In some cases we enter into
contracts directly with government agencies. 
At times these contracts require engineered systems which combine our
Inform products, sometimes in conjunction with our Protect and Direct products,
into complex systems which may themselves be incorporated into other
systems.  The successful completion of
our obligations under these contracts is often subject to satisfactory testing,
inspection and approval of such products and services by a representative of
the contracting agency.  Although we
endeavor to satisfy the requirements of each of these contracts to which we are
a party, no assurance can be given that the necessary approval of our products
and services will be granted on a timely basis or at all and that we will
receive any payments due to us. In some cases, we may be dependent on others to
complete these projects which may also delay payments to us.  Any failure to obtain these approvals and
payments may have a material adverse effect on our business and future
financial performance.
Past and
future acquisitions involve risks that could adversely affect our future
financial results.
We have completed seven
acquisitions since 1997 and may acquire additional businesses in the future. We
may be unable to achieve the benefits expected to be realized from our
acquisitions. In addition, we may incur additional costs and our management's
attention may be diverted because of unforeseen expenses, difficulties,
complications, delays and other risks inherent in acquiring businesses,
including the following:
•
we may have difficulty integrating
the acquired businesses as planned, which may include integration of systems of
internal controls over financial reporting and other financial and
administrative functions;
•
acquisitions may divert management's
attention from our existing operations;
•
we may have difficulty in competing
successfully for available acquisition candidates, completing future
acquisitions or accurately estimating the financial effect of any businesses we
acquire;
•
we may have delays in realizing the
benefits of our strategies for an acquired business;
•
we may not be able to retain key
employees necessary to continue the operations of an acquired business;
•
acquisition costs may be met with
cash or debt, increasing the risk that we will be unable to satisfy current
financial obligations;
•
we may acquire businesses that are
less profitable or have lower profit margins than our company's historical
profit margins; and
•
acquired companies may have unknown
liabilities that could require us to spend significant amounts of additional
capital.
In
May and December, 2003, we made two acquisitions in the intersection signal
business and we have been rationalizing the operations of those two businesses
with other Inform businesses since then. 
Integration of these businesses, combined with reduced demand for our
products given the government budgetary situation, adversely affected our
financial performance in the year ended June 30, 2004.  In addition, we recorded impairment charges
of $32.6 million for the year ended June 30, 2004 related to goodwill,
intangible assets and other long-lived assets in the Inform segment.  The Company has developed and is implementing
a plan to rationalize portions of these operations which includes integrating
product offerings, outsourcing non-critical component parts and focusing
manufacturing facilities to obtain greater synergies.  The full benefit of projected annual cost
savings is not expected to be realized until fiscal 2006.  There can be no assurance, however, that the
Company's rationalization plan will result in cost savings or to what extent
those savings will be realized.  There is
no assurance that we will be able to successfully complete the integration of
these businesses in the near future.
Management's
estimates and assumptions affect reported amounts of expenses.
Goodwill
and other indefinite-lived intangible assets acquired by the Company are tested
for impairment at least annually, and the results of such testing may adversely
affect our financial results.  We use a
third party appraisal firm to assist our determination of fair values, but the
impairment review is highly judgmental and involves the use of significant
estimates and assumptions.  These
estimates and assumptions have a significant
7
impact on the amount of
any impairment charge recorded, and actual results may differ significantly
from the estimates and assumptions used.
The
Company recognizes deferred tax assets and liabilities for the expected future
tax consequences of events which are included in the financial statements or
tax returns.  In assessing the
realizability of the deferred tax assets, management makes certain assumptions
about whether the deferred tax assets will be realized.  The Company expects the deferred tax assets
currently recorded to be fully realizable, however there can be no assurance
that an increased valuation allowance would not need to be recorded in the
future.
Our
business could be adversely affected by access to reduced levels of cash,
whether generated from operations or from bank borrowings.
Our
principal sources of funds have historically been cash flows from operations
and borrowings from banks.  Our financial
performance in fiscal year 2004 has adversely affected the amount of cash flow
from operations and has required us to modify our bank credit agreement in
order to avoid the occurrence of events of defaults relating to certain
covenants and financial ratios.  Amendments
to the credit agreement required us to modify certain covenants, pledge our assets
as collateral, and reduce the maximum amount of availability under the
revolving credit facility to $38 million. 
The amended credit agreement also limits our dividend payments.
Although
we are currently in compliance with the covenants of the credit agreement, our
ability to remain in compliance in the future will depend on our future
performance and may be affected by events beyond our control, including the
prolonged delay in the passage of a new federal highway bill.  There can be no assurance that we will
generate sufficient earnings and cash flow to remain in compliance with the
credit agreement, or that we will be able to obtain future amendments to the
credit agreement to avoid a default.  In
the event of a default, there can be no assurance that we could negotiate a new
credit agreement or that we could obtain a new credit agreement with
satisfactory terms and conditions within a reasonable time period.
If we
are unable to protect our proprietary technology from infringement or if our
technology infringes technology owned by others, then the demand for our
products may decrease or we may be forced to modify our products which could
increase our costs.
We hold numerous patents
covering technology and applications related to many of our products and
systems, and numerous trademarks and trade names registered with the U.S.
Patent and Trademark Office and in foreign countries. Our existing or future
patents or trademarks may not adequately protect us against infringements, and
pending patent or trademark applications may not result in issued patents or
trademarks. Our patents, registered trademarks and patent applications, if any,
may not be upheld if challenged, and competitors may develop similar or
superior methods or products outside the protection of our patents. This could
increase competition for our products and materially decrease our revenues. If
our products are deemed to infringe upon the patents or proprietary rights of
others, we could be required to modify the design of our products, change the
name of our products or obtain a license for the use of some of the
technologies used in our products. We may be unable to do any of the foregoing
in a timely manner, upon acceptable terms and conditions, or at all, and the
failure to do so could cause us to incur additional costs or lose expected
revenue.
Our
success depends on key members of our management and other employees.
Leslie J. Jezuit, our
Chairman and President, and Daniel P. Gorey, our Chief Financial Officer, are
of significant importance to our business and operations and neither has an
employment agreement with us. The loss of their services may adversely affect
our business. In addition, our ability to attract and retain qualified
engineers, skilled manufacturing and marketing personnel and other
professionals, either through direct hiring or acquisition of other businesses
employing such professionals, will also be an important factor in determining
our future success.
8
Difficulties
in managing and expanding in international markets could affect future growth
in these markets.
In fiscal year 2004,
international sales represented approximately $14,249,000 or 9.5%, of our total
sales and we believe international markets could be an important source of
growth. We plan to continue to increase our presence in these markets. In
connection with any increase in international sales efforts, we may need to
hire, train and retain qualified personnel in countries where language,
cultural or regulatory barriers may exist. Moreover, funding and government
requirements vary by country with respect to transportation safety.  In a number of countries there are no governmental
requirements or funding for transportation safety and we must educate officials
and demonstrate the need for and benefits of our products. In addition,
international revenues are subject to the following risks:
•
fluctuating currency exchange rates could
reduce the demand for or profitability of foreign sales by affecting the
pricing of our products;
•
the burden of complying with a wide
variety of foreign laws and regulations, including the requirements for
additional testing of our products;
•
dependence on foreign sales agents;
•
political and economic instability of
foreign governments; and
•
the imposition of protective
legislation such as import or export barriers.
