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  <B><P ALIGN="CENTER">UNITED STATES<BR>
  SECURITIES AND EXCHANGE COMMISSION<BR>
  Washington, D.C.&nbsp;&nbsp;20549<BR>
  </P>
  <P ALIGN="CENTER"><BR>
  <FONT SIZE=5>FORM 8-K</FONT><BR>
  <BR>
  CURRENT REPORT <BR>
  Pursuant To Section 13 OR 15(d) Of The Securities Exchange Act Of 1934<BR>
  </P>
  </B><P ALIGN="CENTER">Date of report (Date of earliest event reported) <B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 22, 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
  </B></U><P ALIGN="CENTER">&nbsp;</P>
  <B><U><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JUNO LIGHTING, INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
  </B></U>(Exact name of registrant as specified in its charter)</P>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=727>
  <TR><TD WIDTH="31%" VALIGN="TOP">
  <B><U><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></U></TD>
  <TD WIDTH="5%" VALIGN="TOP">
  <B><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;</B></TD>
  <TD WIDTH="29%" VALIGN="TOP">
  <B><U><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0-11631&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></U></TD>
  <TD WIDTH="5%" VALIGN="TOP">
  <B><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;</B></TD>
  <TD WIDTH="29%" VALIGN="TOP">
  <B><U><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36-2852993&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></U></TD>
  </TR>
  <TR><TD WIDTH="31%" VALIGN="TOP">
  <P ALIGN="CENTER">(State or other jurisdiction<BR>
  of incorporation)</TD>
  <TD WIDTH="5%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="29%" VALIGN="TOP">
  <P ALIGN="CENTER">(Commission<BR>
  File Number)</TD>
  <TD WIDTH="5%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="29%" VALIGN="TOP">
  <P ALIGN="CENTER">(IRS Employer<BR>
  Identification Number)</TD>
  </TR>
  </TABLE>
  </CENTER></P>
  
  <P ALIGN="CENTER"></P>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=711>
  <TR><TD WIDTH="67%" VALIGN="TOP">
  <B><P ALIGN="CENTER">&nbsp;</B></TD>
  <TD WIDTH="4%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="29%" VALIGN="TOP">
  <P>&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="67%" VALIGN="TOP">
  <B><U><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 S. Wolf Road P.O. Box 5065, Des Plaines Illinois&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></U></TD>
  <TD WIDTH="4%" VALIGN="TOP">
  <B><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;</B></TD>
  <TD WIDTH="29%" VALIGN="TOP">
  <B><U><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60017-5065&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></U></TD>
  </TR>
  <TR><TD WIDTH="67%" VALIGN="TOP">
  <P ALIGN="CENTER">(Address of Principal Executive Offices)</TD>
  <TD WIDTH="4%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="29%" VALIGN="TOP">
  <P ALIGN="CENTER">(Zip Code)</TD>
  </TR>
  </TABLE>
  </CENTER></P>
  
  <P ALIGN="CENTER">Registrant's Telephone Number, including area code&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;<B>(847) 827-9880&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
  </B></U><P ALIGN="CENTER"><BR>
  </P>
  <P ALIGN="RIGHT">Page 1</P>
  <P><HR SIZE=0></P>
  <P>&nbsp;</P>
  <TABLE CELLSPACING=0 BORDER=0 WIDTH=682>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <B><U><P>Item 2.02</B></U></TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <B><U><P>Other Events and Required FD DisclosureResults of Operations and Financial Condition.</B></U></TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <P>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <P>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>On September 22, 2004, Juno Lighting, Inc. issued a press release announcing financial results for the quarter ended August 31, 2004. A copy of this press release is attached hereto as Exhibit 99.1. This information, including exhibits attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. This information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. On September 22, 2004, Juno Lighting, Inc. issued a press release announcing an appointment of a director to its board. A copy of this press release is attached hereto as Exhibit 99.1.</TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <P>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <B><U><P>Item 5.02</B></U></TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <B><U><P>Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal officers.</B></U></TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <P>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <P>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>On September 20, 2004 John P. Murphy was appointed to the Juno Lighting, Inc.'s Board of Directors and was appointed to the board's audit committee. </TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <P>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <B><U><P>Item 7.01</B></U></TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <B><U><P>Regulation FD Disclosure.</B></U></TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <P>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <P>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>On September 22, 2004, Juno Lighting, Inc. issued a press release announcing financial results for the quarter ended August 31, 2004. A copy of this press release is attached hereto as Exhibit 99.1. This information, including exhibits attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. This information shall not be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <P>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <B><U><P>Item 9</B></U></TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <B><U><P>Financial Statements, Pro Forma Financial Information and Exhibits.</B></U></TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <P>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <P>&nbsp;</P>
  <P>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>The following exhibits are being furnished as part of this Form 8-K:</TD>
  </TR>
  <TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" COLSPAN=3 HEIGHT=19><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="79%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="2%" VALIGN="TOP" HEIGHT=27>
  <B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;</B></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=27><P></P></TD>
  <TD WIDTH="14%" VALIGN="TOP" COLSPAN=3 HEIGHT=27>
  <U><P ALIGN="JUSTIFY">Exhibit Number</U></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=27><P></P></TD>
  <TD WIDTH="79%" VALIGN="TOP" HEIGHT=27>
  <U><P>Description</U></TD>
  </TR>
  <TR><TD WIDTH="2%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="14%" VALIGN="TOP" COLSPAN=3>
  <P>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="2%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="14%" VALIGN="TOP" COLSPAN=3>
  <P ALIGN="JUSTIFY">Exhibit 99.1</TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>Press Release issued by Juno Lighting, Inc. dated September 22, 2004, announcing the results for the quarter ended August 31, 2004 and appointment of director.</TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <B><U><P ALIGN="JUSTIFY">Item 9</B>.</U></TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <B><P>&nbsp;</B></TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <B><U><P>Regulation FD Disclosure</B></U></TD>
