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  <B><P ALIGN="CENTER">UNITED STATES<BR>
  SECURITIES AND EXCHANGE COMMISSION<BR>
  Washington, D.C.&nbsp;&nbsp;20549<BR>
  <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>
  <BR>
  </P>
  </B>
  <P ALIGN="CENTER">Date of report (Date of earliest event reported) <B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 24, 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><BR>
  </P>
  </U><P ALIGN="CENTER"></P>
  <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)<BR>
  </P>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=713>
  <TR><TD WIDTH="32%" 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="30%" 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="30%" 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="32%" VALIGN="TOP">
  <P ALIGN="CENTER">(State or other jurisdiction<BR>
  of incorporation)</TD>
  <TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="30%" VALIGN="TOP">
  <P ALIGN="CENTER">(Commission<BR>
  File Number)</TD>
  <TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="30%" VALIGN="TOP">
  <P ALIGN="CENTER">(IRS Employer<BR>
  Identification Number)</TD>
  </TR>
  </TABLE>
  </CENTER></P>
  
  <FONT SIZE=2></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=712>
  <TR><TD WIDTH="67%" VALIGN="TOP">
  <B><P ALIGN="CENTER">&nbsp;</B></TD>
  <TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="29%" VALIGN="TOP">&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">&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>
  <BR>
  </P>
  <B><P ALIGN="RIGHT">Page 1</P>
  </B><P ALIGN="CENTER"><HR ALIGN="LEFT" SIZE=1></P>
  <FONT SIZE=2>
  </FONT><P>&nbsp;</P>
  <TABLE CELLSPACING=0 BORDER=0 WIDTH=683>
  <TR><TD WIDTH="19%" VALIGN="TOP" COLSPAN=5>
  <B><U><P>Item 7.</B></U></TD>
  <TD WIDTH="3%" VALIGN="TOP">
  <B><P>&nbsp;</B></TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <B><U><P>Financial Statements, Pro Forma Financial Information and Exhibits</B></U></TD>
  </TR>
  <TR><TD WIDTH="19%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="19%" VALIGN="TOP" COLSPAN=5>
  
  <P>&nbsp;</P>
  <P>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">&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=27>
  <B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;</B></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=27><P></P></TD>
  <TD WIDTH="16%" 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">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="16%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="1%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="16%" VALIGN="TOP" COLSPAN=3>
  <P ALIGN="JUSTIFY">Exhibit 99.1</TD>
  <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>Press Release issued by Juno Lighting, Inc. dated June 24, 2004, announcing the results for the quarter ended May 31, 2004.</TD>
  </TR>
  <TR><TD WIDTH="19%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="19%" 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="19%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="5%" VALIGN="TOP" COLSPAN=3 HEIGHT=256><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=256><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=256><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=256><P></P></TD>
  <TD WIDTH="79%" VALIGN="TOP" HEIGHT=256>
  <P>On June 24, 2004, Juno Lighting, Inc. issued a press release announcing financial results for the quarter ended May 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>
  <TR><TD WIDTH="19%" VALIGN="TOP" COLSPAN=5>
  <B><U><P>Item 12</B>.</U></TD>
  <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <B><U><P>Results of Operations and Financial Condition</B></U></TD>
  </TR>
  <TR><TD WIDTH="19%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="5%" VALIGN="TOP" COLSPAN=3 HEIGHT=160><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=160><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=160><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=160><P></P></TD>
  <TD WIDTH="79%" VALIGN="TOP" HEIGHT=160>
  <P>On June 24, 2004, Juno Lighting, Inc. issued a press release announcing financial results for the quarter ended May 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>
  </TABLE>
  
  <FONT SIZE=2><P ALIGN="CENTER"><BR>
  <BR>
  <B>SIGNATURES</P>
  </B></FONT>
  <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>
  <FONT SIZE=3></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=650>
  <TR><TD WIDTH="32%" VALIGN="TOP">
  <FONT SIZE=2><P>DATE&nbsp;<U>June 24, 2004</U> </FONT></TD>
  <TD WIDTH="6%" VALIGN="TOP">
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD WIDTH="61%" 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">&nbsp;</TD>
  <TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="61%" VALIGN="TOP">
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George J. Bilek</FONT></TD>
  </TR>
  <TR><TD WIDTH="32%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="61%" VALIGN="TOP">
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President Finance</FONT></TD>
  </TR>
  </TABLE>
  </CENTER></P>
  