We depend on principal customers.
No single customer of
Quixote represents a significant portion of total revenues. However, in fiscal
2004, approximately 14% and 10% of our consolidated revenues resulted from
sales to customers in the States of California and Texas, respectively.  Customers may consist of distributors,
contractors, departments of transportation, state agencies, local governments
or municipalities. A change in policy in state spending could materially affect
our sales in either state.  The loss of,
or a significant reduction in, orders from these or our other major customers
could have a material adverse effect on our financial condition and results of
operations.
We are in
a competitive marketplace.
To the extent one or more
of our current or future competitors introduce products that better address
customer requirements, or are less expensive than our products, our business
could be adversely affected and we may be unable to maintain our leadership
position in certain products.  Competition
may adversely affect the selling prices and the profit margins on our products.  We may not be successful in developing and
marketing our existing products or new products or incorporating new technology
on a timely basis or at a reduced cost. 
If we are unable to timely develop and introduce new products, or
enhance existing products, or reduce costs, in response to changing market
conditions or customer requirements or demands, our business and results of
operations could be materially and adversely affected.
The Company has acquired
complementary businesses over the past several years and, as a part of its
strategy, may continue to acquire complementary businesses.  The gross profit margins of certain acquired
product lines are lower than the Company's historical gross profit margin,
which is adversely affecting the Company's gross profit margin.  The Company is experiencing rigorous
competition in its variable message sign and weather sending system product
lines.  Given competitive conditions, we
may be unable to improve our gross profit margins for these businesses and
products.
The Company has been
affected by increased prices for certain commodities, particularly steel and
resin, which are a significant component of the cost of certain of the Company's
products.  Such price increases
negatively impact the Company's gross margin for certain products, because we
have been unable to increase our prices for those products.
The Company does not
believe these trends will improve in the near future.
9
Our
quarterly operating results are likely to fluctuate, which may affect our stock
price.
Our quarterly revenues,
expenses, operating results and gross profit margins have varied significantly
in the past and are likely to vary significantly from quarter to quarter in the
future. As a result, our operating results may fall below the expectations of
securities analysts and investors in some quarters, which could result in a
decrease in the market price of our common stock. The reasons our quarterly
results may fluctuate include:
•
seasonality inherent in our
transportation safety and highway construction and maintenance business;
•
variations in profit margins
attributable to product mix;
•
changes in the general competitive
and economic conditions;
•
delays in, or uneven timing in the delivery
of, customer orders;
•
the introduction of new products by
us or our competitors; and
•
delays in federal highway funding and
budgetary restraints on state and local government spending.
Period to period
comparisons of such items should not be relied on as indications of future
performance.
We may experience volatility in
our stock price that could affect your investment.
The
market price of our common stock may be subject to significant fluctuations in
response to various factors, including:
•
the relatively small public float of our stock;
•
quarterly fluctuations in our operating results,
as described in the prior risk factor;
•
changes
in securities analysts' estimates of our future earnings; and
•
loss of significant customers or significant
business developments relating to us or our competitors.
Our
failure to meet analysts' expectations, even if minor, could cause the market
price of our common stock to decline.  In
addition, stock markets have generally experienced a high level of price and
volume volatility, and the market prices of equity securities of many companies
have experienced wide price fluctuations not necessarily related to the
operating performance of such companies. 
These broad market fluctuations may adversely affect our common stock's
market price.  In the past, securities
class action lawsuits frequently have been instituted against companies
following periods of volatility in the market price of such companies'
securities.  If any such litigation is
instigated against us, it could result in substantial costs and a diversion of
management's attention and resources, which could have a material adverse
effect on our business, results of operations and financial condition.
Certain provisions of Delaware
law, our certificate of incorporation and our stockholder rights plan have
potential anti-takeover effects.
Certain provisions of
Delaware law and of our Certificate of Incorporation and By-Laws could make a
merger, tender offer, or proxy contest involving us more difficult, even if
such events could be beneficial to the interests of our stockholders.  These provisions include:
•
Section 203 of the Delaware General
Corporation Law which prohibits us from engaging in any business combination
with any interested stockholder for a period of three years from the date the
person became an interested stockholder unless specific conditions are met;
•
the requirement that 60% of the
stockholders entitled to vote thereon approve certain transactions; and
•
the existence of "blank check"
preferred stock that may be issued by our board of directors without
stockholder approval on such terms as the board may determine.
We also have a
stockholders rights plan that could make a change of control of our Company
more difficult.  See "Description of
Capital Stock".
10
QUIXOTE CORPORATION
The following summary
contains basic information about us.  It
likely does not contain all the information that is important to you.  We encourage you to read this entire
prospectus and the documents we have referred you to, including our consolidated financial statements and the notes thereto
that are incorporated by reference into this prospectus.
Our Business
Quixote and its
subsidiaries develop, manufacture and market highway and transportation safety
products to protect, direct and inform motorists and highway workers in both
domestic and international markets. 
These products include energy-absorbing highway crash cushions, flexible
post delineators, electronic wireless measuring and sensing devices, weather
information systems and forecasting services, mobile and permanent variable
message signs, highway advisory radios, intelligent intersection control
devices, automated photo enforcement systems and other highway and
transportation safety devices.
Our
operations are comprised of two reportable segments:  the manufacture and sale of highway and
transportation safety products that "Protect and Direct", and the manufacture
and sale of products and services that "Inform", often referred to as
Intelligent Transportation Systems or ITS products.  Our Protect and Direct segment provides
solutions for improving safety on the roads either by minimizing the severity
of crashes that occur or by preventing crashes from occurring by directing or
guiding traffic.  Our Inform segment
provides solutions for improving traffic flow and safety on the roads by
providing information.  Our products are
sold by both a direct sales force and a distribution network to customers in
the highway construction and safety business, state departments of
transportation, municipalities and other governmental transportation agencies.
We
also provide product education, selection and application assistance in
connection with our products.  In limited
cases, we perform site preparation and installation services for our products,
but these services are primarily performed by our distributor/contractor
network.
Our
principal executive offices are located at 35 East Wacker Drive, Suite 1100, Chicago,
Illinois 60601, and our telephone number at that address is (312) 467-6755. Our
website is located at http://www.quixotecorp.com. Information contained in our
website is not a part of this prospectus.
As of June 30, 2004, we employed approximately 1,300 people.
Protect and
Direct Segment
Our
Protect and Direct category of products, which reduce the severity of crashes,
include our patented highway crash cushions which were first conceived and
developed in 1969.  These products were
developed and sold in response to the high number of fatalities and serious
injuries suffered by occupants of errant vehicles in collisions with roadside
hazards, such as bridge abutments, overpass piers, overhead sign supports, lane
dividers, traffic islands and toll booths. 
Since 1969, various types of highway crash cushions have been installed
in front of thousands of life-threatening roadside hazards.  The Federal Highway Administration (FHWA)
endorses the installation of highway crash cushions as an effective safety
program.