  </TR>
  <TR><TD WIDTH="18%" VALIGN="TOP" COLSPAN=5>
  <P>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="5%" VALIGN="TOP" COLSPAN=3 HEIGHT=199><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=199><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=199><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=199><P></P></TD>
  <TD WIDTH="79%" VALIGN="TOP" HEIGHT=199>
  <P>On September 22, 2004, Juno Lighting, Inc. issued a press release announcing financial results for the quarter ended August 31, 2004. A copy of this press release is attached hereto as Exhibit 99.1. This information, including exhibits attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. This information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</TD>
  </TR>
  </TABLE>
  
  <P ALIGN="RIGHT">Page 2</P>
  <P><HR SIZE=0></P>
  <P ALIGN="RIGHT"><BR>
  SIGNATURES</P>
  <P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
  <TABLE CELLSPACING=0 BORDER=0 WIDTH=643 ALIGN="LEFT" HSPACE=12>
  <TR><TD WIDTH="32%" VALIGN="TOP">
  <FONT SIZE=2><P>DATE&nbsp;<U>September 22, 2004</U> </FONT></TD>
  <TD WIDTH="6%" VALIGN="TOP">
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="62%" VALIGN="TOP">
  <FONT SIZE=2><P>BY&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ George J. Bilek&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
  </TR>
  <TR><TD WIDTH="32%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="6%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="62%" VALIGN="TOP">
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George J. Bilek</FONT></TD>
  </TR>
  <TR><TD WIDTH="32%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="6%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="62%" VALIGN="TOP">
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President Finance</FONT></TD>
  </TR>
  </TABLE>
  
  <FONT FACE="Baskerville Old Face" SIZE=2><P ALIGN="RIGHT">&nbsp;</P>
  <P>&nbsp;</P>
  </FONT><P ALIGN="RIGHT">Page 3</P>
  <FONT FACE="Baskerville Old Face" SIZE=2><P>&nbsp;</P>
  </FONT><P><HR SIZE=0></P>
  <P ALIGN="RIGHT">JUNO LIGHTING, INC.</P>
  <P ALIGN="CENTER"><BR>
  <B>EXHIBIT INDEX</P>
  </B><P ALIGN="CENTER">&nbsp;</P>
  <TABLE CELLSPACING=0 BORDER=0 WIDTH=610>
  <TR><TD WIDTH="14%" VALIGN="TOP">
  <B><U><P>Exhibit No.</B></U></TD>
  <TD WIDTH="2%" VALIGN="TOP">
  <B><P>&nbsp;</B></TD>
  <TD WIDTH="84%" VALIGN="TOP">
  <B><U><P>Description</B></U></TD>
  </TR>
  <TR><TD WIDTH="14%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="2%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="84%" VALIGN="TOP">
  <P>&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="14%" VALIGN="TOP">
  <P>99.1</TD>
  <TD WIDTH="2%" VALIGN="TOP">
  <P>&nbsp;</TD>
  <TD WIDTH="84%" VALIGN="TOP">
  <P>Press Release issued by Juno Lighting, Inc. dated September 22, 2004, announcing the results for the quarter ended August 31, 2004 and appointment of director.</TD>
  </TR>
  </TABLE>
  
  <P ALIGN="RIGHT">&nbsp;</P>
  <P ALIGN="RIGHT">Page 4</P>
  <P><HR SIZE=0></P>
  <B><P ALIGN="RIGHT">Exhibit 99.1</P>
  </B><P>&nbsp;</P>
  <FONT FACE="Baskerville Old Face" SIZE=2><P ALIGN="RIGHT">&nbsp;</P>
  </FONT><P ALIGN="RIGHT">&nbsp;</P>
  <B><P>FOR IMMEDIATE RELEASE</P>
  <P ALIGN="RIGHT">Contact:&nbsp;&nbsp;George Bilek<BR>
  847-827-9880</P>
  <P ALIGN="CENTER">JUNO LIGHTING, INC.<BR>
  ANNOUNCES THIRD QUARTER SALES AND EARNINGS</P>
  </B><P><BR>
  Des Plaines, IL, September 22, 2004... Juno Lighting, Inc. (NASDAQ-JUNO) announced that for the quarter ended August 31, 2004 sales increased 21.4% to $63,167,000 compared to third quarter 2003 sales of $52,033,000. Net (loss) available to common shareholders for the third quarter of 2004 was approximately ($3,643,000) (($1.34) per common share on a basic and diluted basis), compared to net income available to common shareholders of $1,628,000 ($0.56 per common share on a basic and diluted basis) for the like period in 2003. Sales for the first nine months of fiscal 2004 increased 22.4% to $178,140,000 compared to $145,537,000 for the like period in 2003. Net (loss) available to common shareholders for the first nine months of 2004 was approximately ($509,000) (($.19) per common share on a basic and diluted basis), compared to net income available to common shareholders of $3,077,000 ($1.21 per common share on basic and diluted basis) for the like period in 2003.<BR>
  <BR>
  As a result of the refinancing of the Company's Senior Credit Facility and related matters, one-time charges of approximately $10,805,000 and $11,809,000 were recorded in the three and nine month periods ended August 31, 2004, respectively. Third quarter charges related to the previously existing credit facility, include a $3,246,000 non-cash charge to write-off unamortized financing costs and payment of a $7,422,000 call premium. One-time charges for the first nine months related to the previously existing credit facility include a $3,965,000 non-cash charge to write-off unamortized financing costs and payment of a $7,422,000 call premium. Excluding these one-time charges, earnings per share would have been $0.72 on a basic and $0.66 on a diluted basis for the third quarter and $1.89 on a basic and $1.77 on a diluted basis for the nine months ended August 31, 2004.<BR>
  <BR>
  The Company will conduct a conference call on September 22, 2004 at 3:30 p.m. Central Daylight Time. Those interested may listen to the call by dialing 888-323-9686, pass code "JUNO" and leader "George Bilek". A replay of the conference call will be available from 6:00 PM (Central) September 22, 2004 to 5:00 PM September 29, 2004 by dialing (800) 947-2123 (U.S.) and (402) 220-3600 (Int'l), pass code 54231.<BR>
  <BR>
  Additionally, Juno is pleased to announce that on September 20, 2004 John P. Murphy joined its board of directors and was appointed to the board's audit committee. Mr. Murphy has previously served as a senior vice president and the chief financial officer of Thomas &amp; Betts Corporation (a manufacturer of electrical connectors and components) and as a senior vice president and the chief financial officer of Johns Manville Corporation (a manufacturer of building products). Tracy Bilbrough, Juno's Chief Executive Officer, said, "We are very pleased to welcome Mr. Murphy to our board of directors. His extensive experience as a financial executive will add to the strength of our board and its counsel to our management team."<BR>
  <BR>
  Juno Lighting, Inc. is a leader in the design, manufacturing, and marketing of lighting fixtures for commercial and residential use. This press release contains various forward-looking statements that are not statements of historical events. Such forward-looking statements are subject to various risks and uncertainties that could cause actual results to vary materially from those stated, indicated or expected. Such risks and uncertainties include: timing of filings required pursuant to applicable securities laws, economic conditions generally, levels of construction and remodeling activities, our ability to improve manufacturing efficiencies, disruptions in manufacturing or distribution, product and price competition, raw material prices, our ability to develop and successfully introduce new products, consumer acceptance of such new products, the ability of our new products to perform as designed when utilized by consumers, technology changes, patent issues, exchange rate fluctuations, and other risks and uncertainties. Juno undertakes no obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.</P>
