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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;January 24, 2005&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><FONT SIZE=2><P><BR>
  Check the appropriate box below if the Form 8-K filing is intended to simulataneously satisft the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):<BR>
  <BR>
  [&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR>
  <BR>
  [&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
  <BR>
  [&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (14 CFR 240.14d-2(b))<BR>
  <BR>
  [&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-a(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>
  </P>
  </FONT><P ALIGN="RIGHT">Page 1</P>
  <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=3>
  <B><U><P>Item 2.02</B></U></TD>
  <TD WIDTH="3%" VALIGN="TOP">&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="19%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>On January 24, 2005, Juno Lighting, Inc. issued a press release announcing financial results for the quarter ended November 30, 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=3>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="19%" VALIGN="TOP" COLSPAN=3>
  <B><U><P>Item 7.01</B></U></TD>
  <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <B><U><P>Regulation FD Disclosure.</B></U></TD>
  </TR>
  <TR><TD WIDTH="19%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="19%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">
  <P>On January 24, 2005, Juno Lighting, Inc. issued a press release announcing financial results for the quarter ended November 30, 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="19%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="19%" VALIGN="TOP" COLSPAN=3>
  <B><U><P>Item 9</B></U></TD>
  <TD WIDTH="3%" VALIGN="TOP">&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="19%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
  <TD WIDTH="79%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR><TD WIDTH="19%" VALIGN="TOP" COLSPAN=3>
  
  <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=19><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=19><P></P></TD>
  <TD WIDTH="16%" VALIGN="TOP" 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="16%" VALIGN="TOP" 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">
  <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 January 24, 2005, announcing the results for the quarter ended November 30, 2004.</TD>
  </TR>
  </TABLE>
  
  <P ALIGN="RIGHT">Page 2</P>
  <P ALIGN="RIGHT"><HR ALIGN="RIGHT" SIZE=1></P>
  <P ALIGN="RIGHT"></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>
  <FONT FACE="Baskerville Old Face" SIZE=2></FONT>
  <TABLE CELLSPACING=0 BORDER=0 WIDTH=650 ALIGN="LEFT" HSPACE=12>
  <TR><TD WIDTH="32%" VALIGN="TOP">
  <FONT SIZE=2><P>DATE&nbsp;<U>January 24, 2005</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;Executive Vice President and Chief Financial Officer</FONT></TD>
  </TR>
  </TABLE>
  
  <P ALIGN="RIGHT"></P>
  <FONT FACE="Baskerville Old Face" SIZE=2><P>&nbsp;</P>
  <P>&nbsp;</P>
  </FONT><P ALIGN="RIGHT">Page 3</P>
  <FONT FACE="Baskerville Old Face" SIZE=2>
  <P>&nbsp;</P>
  <P><HR ALIGN="RIGHT" SIZE=1></P>
  </FONT><P ALIGN="RIGHT">JUNO LIGHTING, INC.</P>
  <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 January 24, 2005, announcing the results for the quarter ended November 30, 2004.</TD>
  </TR>
  </TABLE>
  