We
develop, manufacture and market lines of patented highway crash cushion systems
and other barriers which absorb and dissipate the force of impact in collisions
between vehicles and fixed roadside objects or slow moving highway construction
vehicles.  The product lines utilize the
principles of momentum transfer and kinetic energy to safely decelerate errant
vehicles.  Energy absorption or energy
dissipation is accomplished by using different combinations of water, aluminum,
steel, urethane foam systems, cardboard, plastic structures, elastometric
cylinders and sand.
We
also manufacture and sell products that prevent crashes and help control the
flow of traffic by directing or guiding traveling vehicles.  These products consist of a line of flexible
sign and guide post systems (delineators) and a glare screen system.  The guide posts are used to delineate a
travel way, channel vehicles or mark the location of an object.  The guide post system features a patented,
in-ground anchor system that permits inexpensive repair and
11
replacement
techniques.  The glare screen system is
installed on top of median barriers to eliminate the distraction of lights from
oncoming vehicles on roads.
Our
products in the Protect and Direct segment also include a crashworthy barrier
arm for use at areas such as railroad crossings, tollroads and as security for
access ways, driveways and parking lots. 
In addition, we market a FreezeFree®
anti-icing system which automatically
or manually dispenses deicing liquids in advance of ice formation on bridges,
roads and overpasses.
Inform
Segment
To
expand our business within the highway and transportation safety industry, we
began in 1998 acquiring companies that manufacture ITS products, which provide
information to ease congestion, improve traffic flow and prevent crashes from
occurring.  These companies now comprise
the Inform segment.  Highway Information
Systems, Inc., acquired in April 1998, manufactures highway advisory radio
systems that help control the flow of traffic by informing motorists of
accidents and traffic delays.  In
December 1998, we acquired Nu-Metrics, Inc., which provides electronic wireless
measuring and sensing devices that gather and use information to relieve
traffic congestion.  In January 2001, we
acquired National Signal, Inc., a provider of mobile variable message signs,
directional displays and warning lights for the transportation industry.  In August 2001, we acquired Surface Systems,
Inc., expanding our ability to provide pavement sensing equipment and
specialized road and runway weather stations and through which we also provide
both road condition and weather forecasting services.
In May 2003, we acquired U.S. Traffic
Corporation ("UST").  UST provides an
array of intelligent intersection control systems and other traffic control
products.  We acquired substantially all
of the assets of the North American operations of Peek Corporation ("Peek") effective
December 1, 2003.  Peek provides intelligent
intersection control systems and other traffic control products, including
electronic traffic controllers, toll and highway data collection systems,
in-ground vehicle sensors, vehicle and pedestrian signals, and red-light
enforcement systems.
Specific
products within the Inform segment include devices that measure distance and
perform repetitive spacing to within one-tenth of an inch per mile, as well as portable
or permanent sensors that record volume, speed, and length classification of
vehicles.  These sensors also collect,
analyze and store traffic, road surface condition and freezing point data. This
information can then be relayed on a real-time basis for monitoring to a
transportation department's base computer or control center via telephone,
cellular link, fiber optic connection or a wireless link.  We also manufacture and market road and
runway traffic and weather information systems. 
Using a tower equipped with weather instruments and special detectors,
these systems can detect freezing conditions and provide valuable weather and
traffic data to transportation departments or airports in order to dispatch
salt trucks or automatically activate anti-icing systems.
Our
products within the Inform segment also include traffic controllers, in-ground
vehicle detectors, permanently-mounted and mobile variable message signs,
directional displays, traffic and pedestrian signals, traffic uninterruptible
power supply (or UPS) systems, illuminated transportation signage and tunnel
lighting.  Traffic controllers and
detectors are devices that control traffic signal operations at intersections
either with preset timers or with detectors that enable the signals to change
in response to variations in traffic. 
Permanently-mounted and mobile variable message signs provide advance
warning and directional information to oncoming drivers to assist in diverting
and controlling traffic around areas of potential hazard.  These LED signs and displays can be
electronic, solar or diesel powered.  UPS
is a power supply system with battery backup that keeps a lighted intersection
operating either normally or in flash-mode during a power interruption.  Traffic and pedestrian signals are LED or
incandescent signals for intersection operations and pedestrian crossings which
may include countdown warnings before a signal changes.
We
also provide specialty lighting solutions for roadway and pedestrian tunnels,
subways and other areas.  In addition, we
are a leading manufacturer of highway advisory radio or HAR systems that
broadcast traffic information using an AM radio frequency.  HAR systems, in conjunction with flashing
lights and message signs, advise drivers to tune to a particular AM radio
station to communicate messages about traffic, road conditions and weather with
reception up to six miles from the unit. 
One of our newly developed products is the Intellizone® system which is
designed to provide real-time information to motorists who are approaching
construction zones by connecting traffic and/or weather sensors and variable
message signs through computer controlled software.
12
USE OF PROCEEDS
All shares of
common stock sold pursuant to this prospectus will be sold by the selling
stockholders and Quixote will not receive any of the proceeds from such sales.
SELLING STOCKHOLDERS
The common stock being
registered by this prospectus consists of 349,645
shares of common stock held by the Plan or by persons who acquired or will
acquire those shares from the Plan, pursuant to its terms.  The Plan is an employee benefit plan that
complies with Section 401(k) of the Internal Revenue Code.  Employees of the Company and its subsidiaries
may acquire shares of common stock pursuant to the terms of the Plan, and may sell
such shares either directly or indirectly by requesting the Plan to sell the shares.
See "Plan of Distribution"
on page 19 of this prospectus.
DESCRIPTION OF CAPITAL STOCK
Our authorized capital
stock consists of 15,000,000 shares of common stock, $0.01-2/3 par value, and
100,000 shares of preferred stock, no par value per share. The following
summary is qualified in its entirety by reference to our certificate of
incorporation and bylaws, copies of which are filed as exhibits to our previous
filings with the Securities and Exchange Commission and incorporated herein by
reference.
Common Stock
We are authorized to
issue 15,000,000 shares of common stock, $0.01-2/3 par value per share.  Each holder of our common stock is entitled
to one vote for each share held.  Except
as provided below under "Certain Other Anti-Takeover Matters", stockholders do
not have the right to cumulate their votes in elections of directors.  Directors are elected if they receive at
least sixty percent of all votes of shares entitled to vote.
Our common stock is
listed on The Nasdaq Stock Market®. 
Subject to the preferential rights of any holders of any outstanding
series of preferred stock, holders of our common stock will be entitled to
dividends on a pro rata basis upon declaration of dividends by our board of
directors.  Dividends are payable only
out of unreserved and unrestricted surplus that is legally available for the
payment of dividends. Dividends that may be declared on our common stock will
be paid in an equal amount to the holder of each share.  No pre-emptive rights are conferred upon the
holders of such stock and there are no liquidation or conversion rights.  There are no redemption or sinking fund
provisions and there is no liability to further calls or to assessments by us.
Any determination to declare or pay dividends in the future will be at the
discretion of our board of directors and will depend on our results of
operations, financial condition, contractual or legal restrictions and other
factors deemed relevant by our board of directors. Upon our liquidation,
holders of our common stock will be entitled to a pro rata distribution of our
assets, after payment of all amounts owed to our creditors and the preferential
amounts owing with respect to any of our outstanding preferred stock.