  <P ALIGN="RIGHT">Page 1</P>
  <P><HR SIZE=0></P>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=681>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;</TD>
  <TD WIDTH="72%" VALIGN="BOTTOM" COLSPAN=7 HEIGHT=16>
  <I><P ALIGN="CENTER">(In Thousands Except Share Amounts)</I></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16><P></P></TD>
  <TD WIDTH="51%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16><P></P></TD>
  <TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;</TD>
  <TD WIDTH="38%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
  <P ALIGN="CENTER">Third Quarter Ended</TD>
  <TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
  <P ALIGN="CENTER">Nine Months Ended</TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
  <P ALIGN="CENTER">2004</TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=19>
  <P ALIGN="CENTER">2003</TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
  <P ALIGN="CENTER">2004</TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=19>
  <P ALIGN="CENTER">2003</TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">Net Sales</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <P ALIGN="RIGHT">$63,167</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">$52,033</TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">$178,140</TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">$145,537</TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">Interest Expense</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <P ALIGN="RIGHT">14,597</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">3,788</TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">22,888</TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">11,922</TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">(Loss) Income Before Taxes</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <P ALIGN="RIGHT">(468</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
  <P>)</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">5,189</TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">14,304</TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">16,514</TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P>Net (Loss) Income</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <P ALIGN="RIGHT">(429</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
  <P>)</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">4,548</TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">8,840</TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">11,664</TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">Preferred Stock Dividend</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <P ALIGN="RIGHT">3,214</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">2,920</TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">9,349</TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">8,587</TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">Net (Loss) Income Available to</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;&nbsp;Common Shareholders</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <P ALIGN="RIGHT">(3,643</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
  <P>)</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">1,628</TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">(509</TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16>
  <P>)</TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">3,077</TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">EBITDA (A)</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <P ALIGN="RIGHT">15,000</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">11,969</TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">40,863</TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">32,897</TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P>Net (Loss) Income Per</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P>&nbsp;&nbsp;Common Share (B)</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;Basic</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <P ALIGN="RIGHT">($1.34</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
  <P>)</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">$0.56</TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
  <P>(C)</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">($.19</TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16>
  <P>)</TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">$1.21</TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;Diluted</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <P ALIGN="RIGHT">($1.34</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16>
  <P>)</TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">$0.56</TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
  <P>(C)</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">($.19</TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16>
  <P>)</TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">$1.21</TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P>Average Number of</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P>&nbsp;&nbsp;Outstanding Shares</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;Basic</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <P ALIGN="RIGHT">2,718,857</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">2,552,263</TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">2,648,438</TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">2,538,626</TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;Diluted</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <P ALIGN="RIGHT">2,718,857</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">2,552,263</TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">2,648,438</TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
  <P ALIGN="RIGHT">2,538,626</TD>
  </TR>
  <TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <P ALIGN="JUSTIFY">&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
  <P>&nbsp;</TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
  <P>&nbsp;</TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="11%" VALIGN="TOP" HEIGHT=172>
  <FONT SIZE=1><P ALIGN="RIGHT">(A</FONT></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=172>
  <FONT SIZE=1><P>)</FONT></TD>
  <TD WIDTH="80%" VALIGN="TOP" COLSPAN=8 HEIGHT=172>
  <FONT SIZE=1><P>EBITDA represents earnings before (a) taxes on income, (b) interest expense, (c) interest, dividend, and other miscellaneous income, (d) depreciation and amortization, (e) deferred compensation and (f) other non-cash charges. The non-cash charges referred to in the above reconciliation primarily related to the amortization of a step up in the inventory value of an acquired subsidiary. EBITDA is not a calculation prepared in accordance with generally accepted accounting principles and, because all companies do not calculate EBITDA identically, the presentation of EBITDA herein is not necessarily comparable to similarly entitled measures of other companies. The reconciliation of EBITDA is set forth in the table below. Additionally, EBITDA is not intended to represent and should not be considered more meaningful than, or an alternative to, measures of operating performance as determined in accordance with generally accepted accounting principles. However, EBITDA data are included because management understands that such information is considered by certain investors as an additional basis on which to evaluate Juno's ability to pay interest, repay debt and make capital expenditures. We also use EBITDA as an integral part of internal reporting to evaluate management team performance and to monitor compliance with certain financial covenants in our credit agreements.</FONT></TD>