  <FONT SIZE=3><P ALIGN="RIGHT"></P>
  <P ALIGN="RIGHT">&nbsp;</P>
  </FONT><P ALIGN="RIGHT">Page 4</P>
  <FONT SIZE=3><P ALIGN="RIGHT"><HR ALIGN="RIGHT" SIZE=1></P>
  <P ALIGN="RIGHT"></P>
  </FONT><B><P ALIGN="RIGHT">Exhibit 99.1</P>
  </B><FONT SIZE=3>
  <P>&nbsp;</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 STRONG FOURTH QUARTER AND FULL YEAR RESULTS</P>
  </B><P><BR>
  Des Plaines, IL, January 24, 2005... Juno Lighting, Inc. (NASDAQ-JUNO) announced that for the quarter ended November 30, 2004 sales increased 16.0% to $63,825,000 compared to fourth quarter 2003 sales of $55,029,000 as the Company achieved solid growth in all distribution channels. Operating earnings for the fourth quarter of 2004 increased 12.8% to $13,020,000 compared to $11,546,000 for the prior year's fourth quarter. Raw material inflation resulted in approximately $1.2 million of margin compression compared to the fourth quarter of 2003.  Net income available to common shareholders for the fourth quarter of 2004 was approximately $2,272,000 ($0.82 per common share on a basic and $0.75 on a diluted basis), compared to net income available to common shareholders of $1,629,000 ($0.64 per common share on a basic and $0.63 on a diluted basis) for the like period in 2003.  <BR>
  <BR>
  Sales for the full fiscal year 2004 increased 20.6% to $241,965,000 compared to $200,566,000 for the like period in 2003 with sales increases noted across all brands and in every market served by Juno.  Operating earnings for fiscal 2004 increased 27.3% to $50,401,000 compared to $39,602,000 for fiscal 2003 as leverage from significant sales growth and continued productivity gains from operations allowed the Company to partially offset raw material price inflation. However, since the Company continues to experience increased prices for its raw materials, and in particular steel and aluminum, it has implemented a price increase of approximately 7% across all major brands effective December 1, 2004.   Net income available to common shareholders for 2004 was approximately $3,606,000 ($1.34 per common share on a basic and $1.26 on a diluted basis), compared to net income available to common shareholders of $5,315,000 ($2.09 per common share on a basic and diluted basis) for the like period in 2003.<BR>
  </FONT><FONT SIZE=3><BR>
  As a result of the refinancing of the Company's Senior Credit Facility completed in July 2004 and related matters, one-time charges of approximately $11,809,000 were recorded in the twelve month period ended November 30, 2004.  One-time charges related to the previously existing credit facility include a $3,965,000 non-cash charge to write-off unamortized financing costs associated with the retired credit facility and the payment of a $7,422,000 call premium.   Excluding these one-time charges, earnings per share would have been $2.70 on a basic and $2.53 on a diluted basis for the twelve months ended November 30, 2004.<BR>
  <BR>
  President &amp; CEO Tracy Bilbrough commented: "We are pleased to report our sixth consecutive quarter of double-digit organic sales growth.  Despite the extraordinary raw material inflation, especially in metals, that we experienced in 2004, our continued focus on productivity in our operations, on launching profitable new products, and on achieving strong sales growth has allowed us to deliver an over 27% increase in our full year operating earnings".  <BR>
  <BR>
  The Company will conduct a conference call on January 24, 2005 at 3:30 p.m. Central Standard Time.  Those interested may listen to the call by dialing 888-730-9137, pass code "JUNO" and leader "George Bilek".  A replay of the conference call will be available from 6:00 PM (Central) January 24, 2005 to 5:00 PM January 31, 2005 by dialing (866) 463-2180 (U.S.) and (203) 369-1377 (Int'l), pass code 54231.</P>
  </FONT><P ALIGN="RIGHT">Page 1</P>
  <FONT SIZE=3>
  <P>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:  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>
  </FONT><P ALIGN="RIGHT">Page 2</P>
  <FONT SIZE=2>
  <P>&nbsp;</P></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=690>
  <TR><TD VALIGN="TOP" COLSPAN=15 HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">JUNO LIGHTING, INC. AND SUBSIDIARIES</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=15 HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=15 HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">CONDENSED CONSOLIDATED STATEMENTS OF INCOME</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=15 HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="41%" VALIGN="TOP" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">&nbsp;</FONT></TD>
  <TD WIDTH="59%" VALIGN="TOP" COLSPAN=13 HEIGHT=14>
  <I><FONT SIZE=2><P ALIGN="CENTER">(in thousands except for share amounts)</I></FONT></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="23%" VALIGN="TOP" COLSPAN=4 HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Three Months Ended</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="23%" VALIGN="TOP" COLSPAN=4 HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Twelve Months Ended</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" COLSPAN=2 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="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" 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="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P>Net sales</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">63,825</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">55,029</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">241,965</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">200,566</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P>Cost of sales</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">32,532</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">27,364</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">121,091</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">99,933</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P>Gross profit</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">31,293</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">27,665</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">120,874</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">100,633</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P>Selling, general and administrative expenses</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">18,273</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">16,119</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">70,473</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">61,031</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Operating income</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">13,020</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">11,546</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">50,401</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">39,602</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P>Other income (expense):</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(3,360</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(3,683</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(14,861</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(15,605</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Senior subordinated note call premium</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(7,422</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Write off of remaining deferred financing fees </FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on retired debt</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(3,965</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on interest rate swap</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">227</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(358</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">422</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Gain on foreign currency translation</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">1,683</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">1,683</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Miscellaneous</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">32</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">20</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">201</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">205</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (expense)</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(1,645</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(3,436</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(24,722</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(14,978</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="CENTER">Income before taxes on income</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">11,375</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">8,110</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">25,679</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">24,624</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P>Taxes on income</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">4,046</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,843</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">9,510</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">7,693</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P>Net income</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">7,329</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">5,267</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">16,169</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">16,931</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P>Less: preferred dividends</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">5,057</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">3,638</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">12,563</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">11,616</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P>Net income available to common shareholders</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,272</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">1,629</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">3,606</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">5,315</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P>Net income per common share (A)</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">.82</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">.64</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>(A)</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">1.34</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2.09</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>(A)</FONT></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">.75</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">.63</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>(A)</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">1.26</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2.09</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>(A)</FONT></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P>Average number of outstanding shares</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,786,586</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,565,614</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,682,786</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,545,298</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">3,014,890</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,574,329</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,865,620</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,545,298</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="39%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P>EBITDA (B)</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">13,923</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">13,221</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">54,786</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">46,099</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  </TABLE>
  </CENTER></P>
  