Preferred Stock
The rights, preferences
and privileges of holders of common stock are subject to, and may be adversely
affected by, the rights of the holders of shares of any series of preferred
stock that we may designate and issue in the future.
Our certificate of
incorporation provides for the issuance of up to 100,000 shares of preferred
stock. Our board of directors will have the authority, without further action
by the stockholders, to issue up to 100,000 shares of preferred stock in one or
more series and to designate the rights, preferences, privileges and
restrictions of each such series. The issuance of preferred stock could have
the effect of restricting dividends on the common stock, diluting
13
the voting power of the
common stock, impairing the liquidation rights of the common stock or delaying
or preventing a change in control without further action by the
stockholders.  Subject to the rights of
the holders of any series of preferred stock, the number of authorized shares
of any series of preferred stock may be increased or decreased (but not below
the number of shares thereof then outstanding) by resolution adopted by our
board of directors.
In connection with a
previous stockholder rights plan, we authorized 10,000 shares of Series A
preferred stock, none of which was issued. 
At present, 10,000 shares of Series B junior participating preferred
stock have been authorized and are reserved for issuance under the rights plan
as described below. We have no plans to issue any other shares of preferred
stock.
Rights Plan
Effective June 30, 1998,
our board of directors adopted a stockholder rights plan.  To implement the rights plan, our board of
directors declared a dividend distribution of one right for each outstanding
share of common stock, to shareholders of record at the close of business on
July 14, 1998, and for each share of common stock issued between July 14, 1998
and the distribution date.  When
exercisable, each right will entitle the registered holder to purchase from us
a unit consisting of one one-thousandth of a share of Series B junior
participating preferred stock, no par value per share, at a purchase price of
$40.00, subject to adjustment.  The
description and terms of the rights are set forth in a rights agreement between
us and EquiServe Trust Company, N.A. as rights agent, dated as of July 24,
1998, a copy of which is attached as Exhibit 1 to our Form 8-A Registration
Statement, File No. 001-08123, filed with the Securities and Exchange
Commission on July 23, 1998.  This
summary description does not purport to be complete and is qualified in its
entirety by reference to the rights agreement.
Common
Stock Certificates Representing Right.
Initially,
the rights will be evidenced by Quixote common stock certificates representing
shares then outstanding, and no separate certificates for the rights will be
distributed.  The rights will be
exercisable and transferable apart from our common stock and a distribution
date will occur upon the earliest of (1) ten days following the stock
acquisition date, which is a public announcement that a person or group of
affiliated or associated persons (an acquiring person) has acquired, or
obtained the right to acquire, beneficial ownership of 15% or more of our
outstanding common stock and (2) ten business days following the commencement
of a tender offer or exchange offer that would result in the beneficial
ownership by a person or group of 20% or more of our outstanding common stock.
Until the distribution
date, (1) the rights will be evidenced by Quixote common stock certificates and
will be transferred with and only with such common stock certificates, (2) new
common stock certificates issued after July 14, 1998 will contain a notation
incorporating the rights agreement by reference, and (3) the surrender for
transfer of any certificates for common stock outstanding will also constitute
the transfer of the rights associated with the common stock represented by such
certificate.
Issuance
of Rights Certificates.
As
soon as practicable following the distribution date, separate certificates
representing only rights shall be mailed to the holders of record of our common
stock as of the close of business on the distribution date, and such separate
rights certificates alone shall represent such rights from and after the
distribution date.  Except as otherwise
determined by our board of directors, only shares of our common stock issued
before the distribution date will be issued with rights.
Expiration
of Rights.
The
rights are not exercisable until the distribution date and will expire at the
close of business on July 24, 2008, unless earlier redeemed or exchanged by us
as described below.
Exercise
of Rights.
If any
person becomes the beneficial owner of 15% or more of the then-outstanding
shares of our common stock (except pursuant to an offer for all outstanding
shares of our common stock determined by our board of directors who are not
officers of Quixote and who are not representatives, nominees, affiliates or
associates of an acquiring person or adverse person
to
be fair to and otherwise in the best interests of us and our shareholders), or
our board of directors declares any individual or entity (alone or together
with its affiliates and associates as defined in Rule 12b-2 of the Securities
and Exchange Act of 1934, as amended) owning at least 10% of the
then-outstanding shares of our common stock to be an adverse person (as defined
in the rights agreement), each holder of a right will thereafter have the right
to receive, upon exercise thereof, the number of shares of our common
14
stock (or, in certain
circumstances, cash, property, or other securities of Quixote or a reduction in
the purchase price) having a value equal to two times the exercise price of the
right.  Notwithstanding any of the
foregoing, following the occurrence of either event described above, all rights
that are, or (under certain circumstances specified in the rights agreement)
were, beneficially owned by any acquiring person will be void.  The rights are not, however, exercisable
following the occurrence of the event set forth above until such time as the
rights are no longer redeemable by us, as described below.  Further, rights generally are exercisable
only after the effectiveness of a registration statement covering the
underlying shares of our common stock under the Securities Act of 1933, as
amended.
For example, at an
exercise price of $40.00, each right not owned by an acquiring person or an
adverse person (or by certain related parties) following an event set forth in
the preceding paragraph would entitle its holder to purchase $80.00 worth of
common stock (or other consideration, as noted above) for $40.00.  Assuming that the common stock had a
per-share market value of $20.00 at such time, the holder of each valid right
would be entitled to purchase four shares of our common stock at $40.00.
If at any time following
the stock acquisition date or the date on which an individual or entity is
declared an adverse person pursuant to the rights agreement, (1) we are
acquired in a merger or other business combination transaction in which we are
not the surviving corporation (other than pursuant to a qualified offer as
described above), or (2) more than 50% of our assets or earning power is sold
or transferred (each of such events is referred to as a "Section 13 Event"),
then each holder of a right (except rights that have been previously voided, as
set forth above) shall thereafter have the right to receive, upon exercise,
common stock of the acquiring company having a value equal to two times the
exercise price of the right.  If the
rights cannot be exercised for common stock of the acquiring company as set
forth above, rights holders will be entitled to put the rights to the acquiring
company for cash equal to the exercise price of the rights (i.e., at a 50%
discount).  The events described in this
paragraph and in the second preceding paragraph are referred to as the
triggering events.
Adjustments
to Prevent Dilution.
The purchase price payable, and the number of units of preferred stock
or other securities or property issuable, upon exercise of the rights are
subject to adjustment from time to time to prevent dilution (1) in the event of
a stock dividend on, or a subdivision, combination, or reclassification of, the
preferred stock, (2) if holders of the preferred stock are granted certain
rights or warrants to subscribe for preferred stock or convertible securities
at less than the current market price of the preferred stock, or (3) upon the
distribution to holders of the preferred stock of evidences of indebtedness or
assets (excluding regular quarterly cash dividends) or of subscription rights
or warrants (other than those referred to above).
With certain exceptions,
no adjustment in the purchase price will be required until cumulative
adjustments amount to at least 1% of the purchase price.  No fractional units of preferred stock will
be issued and, in lieu thereof, an adjustment in cash will be made based on the
market price of the preferred stock on the last trading date before the date of
exercise.