  </TR>
  <TR><TD WIDTH="11%" VALIGN="TOP" HEIGHT=48>
  <FONT SIZE=1><P ALIGN="RIGHT">(B</FONT></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=48>
  <FONT SIZE=1><P>)</FONT></TD>
  <TD WIDTH="80%" VALIGN="TOP" COLSPAN=8 HEIGHT=48>
  <FONT SIZE=1><P>Net (Loss) Income per common share is reported in compliance with EITF 03-06, effective for quarters ending after June 30, 2004. Prior period net income per share amounts have been restated in accordance with EITF 03-06 resulting in a reduction of net income per share for the third quarter of 2003 of $.08 on a basic and diluted basis.</FONT></TD>
  </TR>
  <TR><TD WIDTH="11%" VALIGN="TOP" HEIGHT=36>
  <FONT SIZE=1><P ALIGN="RIGHT">(C</FONT></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=36>
  <FONT SIZE=1><P>)</FONT></TD>
  <TD WIDTH="80%" VALIGN="TOP" COLSPAN=8 HEIGHT=36>
  <FONT SIZE=1><P>In compliance with EITF 03-06, net income per share for the third quarter ended August 31, 2003 has been restated to reflect the required use of the "two class" method.</FONT></TD>
  </TR>
  <TR><TD WIDTH="11%" VALIGN="TOP" HEIGHT=28><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=28><P></P></TD>
  <TD WIDTH="80%" VALIGN="TOP" COLSPAN=8 HEIGHT=28>
  <FONT SIZE=1><P>We have performed the required net income per share calculations under EITF 03-06 for all other periods presented which resulted in no restatement.</FONT></TD>
  </TR>
  </TABLE>
  </CENTER></P>
  
  <P ALIGN="RIGHT">Page 2</P>
  <P><HR SIZE=0></P>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=687>
  <TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=19>
  <B><P>EBITDA Reconciliation (unaudited)</B></TD>
  <TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=19><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="25%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=19>
  <P ALIGN="CENTER">Three Months Ended</TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="25%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=19>
  <P ALIGN="CENTER">Nine Months Ended</TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="TOP" HEIGHT=7><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 HEIGHT=7><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=7><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=7><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=7><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=7><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=7><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=7><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="TOP" HEIGHT=19>
  <P>(In Thousands)</TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P ALIGN="CENTER">2004</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">2003</TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">2004</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">2003</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="TOP" HEIGHT=19>
  <P>&nbsp;</TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19>
  <P>&nbsp;</TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P>&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Net (Loss) Income</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$(429</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <P>)</TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$4,548</TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$8,840</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$11,664</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>&nbsp;</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Add Back (Subtract):</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Income Taxes</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">(39</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <P>)</TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">641</TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">5,464</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">4,850</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Interest Expense (2004 amounts include write-off of </TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>&nbsp;&nbsp;&nbsp;deferred financing costs and Sub-debt Call premium </TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>&nbsp;&nbsp;&nbsp;totaling $10,668 and $11,387)</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">14,597</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">3,788</TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">22,888</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">11,922</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Loss (Gain) on Interest Rate Swap</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">(71</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <P>)</TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">1,496</TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">358</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">(194</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <P>)</TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Interest and Royalty Income</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">(116</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <P>)</TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">(123</TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19>
  <P>)</TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">(169</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <P>)</TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">(185</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <P>)</TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Depreciation and Amortization</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">1,058</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">1,487</TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">3,482</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">4,373</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Deferred Compensation and Other Non-Cash Charges</TD>
  <TD WIDTH="7%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">-</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">132</TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">-</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">449</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="TOP" HEIGHT=19>
  <P>EBITDA</TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P ALIGN="RIGHT">$15,000</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$11,969</TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$40,863</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">32,879</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  </TABLE>
  </CENTER></P>
  
  <P ALIGN="CENTER"></P>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=694>
  <TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=19>
  <B><P>Earnings Per Share Reconciliation (unaudited)</B></TD>
  <TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=19><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="25%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
  <TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=31>