  <FONT SIZE=2></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=704>
  <TR><TD WIDTH="4%" VALIGN="TOP" HEIGHT=72>
  <FONT SIZE=1><P ALIGN="RIGHT">(A</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=72>
  <FONT SIZE=1><P>)</FONT></TD>
  <TD WIDTH="94%" VALIGN="TOP" HEIGHT=72>
  <FONT SIZE=1><P>Net 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 reductions of previously reported net income per share for the fourth quarter of 2003 of $0.25 on a basic and $0.26 on a diluted basis and for the twelve months ended November 30, 2003 of $0.02 per share on a basic and diluted basis.</FONT></TD>
  </TR>
  <TR><TD WIDTH="4%" VALIGN="TOP" HEIGHT=168>
  <FONT SIZE=1><P ALIGN="RIGHT">(B</FONT></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=168>
  <FONT SIZE=1><P>)</FONT></TD>
  <TD WIDTH="94%" VALIGN="TOP" HEIGHT=168>
  <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>
  </TABLE>
  </CENTER></P>
  
  <P ALIGN="RIGHT">Page 3</P>
  <FONT SIZE=2>
  <P>&nbsp;</P></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=692>
  <TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>EBITDA reconciliation (unaudited)</B></FONT></TD>
  <TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="24%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Three Months Ended</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="24%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Twelve Months Ended</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=7><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=7><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=14>
  <I><FONT SIZE=2><P>(In thousands)</I></FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30,</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" 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="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Net income</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$7,329</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$5,267</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$16,169</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$16,931</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Add back (subtract):</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Income taxes</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">4,046</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,843</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">9,510</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">7,693</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Interest expense (YTD 2004 amount includes write-off of </FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Deferred financing costs and sub-debt call premium </FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;totaling $11,387)</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">3,360</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">3,683</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">26,248</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">15,605</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Loss (gain) on interest rate swap</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">   -</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(227</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">358</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(422</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  </TR>
  <TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Gain on foreign currency translation</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(1,683</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(1,683</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Interest, royalty and miscellaneous income</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(32</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(20</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(201</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(205</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  </TR>
  <TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Depreciation and amortization</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">895</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">1,562</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">4,377</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">5,935</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="55%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Deferred compensation and other non-cash charges</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">8</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">113</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">8</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">562</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>EBITDA</FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$13,923</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$13,221</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$54,786</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$46,099</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" 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=695>
  <TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>Earnings per share reconciliation (unaudited)</B></FONT></TD>
  <TD WIDTH="23%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="24%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="23%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Three Months Ended</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="24%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Twelve Months Ended</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=14>
  <I><FONT SIZE=2><P>(In thousands except share amounts)</I></FONT></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13>
  <B><FONT SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=13>
  <B><FONT SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=13>
  <B><FONT SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=13>
  <B><FONT SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" 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="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="57%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14>
  <FONT SIZE=2><P>One-time charges, net of estimated taxes of $4,498</FONT></TD>
  <TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$7,311</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <B><FONT SIZE=2><P>Basic earnings per share:</B></FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Net income as reported </FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$7,329</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$5,267</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$16,169</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$16,931</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>One time charges</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;-</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">7,311</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;-</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Net income before certain one-time charges</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$7,329</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$5,267</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$23,480</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$16,931</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Shares outstanding basic:</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Common</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,786,586</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,565,614</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,682,786</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,545,298</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Preferred shares as converted</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">6,202,004</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">5,727,930</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">6,020,840</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">5,562,097</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Total shares outstanding basic</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">8,988,590</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">8,293,544</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">8,703,626</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">8,107,395</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Earnings per share as reported basic</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$0.82</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$0.64</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$1.34</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$2.09</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Per share impact of one-time charges basic</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;-</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">1.36</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;-</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>Earnings per share before certain one-time charges basic</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$0.82</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$0.64</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$2.70</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$2.09</FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 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>
  <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="9%" VALIGN="TOP" COLSPAN=2 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>
  <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="9%" VALIGN="TOP" COLSPAN=2 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>
  <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 4</P>
  <FONT SIZE=2>
  <P>&nbsp;</P></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=710>
  <TR><TD WIDTH="73%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=19>
  <B><FONT SIZE=2><P>Earnings per share reconciliation (unaudited) CONTINUED</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=19><P></P></TD>
  <TD WIDTH="25%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=19><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Three Months Ended</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="25%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Twelve Months Ended</B></FONT></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14>
  <I><FONT SIZE=2><P>(In thousands except share amounts)</I></FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30,</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30,</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>Diluted earnings per share:</B></FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>Net income as reported</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$7,329</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$5,267</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$16,169</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$16,931</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>One-time charges</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">7,311</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>Net income before certain one-time charges</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$7,329</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$5,267</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$23,480</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$16,931</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>Average shares outstanding:</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>Common</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,786,586</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,565,614</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,682,786</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,545,298</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>Preferred shares as converted</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">6,202,004</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">5,727,930</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">6,020,840</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">5,562,097</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>Total average shares outstanding</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">8,988,590</P>
  <P ALIGN="RIGHT"></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">8,293,544</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">8,703,626</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">8,107,395</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>Earnings per share before certain one-time charges</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$0.82</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$0.63</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$2.70</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$2.09</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>Net Income attributable to common shares</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$2,272</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$1,629</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$7,237</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$5,315</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>Average common shares outstanding diluted</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">3,014,890</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,574,329</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,865,620</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,545,298</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>Earnings per share as reported diluted</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$0.75</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$0.63</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$1.26</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$2.09</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>Per share impact of one-time charges diluted</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">1.27</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>Earnings per share before certain one-time charges diluted</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$0.75</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$0.63</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$2.53</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$2.09</FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" 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>
  <TD WIDTH="11%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="54%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" 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>
  <TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  </TABLE>
  </CENTER></P>
  