Redemption
of Rights.
At any
time until ten days following the stock acquisition date (or such later date as
our board of directors may determine), we may redeem the rights in whole, but
not in part, at a price of $.01 per right, payable in cash, or shares of common
stock or other consideration deemed appropriate by our board of directors.  Immediately upon the action of our board of
directors ordering redemption of the rights, the rights will terminate and the
only right of the holders of rights will be to receive the $.01 redemption
price.
No
Stockholder Rights Before Exercise.
Until a right is exercised, the holder
thereof, as such, will have no rights as a stockholder of Quixote, including
the right to vote or to receive dividends. While the distribution of the rights
will not be taxable to stockholders or to us, stockholders may, depending upon
the circumstances, recognize taxable income if the rights become exercisable
for common stock (or other consideration) or for common stock of an acquiring
company as set forth above.
Amendment
of Rights Agreement.
Any
of the provisions of the rights agreement may be amended by our board of
directors before the distribution date. After the distribution date, the
provisions of the rights agreement may be amended by our board of directors to
cure any ambiguity, to correct inaccuracies and inconsistencies, to make
changes that do not adversely affect the interests of holders of rights
(excluding the interests of any acquiring person or an adverse person or any of
their affiliates or associates), or to shorten or lengthen any time period
under the
15
rights agreement;
however, no amendment to adjust the time period governing redemption shall be
made at such time as the rights are not redeemable.
Anti-takeover
Effects
.  The
rights have certain anti-takeover effects. 
The rights will cause substantial dilution to a person or group that
attempts to acquire Quixote in a manner which causes the rights to become
discount rights unless the offer is conditional on a substantial number of
rights being acquired.  The rights,
however, should not affect any prospective offeror willing to make an offer at
a fair price and otherwise in the best interests of Quixote and its
stockholders as determined by a majority of the directors who are not
affiliated with the person making the offer, or willing to negotiate with the
board of directors.  The rights should
not interfere with any merger or other business combination approved by the
board of directors since the board of directors may, at its option, at any time
until ten business days following the stock acquisition date redeem all but not
less than all the then outstanding rights at the redemption price.
Certificate Of Incorporation Provisions Requiring
Supermajority Approval Of Certain Actions
Our certificate of
incorporation provides that holders of at least sixty percent (60%) of our
issued and outstanding shares must agree to:
•
Amend our certificate of incorporation;
•
adopt or approve any agreement or
plan of merger or consolidation or any transaction including a merger of consolidation
of Quixote;
•
elect directors;
•
transfer all or substantially all of
our property and assets; and
•
adopt or approve a plan of
liquidation or dissolution.
Limitation of Liability and
Indemnification Matters
Our certificate of
incorporation provides that a director of Quixote will not be liable to Quixote
or its stockholders for monetary damages for breach of fiduciary duty as a
director, except in certain cases where liability is mandated by the Delaware
General Corporation Law. Our by-laws provide for indemnification, to the
fullest extent permitted by law, of any person made or threatened to be made a
party to any action, suit or proceeding by reason of the fact that such person
is or was a director or officer of Quixote, or is or was a director of a
subsidiary of Quixote, or, at the request of Quixote, serves or served as a
director or officer of or in any other capacity for, or in relation to, any
other enterprise, against all expenses, liabilities, losses and claims actually
incurred or suffered by such person in connection with the action, suit or
proceeding. Our by-laws also provide that, to the extent authorized from time
to time by our board of directors, Quixote may provide to any one or more
employees and other agents of Quixote or any subsidiary or other enterprise,
rights of indemnification and to receive payment or reimbursement of expenses,
including attorneys' fees, that are similar to the rights conferred by the
by-laws on directors and officers of Quixote or any subsidiary or other
enterprise.
Section 203 of the Delaware
General Corporation Law
We are subject to the
provisions of Section 203 of the Delaware General Corporation Law. In general,
Section 203 prohibits a publicly held Delaware corporation from engaging in a "business
combination" with an "interested stockholder" for a period of three years after
the date of the transaction in which the person became an interested
stockholder, unless the business combination is approved in a prescribed
manner. A "business combination" includes a merger, asset sale or a transaction
resulting in a financial benefit to the interested stockholder. An "interested
stockholder" under Section 203 is a person who, together with affiliates and
associates, owns (or, in certain cases, within three years prior, did own) 15%
or more of the corporation's outstanding voting stock. Under Section 203, a
business combination between Quixote and a Section 203 interested stockholder
is prohibited unless it satisfies one of the following conditions:
•
prior to the time the stockholder
became a Section 203 interested stockholder, our board of directors must have
previously approved either the business combination or the transaction that
resulted in the stockholder becoming a Section 203 interested stockholder;
16
•
on consummation of the transaction
that resulted in the stockholder becoming a Section 203 interested stockholder,
the Section 203 interested stockholder owned at least 85% of our voting stock
outstanding at the time the transaction commenced (excluding, for purposes of
determining the number of shares outstanding, shares owned by persons who are
directors and officers); or
•
the business combination is approved
by our board of directors and authorized at an annual or special meeting of the
stockholders by the affirmative vote of at least 66 2/3% of the outstanding
voting stock which is not owned by the Section 203 interested stockholder.
Certain Other Anti-Takeover
Matters
Business
Combination and Limitations in our Certificate of Incorporation
.  In addition to the requirements of Section
203 described above, our certificate of incorporation requires the affirmative
vote of the holders of at least 60% of our outstanding voting stock not owned
by an interested stockholder (as defined below), for the approval of certain
business combinations and certain other transactions with an interested
stockholder unless certain minimum price and procedural requirements are met
and for the amendment or repeal of these provisions.  An "interested stockholder" is defined by our
certificate of incorporation as any person or entity that either (i)
beneficially owns 5% or more of our outstanding voting stock, (ii) is an
affiliate of Quixote and, at any time within the two years prior to the date
the determination is made, was the beneficial owner of 5% or more of our voting
stock or (iii) is the assignee of, or otherwise succeeds to, shares
beneficially owned by an interested stockholder during the two years prior to the
date the determination is made (other than as a result of a public offering
under the Securities Act of 1933).  This
super-majority approval would not be required if (1) the business combination
has been approved by a majority of disinterested directors (being those
directors who are not affiliated with the interested stockholder and who were
directors prior to the time the interested stockholder became an interested
stockholder) or (2) all following conditions are satisfied:  (a) the cash or fair market value of the
consideration to be received per share by holders of the common stock is not
less than the higher of (i) the highest price paid for any common stock by any
person who is an interested stockholder during the two years prior to the
announcement of the proposed business combination or in the transaction in
which such person became an interested stockholder (whichever is higher) or
(ii) the price of our common stock on the announcement date or the date on
which the interested stockholder became an interested stockholder (whichever is
higher); (b) the consideration to be received by holders of a particular class
of outstanding voting stock shall be in cash or in the same form as the
interested stockholder has previously paid for shares of such class of voting
stock; (c) after becoming an interested stockholder and prior to consummation
of such business combination, (i) there has been no reduction in dividends, or
an effective reduction in the number of common shares outstanding, unless
approved by the board, (ii) such interested stockholder shall not have become
the beneficial owner of any additional shares of common stock except as part of
the transaction which resulted in such stockholder becoming an interested
stockholder and (iii) the interested stockholder shall not have received the
benefit, directly or indirectly (except proportionately as a stockholder), of
any loans or other financial assistance provided by us, or made any major
change in our equity capital structure; and (d) if such proposal otherwise
requires stockholder approval, a proxy statement responsive to the requirements
of the Securities Exchange Act of 1934, whether or not we are subject to such
requirements, shall be mailed to our stockholders for the purpose of soliciting
stockholder approval of such business combination.