  <P ALIGN="CENTER">Three Months Ended</TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
  <TD WIDTH="25%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=31>
  <P ALIGN="CENTER">Nine Months Ended</TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=3 HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <P>(In Thousands Except Share Amounts)</TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=3 HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=3 HEIGHT=19>
  <P ALIGN="CENTER">2004</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">2003</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">2004</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">2003</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=3 HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="56%" VALIGN="TOP" COLSPAN=3 HEIGHT=22>
  <P>One-Time Charges, net of estimated taxes of $4,127 and $4,498</TD>
  <TD WIDTH="6%" VALIGN="TOP" HEIGHT=22>
  <P ALIGN="RIGHT">$6,678</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=22>
  <P ALIGN="RIGHT">-</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
  <P ALIGN="RIGHT">$7,311</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=22>
  <P ALIGN="RIGHT">-</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=22><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <B><P>Basic Earnings Per Share:</B></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Net (loss) income as reported </TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P ALIGN="RIGHT">$(429</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">)</TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$4,548</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$8,840</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$11,664</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>One Time Charges</TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P ALIGN="RIGHT">6,678</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;-</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">7,311</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;-</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Net income before certain One-Time Charges</TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P ALIGN="RIGHT">$6,249</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$4,548</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$16,151</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$11,664</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Shares Outstanding Basic:</TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Common</TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P ALIGN="RIGHT">2,718,857</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">2,552,263</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">2,648,438</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">2,538,626</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Preferred shares as converted</TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P ALIGN="RIGHT">6,018,341</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">5,560,018</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">5,901,530</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">5,452,496</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Total shares outstanding Basic</TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P ALIGN="RIGHT">8,737,198</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">8,112,281</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">8,549,968</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">7,991,122</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Earnings per share as reported Basic</TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P ALIGN="RIGHT">$(1.34</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <P>)</TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$0.56</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$(0.19</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <P>)</TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$1.21</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Per share impact of One-Time Charges Basic</TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P ALIGN="RIGHT">2.06</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;-</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">2.08</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;-</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
  <P>Earnings per share before certain One-Time Charges Basic</TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=21>
  <P ALIGN="RIGHT">$0.72</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=21>
  <P ALIGN="RIGHT">$0.56</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=21>
  <P ALIGN="RIGHT">$1.89</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=21>
  <P ALIGN="RIGHT">$1.21</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=21><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  </TABLE>
  </CENTER></P>
  
  <P ALIGN="RIGHT">Page 3</P>
  <P><HR SIZE=0></P>
  <FONT FACE="Baskerville Old Face" SIZE=2><P>&nbsp;</P></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=694>
  <TR><TD WIDTH="74%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=19>
  <B><P>Earnings Per Share Reconciliation (unaudited) CONTINUED</B></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="24%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
  <TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=31>
  <P ALIGN="CENTER">Three Months Ended</TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
  <TD WIDTH="24%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=31>
  <P ALIGN="CENTER">Nine Months Ended</TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <P>(In Thousands Except Share Amounts)</TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">August 31,</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P ALIGN="CENTER">2004</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">2003</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">2004</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="CENTER">2003</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <B><P>Diluted Earnings Per Share:</B></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Net (Loss) Income as Reported</TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$(429</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <P>)</TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$4,548</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$8,840</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$11,664</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>One-Time Charges</TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">6,678</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">-</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">7,311</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">-</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Net income before certain One-Time Charges</TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$6,249</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$4,548</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$16,151</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$11,664</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Average shares