  <B><P ALIGN="RIGHT">Page 2</P>
  <FONT FACE="Baskerville Old Face" SIZE=2><P><HR ALIGN="RIGHT" SIZE=1></B></FONT><BR>
  </P>
  <B><P>JUNO LIGHTING, INC.</P>
  </B><FONT SIZE=3><P ALIGN="CENTER"><BR>
  <B>EXHIBIT INDEX</P>
  </B></FONT><P ALIGN="CENTER"></P>
  <P ALIGN="CENTER">&nbsp;</P>
  <TABLE CELLSPACING=0 BORDER=0 WIDTH=611>
  <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">&nbsp;</TD>
  <TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="84%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="14%" VALIGN="TOP">
  <P>99.1</TD>
  <TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="84%" VALIGN="TOP">
  <P>Press Release issued by Juno Lighting, Inc. dated June 24, 2004, announcing the results for the quarter ended May 31, 2004.</TD>
  </TR>
  </TABLE>
  
  
  <P>&nbsp;</P>
  <B><P ALIGN="RIGHT">Page 3</P>
  </B><FONT FACE="Baskerville Old Face" SIZE=2>
  <P ALIGN="RIGHT"><HR ALIGN="RIGHT" SIZE=1></P>
  </FONT><B><P ALIGN="RIGHT">Exhibit 99.1</P>
  </B><FONT SIZE=3><P ALIGN="RIGHT"></P>
  <B><P>FOR IMMEDIATE RELEASE</P>
  <P ALIGN="RIGHT">Contact:&nbsp;&nbsp;George Bilek<BR>
  847-827-9880</P>
  <U>
  </U><P ALIGN="CENTER">JUNO LIGHTING, INC.<BR>
  ANNOUNCES SECOND QUARTER SALES AND EARNINGS</P>
  </B><P><BR>
  Des Plaines, IL, June 24, 2004... Juno Lighting, Inc. (NASDAQ-JUNO) announced that for the quarter ended May 31, 2004 sales increased 28.2% to $64,082,000 compared to second quarter 2003 sales of $49,981,000.  Net income available to common shareholders for the second quarter of 2004 was approximately $2,641,000 ($1.01 per common share on a basic and $0.65 on a diluted basis), compared to net income available to common shareholders of $1,437,000 ($0.57 per common share on a basic and diluted basis) for the like period in 2003.  Sales for the first six months of fiscal 2004 were $114,973,000 a 23% increase compared to $93,504,000 for the like period in 2003.  Net income available to common shareholders for the first six months of 2004 was approximately $3,134,000 ($1.20 per common share on a basic and $1.06 on a diluted basis), compared to net income available to common shareholders of $1,449,000 ($0.57 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, approximately $1,004,000 of one-time charges were expensed in the second quarter.  These charges include a $719,000 non-cash charge to write-off unamortized expenses for the previously existing credit facility.  Excluding these one-time charges, earnings per share would have been $1.25 on a basic and $0.72 on a diluted basis for the second quarter and $1.44 on a basic and $1.13 on a diluted basis for the six months ended May 31, 2004.<BR>
  <BR>
  On June 1, 2004, the Company issued a notice to redeem its $125 million, 11-7/8% Senior Subordinated Notes effective on July 1, 2004.  It is anticipated that as soon as practicable after July 1, 2004 the Juno Board of Directors will consider declaring a one-time $60 million dividend to its preferred and common stockholders payable pro rata to preferred and common shareholders on an as converted basis; although there can be no assurances that the dividend will be declared by the Board of Directors.  Funding for these transactions will be provided by the Company's recently executed new credit facility. <BR>
  <BR>
  The Company will conduct a conference call on June 24, 2004 at 3:30 p.m. Central Daylight Time.  Those interested may listen to the call by dialing 888-709-9420, pass code "JUNO" and leader "George Bilek".  A replay of the conference call will be available from 6:00 PM (Central) June 24, 2004 to 5:00 PM July 2, 2004 by dialing  (800) 947-6621 (U.S.) and (402) 220-4613 (Int'l).  <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: Juno's Board of Directors declaration and payment of a one-time cash dividend, the filing of an amendment to Juno's amended and restated certificate of incorporation, and 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>
  <B><P ALIGN="RIGHT">Page 1</P>
  </B></FONT><FONT FACE="Baskerville Old Face" SIZE=2><P><HR ALIGN="RIGHT" SIZE=1></P>
  </FONT><FONT SIZE=3></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=672>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;</FONT></TD>
  <TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=8 HEIGHT=16>
  <I><FONT SIZE=3><P ALIGN="CENTER">(In Thousands Except Share Amounts)</I></FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16><P></P></TD>
  <TD WIDTH="42%" VALIGN="BOTTOM" COLSPAN=6 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;</FONT></TD>
  <TD WIDTH="28%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="CENTER">Second Quarter Ended</FONT></TD>
  <TD WIDTH="28%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="CENTER">Six Months Ended</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">May 31,</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">May 31,</FONT></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">May 31,</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">May 31,</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">2004</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">2003</FONT></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">2004</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">2003</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">Net Sales</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">$64,082</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">$49,981</FONT></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">$114,973</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">$93,504</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">Interest Expense</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">3,618</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">4,025</FONT></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">7,247</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">8,134</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">Income Before Taxes</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">9,166</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">6,931</FONT></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">14,772</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">11,325</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P>Net Income</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">5,739</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">4,298</FONT></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">9,269</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">7,116</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">Preferred Stock Dividend</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">3,098</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">2,861</FONT></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">6,135</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">5,667</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">Net Income Available to</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;&nbsp;Common Shareholders</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">2,641</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">1,437</FONT></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">3,134</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">1,449</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">EBITDA (A)</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">15,403</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">12,091</FONT></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">25,863</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">20,910</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P>Net Income Per</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P>&nbsp;&nbsp;Common Share</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">$1.01</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.57</FONT></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">$1.20</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.57</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.65</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.57</FONT></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">$1.06</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.57</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P>Average Number of</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P>&nbsp;&nbsp;Outstanding Shares</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">2,624,213</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">2,529,534</FONT></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">2,611,953</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">2,529,534</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">8,794,809</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">2,529,534</FONT></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">8,724,155</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P ALIGN="RIGHT">2,529,534</FONT></TD>
  </TR>
  <TR><TD WIDTH="45%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
  <FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;</FONT></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=16><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
  <FONT SIZE=3><P>&nbsp;</FONT></TD>
  <TD WIDTH="4%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
  <FONT SIZE=3><P>&nbsp;</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
  </TR>
  <TR><TD WIDTH="10%" VALIGN="TOP" HEIGHT=246>
  <FONT SIZE=3><P ALIGN="RIGHT">(A</FONT></TD>
  <TD WIDTH="8%" VALIGN="TOP" HEIGHT=246>
  <FONT SIZE=3><P>)</FONT></TD>
  <TD WIDTH="82%" VALIGN="TOP" COLSPAN=9 HEIGHT=246>
  <FONT SIZE=2><P>EBITDA represents earnings before (a) taxes on income, (b) interest expense, (c) interest, dividend, and other miscellaneous income, (d) depreciation and amortization, (e) write-off of deferred financing costs, (f) deferred compensation and (g) 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>
  </TABLE>
  </CENTER></P>
  