Cumulative
Voting Triggered by 60% Stockholder
.  The certificate of incorporation also
provides that in any election of directors on or after the date on which any
person becomes the beneficial holder of 60% of our outstanding voting stock,
and until such time as no 60% stockholder any longer exists:
•
there shall be cumulative voting for
the election of directors so that any holder of shares of voting stock entitled
to vote in such election may cumulate such stockholder's votes and give one
candidate a number of votes equal to the number of directors to be elected
multiplied by the number of votes to which stockholder's shares are entitled,
or distribute such stockholder's votes on the same principle among as many
candidates as such stockholder sees fit; and
•
any person who is the beneficial
owner of shares of voting stock with a market price of $100,000 or more shall
have the right to nominate one or more candidates for election to the board of
directors and such candidates shall be entitled to include in any proxy
statement or other
17
communication with
respect to such election to be sent to the holders of shares of voting stock
during such period, at our expense, descriptions and other statements of such
candidates which shall receive equal space, coverage and treatment as is
received by candidates nominated by the board of directors or our management.
Our certificate of
incorporation and by-laws include a number of other provisions that may have
the effect of encouraging persons considering unsolicited tender offers or
other unilateral takeover proposals to negotiate with our board of directors
rather than pursue non-negotiated takeover attempts. These provisions include:
Classified
Board of Directors
. 
Our certificate of incorporation provides for a board of directors that
consists of three to nine members divided into three classes, with one class to
be elected each year to serve for a three-year term. As a result, at least two
annual meetings of stockholders may be required for the stockholders to change
a majority of our board of directors. In addition, the stockholders can only
remove directors by the affirmative vote of the holders of not less than 75% of
the outstanding shares of our capital stock entitled to vote in the election of
directors. Vacancies on our board of directors may be filled only by our board
of directors. The classification of directors and the inability of stockholders
to remove directors without a supermajority vote and to fill vacancies on the
board of directors will make it more difficult to change the composition of our
board of directors, but will promote a continuity of existing management.
No
Written Consent of Stockholders; Limitations on Call of Special Meetings
.  Our certificate of incorporation requires all
stockholder actions to be taken by a vote of the stockholders at an annual or
special meeting, and does not permit our stockholders to act by written
consent, without a meeting.  Our bylaws
provide that only our chairman, our president or a majority of our board may
call a special stockholders' meeting.
Supermajority
Approval of Amendment of Charter
.  Our certificate of incorporation requires the
approval of not less than 65% of our outstanding voting stock to amend the
provisions of the certificate of incorporation which provide for a classified
board, limit stockholder actions by consent or by the calling of a special
meeting of stockholders and business combinations with an interested
shareholder.   Those provisions will make
it more difficult to dilute the anti-takeover effects of our certificate of
incorporation.
Blank
Check Preferred Stock
. 
Our certificate of incorporation provides for 100,000 authorized shares
of preferred stock. The existence of authorized but unissued shares of
preferred stock may enable the board of directors to render more difficult or
to discourage an attempt to obtain control of Quixote by means of a merger,
tender offer, proxy contest or otherwise. For example, if in the due exercise
of its fiduciary obligations, the board of directors were to determine that a
takeover proposal is not in the best interests of Quixote, the board of
directors could cause shares of preferred stock to be issued without
stockholder approval in one or more private offerings or other transactions
that might dilute the voting or other rights of the proposed acquiror or
insurgent stockholder or stockholder group. In this regard, the certificate of
incorporation grants our board of directors broad power to establish the rights
and preferences of authorized and unissued shares of preferred stock. The
issuance of shares of preferred stock could decrease the amount of earnings and
assets available for distribution to holders of shares of common stock and
nonvoting common stock. The issuance may also adversely affect the rights and
powers, including voting rights, of such holders and may have the effect of
delaying, deterring or preventing a change in control of Quixote. The board of
directors currently does not intend to seek stockholder approval prior to any
issuance of shares of preferred stock, unless otherwise required by law.
Listing
Our common stock is
listed on The Nasdaq Stock Market®.
Transfer Agent
The transfer agent for
our common stock is EquiServe Trust Company, N.A.
18
PLAN OF DISTRIBUTION
The selling stockholders,
or the Plan at the request of the selling stockholders, may from time to time
sell the shares of common stock directly to purchasers on The Nasdaq Stock
Market® (or on any other national securities exchange where the shares of
common stock may be trading) or other over-the-counter market at prices and at
terms then prevailing or at prices related to the then current market price or
in negotiated transactions.  These shares
of common stock may be sold by one or more of the following:
•
a block trade in which the broker or
dealer will attempt to sell shares as agent but may position and resell a
portion of the block as principal to facilitate the transaction;
•
purchases by a broker or dealer as
principal and resale by a broker or dealer for its account using this
prospectus;
•
through the writing of options;
•
ordinary brokerage transactions in
which the broker does not solicit purchasers and transactions in which the
broker does solicit purchasers;
•
transactions directly with a market
maker; and
•
in privately negotiated transactions
not involving a broker or dealer.
Each sale may be made either at market prices
prevailing at the time of the sale, at negotiated prices, at fixed prices which
may be changed, or at prices related to prevailing market prices.
The selling stockholders will act independently of
Quixote in making decisions with respect to the timing, manner and size of each
sale.
Brokers or dealers engaged by any of the selling
stockholders to sell the shares may arrange for other brokers or dealers to
participate.  Brokers or dealers engaged
to sell the shares will receive compensation in the form of commissions or
discounts in amounts to be negotiated before each sale and which may be in
excess of customary discounts or commissions. 
These brokers or dealers and any other participating brokers or dealers
may be determined to be underwriters within the meaning of the Securities Act
of 1933.  We will receive no proceeds
from any resales of the shares offered by this prospectus, and we anticipate
that the brokers or dealers, if any, participating in the sales of the shares
will receive their usual and customary selling commissions.
Some persons participating in this offering may engage
in transactions that stabilize, maintain or otherwise affect the price of the
securities, including the entry of stabilizing bids or syndicate covering
transactions or the imposition of penalty bids. 
The selling stockholders and any other person participating in a
distribution will be subject to applicable provisions of the Exchange Act and
the rules and regulations thereunder including Regulation M.  This regulation may limit the timing of
purchases and sales of any of the securities by the selling stockholders and
any other person.  The anti-manipulation
rules under the Exchange Act may apply to sales of securities in the market and
to the activities of the selling stockholders and their affiliates.  Furthermore, Regulation M of the Exchange Act
may restrict the ability of any person engaged in the distribution of the
securities to engage in market-making activities with respect to the particular
securities being distributed for a period of up to five business days before
the distribution.  All of the foregoing
may affect the marketability of the securities and the ability of any person or
entity to engage in market-making activities with respect to the securities.