outstanding:</TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Common</TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">2,718,857</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">2,552,263</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">2,648,438</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">2,538,626</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Preferred as converted</TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">6,018,341</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">5,560,018</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">5,901,530</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">5,452,496</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Total average shares outstanding</TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">8,737,198</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">8,112,281</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">8,549,968</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">7,991,122</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Earnings per share before certain One-Time Charges</TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$0.72</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$0.56</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$1.89</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$1.46</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Net Income attributable to common shares</TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$1,945</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$1,431</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$5,003</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$3,705</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Average common shares outstanding Diluted</TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">2,931,106</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">2,552,263</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">2,824,412</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">2,538,626</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Earnings per share as reported Diluted</TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$(1.34</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <P>)</TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$0.56</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$(0.19</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <P>)</TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$1.21</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Per share impact of One-Time Charges Diluted</TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">2.00</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">-</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">1.96</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">-</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
  <P>Earnings per share before certain On-Time Charges Diluted</TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$0.66</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$0.56</TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$1.77</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <P ALIGN="RIGHT">$1.21</TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  </TABLE>
  </CENTER></P>
  
  <P ALIGN="CENTER">Earnings per share before certain one-time charges has been presented because management believes that it is important for investors to understand the operating earnings of the business excluding charges related to the refinancing of company debt and changes to its capital structure.</P>
  <P ALIGN="RIGHT">Page 4</P></BODY>
  </HTML>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "form8k2004q3.htm", "description": "FORM 8-K Q3 2004", "secsgml_size_bytes": 82520}]
metadata_filer: {"company-data": {"conformed-name": "JUNO LIGHTING INC", "cik": "0000723888", "assigned-sic": "3640", "irs-number": "362852993", "state-of-incorporation": "DE", "fiscal-year-end": "1130"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-11631", "film-number": "041042639"}, "business-address": {"street1": "1300 S WOLF ROAD", "city": "DES PLAINES", "state": "IL", "zip": "60017", "phone": "8478279880"}, "mail-address": {"street1": "1300 S WOLF RD", "city": "DES PLAINES", "state": "IL", "zip": "60018"}}
text: Juno Lighting, Inc.
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C.  20549
  FORM 8-K
  CURRENT REPORT
  Pursuant To Section 13 OR 15(d) Of The Securities Exchange Act Of 1934
  Date of report (Date of earliest event reported)
  September 22, 2004
  JUNO LIGHTING, INC.
  (Exact name of registrant as specified in its charter)
  Delaware
  0-11631
  36-2852993
  (State or other jurisdiction
  of incorporation)
  (Commission
  File Number)
  (IRS Employer
  Identification Number)
  1300 S. Wolf Road P.O. Box 5065, Des Plaines Illinois
  60017-5065
  (Address of Principal Executive Offices)
  (Zip Code)
  Registrant's Telephone Number, including area code
  (847) 827-9880
  Page 1
  Item 2.02
  Other Events and Required FD DisclosureResults of Operations and Financial Condition.
  On September 22, 2004, Juno Lighting, Inc. issued a press release announcing financial results for the quarter ended August 31, 2004. A copy of this press release is attached hereto as Exhibit 99.1. This information, including exhibits attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. This information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. On September 22, 2004, Juno Lighting, Inc. issued a press release announcing an appointment of a director to its board. A copy of this press release is attached hereto as Exhibit 99.1.
  Item 5.02
  Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal officers.
  On September 20, 2004 John P. Murphy was appointed to the Juno Lighting, Inc.'s Board of Directors and was appointed to the board's audit committee.
  Item 7.01
  Regulation FD Disclosure.
  On September 22, 2004, Juno Lighting, Inc. issued a press release announcing financial results for the quarter ended August 31, 2004. A copy of this press release is attached hereto as Exhibit 99.1. This information, including exhibits attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. This information shall not be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
  Item 9
  Financial Statements, Pro Forma Financial Information and Exhibits.
  The following exhibits are being furnished as part of this Form 8-K:
  Exhibit Number
  Description
  Exhibit 99.1
  Press Release issued by Juno Lighting, Inc. dated September 22, 2004, announcing the results for the quarter ended August 31, 2004 and appointment of director.
  Item 9
  .
  Regulation FD Disclosure
  On September 22, 2004, Juno Lighting, Inc. issued a press release announcing financial results for the quarter ended August 31, 2004. A copy of this press release is attached hereto as Exhibit 99.1. This information, including exhibits attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. This information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
  Page 2
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  DATE
  September 22, 2004
  BY
  /s/ George J. Bilek
  George J. Bilek
  Vice President Finance
  Page 3
  JUNO LIGHTING, INC.
  EXHIBIT INDEX
  Exhibit No.
  Description
  99.1
  Press Release issued by Juno Lighting, Inc. dated September 22, 2004, announcing the results for the quarter ended August 31, 2004 and appointment of director.
  Page 4
  Exhibit 99.1
  FOR IMMEDIATE RELEASE
  Contact:  George Bilek
  847-827-9880
  JUNO LIGHTING, INC.