  <FONT SIZE=3><P ALIGN="CENTER"></P>
  <B><P ALIGN="RIGHT">Page 2</P>
  </B><P><HR ALIGN="RIGHT" SIZE=1></P>
  
  </FONT><B><P>&nbsp;</P></B>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=654>
  <TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=19>
  <B><P>EBITDA Reconciliation (unaudited)</B></TD>
  <TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=19><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="23%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">Three Months Ended</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="23%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">Six Months Ended</FONT></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" 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" 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="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" 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>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>(In Thousands)</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">May 31,</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">May 31,</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">May 31,</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">May 31,</FONT></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" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">2004</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">2003</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">2004</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">2003</FONT></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" 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="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" 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>
  <FONT SIZE=3><P>&nbsp;</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>&nbsp;</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>&nbsp;</FONT></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" 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>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>Net Income</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$5,739</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$4,298</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$9,269</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$7,116</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>&nbsp;</FONT></TD>
  <TD WIDTH="10%" 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="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" 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>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>Add Back (Subtract):</FONT></TD>
  <TD WIDTH="10%" 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="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" 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>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>Income Taxes</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">3,427</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">2,633</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">5,503</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">4,209</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>Interest Expense</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">3,618</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">4,025</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">7,247</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">8,134</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>Loss (Gain) on Interest Rate Swap</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">539</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">(427</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>)</FONT></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">429</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">(1,690</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>)</FONT></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>Interest and Royalty Income</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">(15</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>)</FONT></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">(44</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>)</FONT></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">(53</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>)</FONT></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">(60</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>)</FONT></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>Depreciation and Amortization</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">1,376</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">1,450</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">2,749</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">2,884</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>Write-Off of Deferred Financing Costs</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">719</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">719</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>Deferred Compensation and Other Non-Cash Charges</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">156</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">317</FONT></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" 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="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" 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" 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="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" 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>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>EBITDA</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$15,403</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$12,091</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$25,863</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$20,910</FONT></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" 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="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" 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=1><P></P></TD>
  <TD WIDTH="10%" 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="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" 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>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" 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="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" 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>
  