The selling stockholders may enter into hedging
transactions.  Persons with whom they
enter into hedging transactions may engage in short sales of our common
stock.  The selling stockholders may
engage in short sales of our common stock and transactions involving options,
swaps, derivatives and other transactions involving our securities or its
investments in those securities, and may sell and deliver the shares covered by
this prospectus under agreements to undertake these transactions or in settlement
of securities loans.  These transactions
may be entered into with broker-dealers or other financial institutions that
may resell those shares.  The selling
stockholders may pledge their shares to secure borrowings.  Upon delivery of the shares or a default by a
selling stockholder, the broker-dealer or financial institution may offer and
sell the pledged shares.
Selling stockholders may resell all or a portion of
their shares in open market transactions in reliance upon available exemptions
under the Securities Act including in reliance upon Rule 144 under the
Securities Act, provided they meet the criteria and conform to the requirements
of one of these exemptions.  The selling
stockholders may decide not to sell all or a portion of the shares offered under
this prospectus.
19
A selling stockholder may
from time to time pledge or grant a security interest in some or all of the
common stock owned by them and, if they default in the performance of their
secured obligations, the pledgees or secured parties may offer and sell the
shares of common stock from time to time under this prospectus, or under an
amendment to this prospectus under Rule 424(b)(3) or other applicable provision
of the Securities Act of 1933
amending the list of
selling stockholders to include the pledgee, transferee or other successors in
interest as selling stockholders under this prospectus.
To comply with the
securities laws of some states, if applicable, the shares will be sold in those
states only through brokers or dealers. 
The shares may not be sold in some states unless they have been
registered or qualified for sale in those states or an exemption from
registration or qualification is available and is complied with.
If necessary, the
specific shares of our common stock to be sold, the name of the selling
stockholder, the purchase and public offering prices, the names of any agent,
dealer or underwriter, and any applicable commissions or discounts will be
disclosed in an accompanying prospectus supplement or, if appropriate, a
post-effective amendment to the registration statement of which this prospectus
is a part.
We will bear all expenses
of the offering of the common stock that is offered in this prospectus
including without limitation all filing, registration and qualification,
printing, legal and accounting fees, except that the selling stockholders will
pay any applicable underwriting commissions and expenses, brokerage fees and
transfer taxes, and the fees and disbursements of their counsel and experts.
The selling stockholders
are not restricted as to the price or prices at which they may sell the shares
of our common stock offered under this prospectus. Sales of shares at less than
the market price may depress the market price of our stock. Moreover, the
selling stockholders are not restricted as to the number of shares which may be
sold at any one time, and it is possible that a significant number of shares
could be sold at the same time which may also depress the market price of our
stock.
LEGAL MATTERS
The validity of the
shares of common stock offered pursuant to this prospectus will be passed upon
by Joan R. Riley, Esq., General Counsel of Quixote.  Ms. Riley beneficially owns, or has rights to
acquire under Quixote's employee benefit plans, an aggregate of less than 1.5%
of Quixote's common stock.
WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly
and special reports, proxy statements, and other information with the
Commission. You may read and copy any materials we file with the Commission at
the Commission's public reference room at 450 Fifth Street, N.W., Washington,
D.C. 20549. Please call the Commission at 1-800-SEC-0330 for more information
on its public reference rooms. The Commission also maintains an Internet
Website at http://www.sec.gov that contains reports, proxy and information
statements, and other information regarding issuers that file electronically
with the Commission.
We maintain an internet
website http://www.quixotecorp.com, at which you can access our annual report
on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and
amendments to those reports filed pursuant to Section 13(a) or 15(d) of the
Exchange Act.  We make those filings
available on our website as soon as reasonably practicable after such material
is filed, or furnished, to the Securities and Exchange Commission.
We have filed a registration
statement on Form S-8 to register with the Commission the securities described
herein.  This prospectus is a part of
that registration statement and constitutes a prospectus of Quixote.  As allowed by Commission rules, this
prospectus does not contain all the information that can be found in the
registration statement or the exhibits to the registration statement.
20
INCORPORATION BY REFERENCE
The Commission allows us
to "incorporate by reference" the information we file with them, which means
that we can disclose important information to you by referring you to those
documents. The information incorporated by reference is considered to be a part
of this prospectus, and later information that we file with the Commission will
automatically update and supersede this information.  In all cases, you should rely on the later
information over comparable but earlier dated information included in this
prospectus. We incorporate by reference the documents listed below and any
future filings we make with the Commission under Sections 13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934, as amended:
•
Annual Report on Form 10-K for the year ended
June 30, 2004 (including information specifically incorporated by reference
into our Form 10-K from our definitive Proxy Statement) filed with the
Commission on September 13, 2004.
•
Quarterly report on Form 10-Q for the three month
period ended September 30, 2004, filed with the Commission on November 9, 2004.
•
The Company's Current Reports on Form 8-K and 8-K/A
filed with the Commission on July 26, 2004, August 17, 2004, August 18, 2004
(8-K/A), September 16, 2004, September 17, 2004 (8-K/A), September 27,
September 28, 2004 (8-K/A) and October 29, 2004.
•
All documents subsequently filed by Quixote
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act
of 1934, as amended, shall be deemed to be incorporated by reference in this
prospectus and to be part hereof from the date of filing of such documents.
•
All documents filed by Quixote after the date of
filing the initial registration statement on Form S-8, of which this prospectus
is a part, and prior to the effectiveness of such registration statement
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act
of 1934, as amended, shall be deemed to be incorporated by reference into this
prospectus and to be part hereof from the date of filing of such documents.
On
request we will provide at no cost to each person, including any beneficial
owner who receives a copy of this prospectus, a copy of any or all of the
documents incorporated in this prospectus by reference.  We will not provide exhibits to any such
documents, however, unless such exhibits are specifically incorporated by
reference into those documents.  Written
or telephone requests for such copies should be addressed to Quixote's
executive offices located at 35 East Wacker Drive, Chicago, Illinois 60601,
Attention: Corporate Secretary, telephone number (312) 467-6755.
21
Quixote
Corporation
349,645
Shares
of
Common
Stock
Prospectus
,
2004
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3.     INCORPORATION OF
DOCUMENTS BY REFERENCE
Quixote
Corporation (the "Company") hereby incorporated into this Registration
Statement by reference the following documents filed with the Securities and
Exchange Commission (the "Commission") (File No. 0-7903):
(a)   The Company's Annual Report
on Form 10-K filed pursuant to Section 13(a) of the Securities Exchange Act of
1934 as amended (the "Securities Exchange Act") for the fiscal year ended June
30, 2004 (including information specifically incorporated by reference into our
form 10-K Report from our Proxy Statement for the annual meeting of
stockholders on November 18, 2004);
(b)   The Company's Quarterly Report
on Form 10-Q filed with the Commission on November 9, 2004 for the quarter
ended September 30, 2004; and
(c)   The Company's Current
Reports on Form 8-K and 8-K/A filed with the Commission on July 26, 2004,
August 17, 2004, August 18, 2004 (8-K/A), September 16, 2004, September 17,
2004 (8-K/A), September 27, September 28, 2004 (8-K/A), October 29, 2004 and
November 19, 2004.