  ANNOUNCES THIRD QUARTER SALES AND EARNINGS
  Des Plaines, IL, September 22, 2004... Juno Lighting, Inc. (NASDAQ-JUNO) announced that for the quarter ended August 31, 2004 sales increased 21.4% to $63,167,000 compared to third quarter 2003 sales of $52,033,000. Net (loss) available to common shareholders for the third quarter of 2004 was approximately ($3,643,000) (($1.34) per common share on a basic and diluted basis), compared to net income available to common shareholders of $1,628,000 ($0.56 per common share on a basic and diluted basis) for the like period in 2003. Sales for the first nine months of fiscal 2004 increased 22.4% to $178,140,000 compared to $145,537,000 for the like period in 2003. Net (loss) available to common shareholders for the first nine months of 2004 was approximately ($509,000) (($.19) per common share on a basic and diluted basis), compared to net income available to common shareholders of $3,077,000 ($1.21 per common share on basic and diluted basis) for the like period in 2003.
  As a result of the refinancing of the Company's Senior Credit Facility and related matters, one-time charges of approximately $10,805,000 and $11,809,000 were recorded in the three and nine month periods ended August 31, 2004, respectively. Third quarter charges related to the previously existing credit facility, include a $3,246,000 non-cash charge to write-off unamortized financing costs and payment of a $7,422,000 call premium. One-time charges for the first nine months related to the previously existing credit facility include a $3,965,000 non-cash charge to write-off unamortized financing costs and payment of a $7,422,000 call premium. Excluding these one-time charges, earnings per share would have been $0.72 on a basic and $0.66 on a diluted basis for the third quarter and $1.89 on a basic and $1.77 on a diluted basis for the nine months ended August 31, 2004.
  The Company will conduct a conference call on September 22, 2004 at 3:30 p.m. Central Daylight Time. Those interested may listen to the call by dialing 888-323-9686, pass code "JUNO" and leader "George Bilek". A replay of the conference call will be available from 6:00 PM (Central) September 22, 2004 to 5:00 PM September 29, 2004 by dialing (800) 947-2123 (U.S.) and (402) 220-3600 (Int'l), pass code 54231.
  Additionally, Juno is pleased to announce that on September 20, 2004 John P. Murphy joined its board of directors and was appointed to the board's audit committee. Mr. Murphy has previously served as a senior vice president and the chief financial officer of Thomas & Betts Corporation (a manufacturer of electrical connectors and components) and as a senior vice president and the chief financial officer of Johns Manville Corporation (a manufacturer of building products). Tracy Bilbrough, Juno's Chief Executive Officer, said, "We are very pleased to welcome Mr. Murphy to our board of directors. His extensive experience as a financial executive will add to the strength of our board and its counsel to our management team."
  Juno Lighting, Inc. is a leader in the design, manufacturing, and marketing of lighting fixtures for commercial and residential use. This press release contains various forward-looking statements that are not statements of historical events. Such forward-looking statements are subject to various risks and uncertainties that could cause actual results to vary materially from those stated, indicated or expected. Such risks and uncertainties include: timing of filings required pursuant to applicable securities laws, economic conditions generally, levels of construction and remodeling activities, our ability to improve manufacturing efficiencies, disruptions in manufacturing or distribution, product and price competition, raw material prices, our ability to develop and successfully introduce new products, consumer acceptance of such new products, the ability of our new products to perform as designed when utilized by consumers, technology changes, patent issues, exchange rate fluctuations, and other risks and uncertainties. Juno undertakes no obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
  Page 1
  (In Thousands Except Share Amounts)
  Third Quarter Ended
  Nine Months Ended
  August 31,
  August 31,
  August 31,
  August 31,
  2004
  2003
  2004
  2003
  Net Sales
  $63,167
  $52,033
  $178,140
  $145,537
  Interest Expense
  14,597
  3,788
  22,888
  11,922
  (Loss) Income Before Taxes
  (468
  )
  5,189
  14,304
  16,514
  Net (Loss) Income
  (429
  )
  4,548
  8,840
  11,664
  Preferred Stock Dividend
  3,214
  2,920
  9,349
  8,587
  Net (Loss) Income Available to
  Common Shareholders
  (3,643
  )
  1,628
  (509
  )
  3,077
  EBITDA (A)
  15,000
  11,969
  40,863
  32,897
  Net (Loss) Income Per
  Common Share (B)
  Basic
  ($1.34
  )
  $0.56
  (C)
  ($.19
  )
  $1.21
  Diluted
  ($1.34
  )
  $0.56
  (C)
  ($.19
  )
  $1.21
  Average Number of
  Outstanding Shares
  Basic
  2,718,857
  2,552,263
  2,648,438
  2,538,626
  Diluted
  2,718,857
  2,552,263
  2,648,438
  2,538,626
  (A
  )
  EBITDA represents earnings before (a) taxes on income, (b) interest expense, (c) interest, dividend, and other miscellaneous income, (d) depreciation and amortization, (e) deferred compensation and (f) other non-cash charges. The non-cash charges referred to in the above reconciliation primarily related to the amortization of a step up in the inventory value of an acquired subsidiary. EBITDA is not a calculation prepared in accordance with generally accepted accounting principles and, because all companies do not calculate EBITDA identically, the presentation of EBITDA herein is not necessarily comparable to similarly entitled measures of other companies. The reconciliation of EBITDA is set forth in the table below. Additionally, EBITDA is not intended to represent and should not be considered more meaningful than, or an alternative to, measures of operating performance as determined in accordance with generally accepted accounting principles. However, EBITDA data are included because management understands that such information is considered by certain investors as an additional basis on which to evaluate Juno's ability to pay interest, repay debt and make capital expenditures. We also use EBITDA as an integral part of internal reporting to evaluate management team performance and to monitor compliance with certain financial covenants in our credit agreements.