  <B></B>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=654>
  <TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=19>
  <B><P>Earnings Per Share Reconciliation (unaudited)</B></TD>
  <TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=19><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="23%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">Three Months Ended</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="23%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">Six Months Ended</FONT></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" 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" 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="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" 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>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>(In Thousands Except Share Amounts)</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">May 31,</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">May 31,</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">May 31,</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">May 31,</FONT></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" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">2004</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">2003</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">2004</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="CENTER">2003</FONT></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" 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="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" 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" 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="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" 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>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>One-Time Charges, net of estimated taxes of $371</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">633</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">633</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>Shares outstanding</FONT></TD>
  <TD WIDTH="10%" 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="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" 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>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">2,624,213</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">2,529,534</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">2,611,953</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">2,529,534</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">8,794,809</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">2,529,534</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">8,724,155</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">2,529,534</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>&nbsp;</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">&nbsp;</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">&nbsp;</FONT></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" 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>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>Per Share impact of One-Time Charges</FONT></TD>
  <TD WIDTH="10%" 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="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" 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>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.24</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.24</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.07</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.07</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">-</FONT></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" 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="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" 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>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>Add Earnings Per Share</FONT></TD>
  <TD WIDTH="10%" 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="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" 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>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$1.01</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.57</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$1.20</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.57</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.65</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.57</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$1.06</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.57</FONT></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" 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="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" 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>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=34>
  <FONT SIZE=3><P>Earnings Per Share Before Certain One-Time Charges</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=34><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$1.25</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.57</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$1.44</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.57</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.72</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.57</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$1.13</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=19>
  <FONT SIZE=3><P ALIGN="RIGHT">$0.57</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  </TR>
  </TABLE>
  </CENTER></P>
  