(d)   The description of the
Common Stock of the Company contained in the registration statement filed by
the Company under the Securities Exchange Act, including any amendment or
report filed for the purpose of updating such description.
All documents filed by the Company pursuant to Section 13(a), 13(c), 14
or 15(d) of the Securities Exchange Act subsequent to the date of this Registration
Statement and prior to the filing of a post-effective amendment which indicates
that all securities offered hereby have been sold or which deregisters all
securities remaining unsold, shall be deemed to be incorporated by reference
herein and to be a part hereof from the date of the filing of such reports and
documents.  Any statement contained in a
document incorporated herein by reference shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document which
also is incorporated by reference herein modifies or supersedes such
statement.  Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.
ITEM 5.     INTERESTS OF NAMED
EXPERTS AND COUNSEL
The
validity of the shares of Common Stock being registered pursuant to this
Registration Statement has been passed upon by Joan R. Riley, Esq., Vice
President, Secretary and General Counsel
of
II-1
the Company.  Ms. Riley beneficially owns or has rights to
acquire under Quixote's employee benefit plans an aggregate of less than 1.5%
of the shares of Common Stock of the Company.
ITEM 6.     INDEMNIFICATION OF
OFFICERS AND DIRECTORS
The
Company is subject to the Delaware General Corporation Law.  Delaware law provides that officers and
directors may receive indemnification from their corporations for certain
actual or threatened lawsuits.  Delaware
law sets out the standard of conduct which the officers and directors must meet
in order to be indemnified, the parties who are to determine whether the
standard has been met, and the types of expenditures which will be
indemnified.  Delaware law further
provides that a corporation may purchase indemnification insurance providing
indemnification for the officers and directors whether or not the corporation
would have the power to indemnity them against such liability under the
provisions of the Delaware law.
The
Company has adopted a provision within its By-Laws which provides that the
Company will indemnify its officers and directors to the full extent permitted
by Delaware law.  Further, the Company is
covered by insurance which will reimburse it for certain amounts it is
obligated to pay in lawsuits involving officers and directors serving in such
capacities in which the damages, judgments, settlements, costs, charges or
expenses incurred in connection with the defense of the action, suit or
proceeding are reimbursable pursuant to law.
ITEM 8.     EXHIBITS
4(a)
Restated
  Certificate of Incorporation dated February 4, 1998 filed as Exhibit 3(a) to
  the Registrant's Form 10-Q Report for the quarter ended December 31, 1997,
  File No. 0-7903, and incorporated herein by reference; Certificate of
  Designation, Preferences and Rights of Series B Junior Participating
  Preferred Stock dated July 24, 1998, filed as Exhibit 1 to the Registrant's
  Form 8-A Registration Statement dated July 23, 1998, File No. 001-08123, and
  incorporated herein by reference.
(b)
Amended
  and Restated By-Laws of the Registrant as amended through February 24, 2000,
  filed as Exhibit 3(b) to the Registrant's Form 10-Q Report for the quarter
  ended March 31, 2000, file no. 0-7903, and incorporated herein by reference.
(c)
Amendment
  to Rights Agreement dated as of October 15, 2001 between the Registrant and
  BankBoston, N.A., filed as Exhibit 4(a) to the Registrant's Form 10-Q Report
  for the quarter ended December 31, 2001, File No. 0-7903, and incorporated
  herein by reference; Rights Agreement dated as of July 24, 1998, between the
  Registrant and BankBoston, N.A., as Rights Agent, filed as Exhibit 1 to the
  Registrant's Form 8-A Registration Statement dated July 23, 1998, File No.
  001-08123, and incorporated herein by reference.
5(a)
Opinion
  of Counsel
(b)
The Registrant does not
  have a determination letter from the Internal Revenue Service (IRS) with
  respect to qualification of the Quixote Corporation Incentive Savings Plan
  (Plan); the Registrant undertakes to submit the Plan and any amendment
  thereto to the IRS in a timely manner and will make all changes required by
  the IRS in order to qualify the Plan.
23(a)
Consent
  of PricewaterhouseCoopers LLP
23(b)*
Consent
  of Joan R. Riley, Esq.
II-2
24
Powers
  of Attorney
99(a)
Quixote
  Corporation Incentive Savings Plan
*Not
  filed; incorporated in Exhibit 5
ITEM 9.     UNDERTAKINGS
(a)           The undersigned registrant hereby
undertakes:
(1)           To file, during any period in which
offers or sales are being, made, a post-effective amendment to this
registration statement:
(i)            To include any prospectus required
by Section 10(a)(3) of the Securities Act of 1933;
(ii)           To reflect in the prospectus any
facts or events arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in
the registration statement. 
Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) promulgated under the
Securities Act if, in the aggregate, the changes in volume and price represent
no more than a 20% change in the maximum aggregate offering price set forth in
the "Calculation of Registration Fee" table in the effective registration
statement;
(iii)          To include any material information
with respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the
registration statement;
Provided;
however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
registration statement is on Form S-3 or Form S-8, and the information required
to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed by the registrant pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the registration statement.
(2)           That, for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3)           To remove from the registration by
means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering.
(b)           The undersigned registrant hereby
undertakes that, for purposes of determining any liability under the Securities
Act of 1933, each filing of the registrant's annual report pursuant to Section
13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan's annual report pursuant to
Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by
reference in the registration statement shall be deemed to be a new
registration
II-3
statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(c)           Insofar as indemnification for
liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Act and is, therefore,
unenforceable.  In the event that a claim
for indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
persons of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it against public policy as expressed in the Act and will be
governed by the final adjudication of such issue.
II-4
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements
for filing of Form S-8 and has duly caused this registration statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Chicago, State of Illinois on the 29
th
day of November, 2004.
QUIXOTE
  CORPORATION
By:
/s/ LESLIE J. JEZUIT
Leslie
  J. Jezuit
Chairman
  and Chief Executive Officer
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement
has been signed below by the following persons in the capacities and on the
dates indicated.
Signature
Title
Date
/s/ LESLIE J. JEZUIT
Chairman, Chief Executive
  Officer and Director (Principal Executive Officer)
November 17, 2004
Leslie J. Jezuit
/s/ DANIEL P. GOREY
Vice President, Chief
  Financial Officer, Treasurer and Director
(Principal Financial Officer and Principal Accounting Officer)
November 17, 2004
Daniel P. Gorey
/s/ JAMES H. DEVRIES
Director
November 17, 2004
James H. DeVries
/s/ WILLIAM G. FOWLER
Director
November 17, 2004
William G. Fowler
/s/ LAWRENCE C. MCQUADE
Director
November 17, 2004
Lawrence C. McQuade
/s/ ROBERT D. VAN ROIJEN,
  JR.
Director
November 17, 2004
Robert D. van Roijen, Jr.
II-5
EXHIBIT INDEX
Exhibit
  No.
Exhibit
5
Opinion
  of Counsel
23(a)
Consent
  of PricewaterhouseCoopers LLP
24
Power
  of Attorney
99(a)
Quixote
  Corporation Incentive Savings Plan
II-6