  (B
  )
  Net (Loss) Income per common share is reported in compliance with EITF 03-06, effective for quarters ending after June 30, 2004. Prior period net income per share amounts have been restated in accordance with EITF 03-06 resulting in a reduction of net income per share for the third quarter of 2003 of $.08 on a basic and diluted basis.
  (C
  )
  In compliance with EITF 03-06, net income per share for the third quarter ended August 31, 2003 has been restated to reflect the required use of the "two class" method.
  We have performed the required net income per share calculations under EITF 03-06 for all other periods presented which resulted in no restatement.
  Page 2
  EBITDA Reconciliation (unaudited)
  Three Months Ended
  Nine Months Ended
  (In Thousands)
  August 31,
  August 31,
  August 31,
  August 31,
  2004
  2003
  2004
  2003
  Net (Loss) Income
  $(429
  )
  $4,548
  $8,840
  $11,664
  Add Back (Subtract):
  Income Taxes
  (39
  )
  641
  5,464
  4,850
  Interest Expense (2004 amounts include write-off of
  deferred financing costs and Sub-debt Call premium
  totaling $10,668 and $11,387)
  14,597
  3,788
  22,888
  11,922
  Loss (Gain) on Interest Rate Swap
  (71
  )
  1,496
  358
  (194
  )
  Interest and Royalty Income
  (116
  )
  (123
  )
  (169
  )
  (185
  )
  Depreciation and Amortization
  1,058
  1,487
  3,482
  4,373
  Deferred Compensation and Other Non-Cash Charges
  -
  132
  -
  449
  EBITDA
  $15,000
  $11,969
  $40,863
  32,879
  Earnings Per Share Reconciliation (unaudited)
  Three Months Ended
  Nine Months Ended
  (In Thousands Except Share Amounts)
  August 31,
  August 31,
  August 31,
  August 31,
  2004
  2003
  2004
  2003
  One-Time Charges, net of estimated taxes of $4,127 and $4,498
  $6,678
  -
  $7,311
  -
  Basic Earnings Per Share:
  Net (loss) income as reported
  $(429
  )
  $4,548
  $8,840
  $11,664
  One Time Charges
  6,678
  -
  7,311
  -
  Net income before certain One-Time Charges
  $6,249
  $4,548
  $16,151
  $11,664
  Shares Outstanding Basic:
  Common
  2,718,857
  2,552,263
  2,648,438
  2,538,626
  Preferred shares as converted
  6,018,341
  5,560,018
  5,901,530
  5,452,496
  Total shares outstanding Basic
  8,737,198
  8,112,281
  8,549,968
  7,991,122
  Earnings per share as reported Basic
  $(1.34
  )
  $0.56
  $(0.19
  )
  $1.21
  Per share impact of One-Time Charges Basic
  2.06
  -
  2.08
  -
  Earnings per share before certain One-Time Charges Basic
  $0.72
  $0.56
  $1.89
  $1.21
  Page 3
  Earnings Per Share Reconciliation (unaudited) CONTINUED
  Three Months Ended
  Nine Months Ended
  (In Thousands Except Share Amounts)
  August 31,
  August 31,
  August 31,
  August 31,
  2004
  2003
  2004
  2003
  Diluted Earnings Per Share:
  Net (Loss) Income as Reported
  $(429
  )
  $4,548
  $8,840
  $11,664
  One-Time Charges
  6,678
  -
  7,311
  -
  Net income before certain One-Time Charges
  $6,249
  $4,548
  $16,151
  $11,664
  Average shares outstanding:
  Common
  2,718,857
  2,552,263
  2,648,438
  2,538,626
  Preferred as converted
  6,018,341
  5,560,018
  5,901,530
  5,452,496
  Total average shares outstanding
  8,737,198
  8,112,281
  8,549,968
  7,991,122
  Earnings per share before certain One-Time Charges
  $0.72
  $0.56
  $1.89
  $1.46
  Net Income attributable to common shares
  $1,945
  $1,431
  $5,003
  $3,705
  Average common shares outstanding Diluted
  2,931,106
  2,552,263
  2,824,412
  2,538,626
  Earnings per share as reported Diluted
  $(1.34
  )
  $0.56
  $(0.19
  )
  $1.21
  Per share impact of One-Time Charges Diluted
  2.00
  -
  1.96
  -
  Earnings per share before certain On-Time Charges Diluted
  $0.66
  $0.56
  $1.77
  $1.21
  Earnings per share before certain one-time charges has been presented because management believes that it is important for investors to understand the operating earnings of the business excluding charges related to the refinancing of company debt and changes to its capital structure.
  Page 4