  <FONT SIZE=3>
  <P>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>
  <B><P ALIGN="RIGHT">Page 3</P>
  <P ALIGN="RIGHT"><HR ALIGN="RIGHT" SIZE=1></P>
  </B></FONT><FONT FACE="Baskerville Old Face" SIZE=2></FONT></BODY>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "form8k2004q2.htm", "description": "FORM 8-K SECOND QUARTER 2004", "secsgml_size_bytes": 62116}]
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": "04879776"}, "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)
  June 24, 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 7.
  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 June 24, 2004, announcing the results for the quarter ended May 31, 2004.
  Item 9
  .
  Regulation FD Disclosure
  On June 24, 2004, Juno Lighting, Inc. issued a press release announcing financial results for the quarter ended May 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.
  Item 12
  .
  Results of Operations and Financial Condition
  On June 24, 2004, Juno Lighting, Inc. issued a press release announcing financial results for the quarter ended May 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.
  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
  June 24, 2004
  BY
  /s/ George J. Bilek
  George J. Bilek
  Vice President Finance
  Page 2
  JUNO LIGHTING, INC.
  EXHIBIT INDEX
  Exhibit No.
  Description
  99.1
  Press Release issued by Juno Lighting, Inc. dated June 24, 2004, announcing the results for the quarter ended May 31, 2004.
  Page 3
  Exhibit 99.1
  FOR IMMEDIATE RELEASE
  Contact:  George Bilek
  847-827-9880
  JUNO LIGHTING, INC.
  ANNOUNCES SECOND QUARTER SALES AND EARNINGS
  Des Plaines, IL, June 24, 2004... Juno Lighting, Inc. (NASDAQ-JUNO) announced that for the quarter ended May 31, 2004 sales increased 28.2% to $64,082,000 compared to second quarter 2003 sales of $49,981,000.  Net income available to common shareholders for the second quarter of 2004 was approximately $2,641,000 ($1.01 per common share on a basic and $0.65 on a diluted basis), compared to net income available to common shareholders of $1,437,000 ($0.57 per common share on a basic and diluted basis) for the like period in 2003.  Sales for the first six months of fiscal 2004 were $114,973,000 a 23% increase compared to $93,504,000 for the like period in 2003.  Net income available to common shareholders for the first six months of 2004 was approximately $3,134,000 ($1.20 per common share on a basic and $1.06 on a diluted basis), compared to net income available to common shareholders of $1,449,000 ($0.57 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, approximately $1,004,000 of one-time charges were expensed in the second quarter.  These charges include a $719,000 non-cash charge to write-off unamortized expenses for the previously existing credit facility.  Excluding these one-time charges, earnings per share would have been $1.25 on a basic and $0.72 on a diluted basis for the second quarter and $1.44 on a basic and $1.13 on a diluted basis for the six months ended May 31, 2004.
  On June 1, 2004, the Company issued a notice to redeem its $125 million, 11-7/8% Senior Subordinated Notes effective on July 1, 2004.  It is anticipated that as soon as practicable after July 1, 2004 the Juno Board of Directors will consider declaring a one-time $60 million dividend to its preferred and common stockholders payable pro rata to preferred and common shareholders on an as converted basis; although there can be no assurances that the dividend will be declared by the Board of Directors.  Funding for these transactions will be provided by the Company's recently executed new credit facility.
  The Company will conduct a conference call on June 24, 2004 at 3:30 p.m. Central Daylight Time.  Those interested may listen to the call by dialing 888-709-9420, pass code "JUNO" and leader "George Bilek".  A replay of the conference call will be available from 6:00 PM (Central) June 24, 2004 to 5:00 PM July 2, 2004 by dialing  (800) 947-6621 (U.S.) and (402) 220-4613 (Int'l).
  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: Juno's Board of Directors declaration and payment of a one-time cash dividend, the filing of an amendment to Juno's amended and restated certificate of incorporation, and 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)
  Second Quarter Ended
  Six Months Ended
  May 31,
  May 31,
  May 31,
  May 31,
  2004
  2003
  2004
  2003
  Net Sales
  $64,082
  $49,981
  $114,973
  $93,504
  Interest Expense
  3,618
  4,025
  7,247
  8,134
  Income Before Taxes
  9,166
  6,931
  14,772
  11,325
  Net Income
  5,739
  4,298
  9,269
  7,116
  Preferred Stock Dividend
  3,098
  2,861
  6,135
  5,667
  Net Income Available to
  Common Shareholders
  2,641
  1,437
  3,134
  1,449
  EBITDA (A)
  15,403
  12,091
  25,863
  20,910
  Net Income Per
  Common Share
  Basic
  $1.01
  $0.57
  $1.20
  $0.57
  Diluted
  $0.65
  $0.57
  $1.06
  $0.57
  Average Number of
  Outstanding Shares
  Basic
  2,624,213
  2,529,534
  2,611,953
  2,529,534
  Diluted
  8,794,809
  2,529,534
  8,724,155
  2,529,534
  (A
  )
  EBITDA represents earnings before (a) taxes on income, (b) interest expense, (c) interest, dividend, and other miscellaneous income, (d) depreciation and amortization, (e) write-off of deferred financing costs, (f) deferred compensation and (g) 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.
  Page 2
  EBITDA Reconciliation (unaudited)
  Three Months Ended
  Six Months Ended
  (In Thousands)
  May 31,
  May 31,
  May 31,
  May 31,
  2004
  2003
  2004
  2003
  Net Income
  $5,739
  $4,298
  $9,269
  $7,116
  Add Back (Subtract):
  Income Taxes
  3,427
  2,633
  5,503
  4,209
  Interest Expense
  3,618
  4,025
  7,247
  8,134
  Loss (Gain) on Interest Rate Swap
  539
  (427
  )
  429
  (1,690
  )
  Interest and Royalty Income
  (15
  )
  (44
  )
  (53
  )
  (60
  )
  Depreciation and Amortization
  1,376
  1,450
  2,749
  2,884
  Write-Off of Deferred Financing Costs
  719
  -
  719
  -
  Deferred Compensation and Other Non-Cash Charges
  -
  156
  -
  317
  EBITDA
  $15,403
  $12,091
  $25,863
  $20,910
  Earnings Per Share Reconciliation (unaudited)
  Three Months Ended
  Six Months Ended
  (In Thousands Except Share Amounts)
  May 31,
  May 31,
  May 31,
  May 31,
  2004
  2003
  2004
  2003
  One-Time Charges, net of estimated taxes of $371
  633
  -
  633
  -
  Shares outstanding
  Basic
  2,624,213
  2,529,534
  2,611,953
  2,529,534
  Diluted
  8,794,809
  2,529,534
  8,724,155
  2,529,534
  Per Share impact of One-Time Charges
  Basic
  $0.24
  -
  $0.24
  -
  Diluted
  $0.07
  -
  $0.07
  -
  Add Earnings Per Share
  Basic
  $1.01
  $0.57
  $1.20
  $0.57
  Diluted
  $0.65
  $0.57
  $1.06
  $0.57
  Earnings Per Share Before Certain One-Time Charges
  Basic
  $1.25
  $0.57
  $1.44
  $0.57
  Diluted
  $0.72
  $0.57
  $1.13
  $0.57
  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 3