  <FONT SIZE=3>
  </FONT><FONT SIZE=2><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>
  </FONT><P ALIGN="RIGHT">Page 5</P>
  <FONT SIZE=2><P ALIGN="JUSTIFY"></P>
  <P ALIGN="JUSTIFY">&nbsp;</P></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=706>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">JUNO LIGHTING, INC. AND SUBSIDIARIES</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">CONDENSED CONSOLIDATED BALANCE SHEETS</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=10 HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="63%" VALIGN="TOP" COLSPAN=3 HEIGHT=14><P></P></TD>
  <TD WIDTH="37%" VALIGN="TOP" COLSPAN=7 HEIGHT=14>
  <I><FONT SIZE=2><P ALIGN="CENTER">(in thousands)</I></FONT></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">November 30,</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">November 30,</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(Unaudited)</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <U><FONT SIZE=2><P>Assets</U></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>Current assets:</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,362</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">1,702</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, less customer allowances of $1,060</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and $990</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">42,350</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">38,871</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">27,049</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">21,972</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">4,161</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">5,403</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <I><FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><B>Total current assets</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">75,922</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">67,948</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>Property and equipment, net</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">40,202</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">41,142</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>Other assets:</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">18,690</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">15,083</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangibles, net of accumulated amortization of $1,796</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and $7,002</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">5,125</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">7,546</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous other assets</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">419</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">245</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other assets</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">24,234</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">22,874</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>Total assets</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">140,358</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">131,964</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <U><FONT SIZE=2><P>Liabilities and stockholders' deficit</U></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>Current liabilities:</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">17,019</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">12,258</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Accrued liabilities</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">16,420</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">18,681</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Short term borrowings</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,500</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">5,700</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Current maturities of long-term debt</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">1,650</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">2,919</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Total current liabilities</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">37,589</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">39,558</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>Long-term debt, less current maturities</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">194,438</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">144,734</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>Deferred income taxes payable</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">4,027</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">3,116</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="JUSTIFY">Preferred dividend payable</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">6,428</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>Commitments and contingencies</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>Redeemable preferred stock, series A and B convertible $.001</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;par value; $100 stated value; 5,000,000 shares</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;authorized and 1,063,500 shares issued, stated at redemption value</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">116,876</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">151,847</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>Stockholders' deficit</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;Common stock, $.001 par value;</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized 45,000,000;</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued 2,761,460 and 2,582,939</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">3</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">3</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;Paid-in capital</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">1,305</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">1,726</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;Accumulated other comprehensive income</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">560</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">1,312</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;Stockholder note receivable</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(200</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(200</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;&nbsp;Accumulated deficit</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(220,668</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(210,132</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>&nbsp;&nbsp;Total stockholders' deficit</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(219,000</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(207,291</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=14>
  <B><FONT SIZE=2><P>Total liabilities, redeemable preferred stock and stockholders' deficit</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">140,358</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">131,964</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
  </TR>
  </TABLE>
  </CENTER></P>
  
  <FONT SIZE=3 COLOR="#808080">
  </FONT><P ALIGN="RIGHT">Page 6</P>
  <FONT SIZE=2><P ALIGN="JUSTIFY"></P>
  <P ALIGN="JUSTIFY">&nbsp;</P></FONT>
  <P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=666>
  <TR><TD VALIGN="TOP" COLSPAN=16 HEIGHT=13>
  <B><FONT SIZE=2><P ALIGN="CENTER">JUNO LIGHTING, INC. AND SUBSIDIARIES</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=16 HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=16 HEIGHT=13>
  <B><FONT SIZE=2><P ALIGN="CENTER">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</B></FONT></TD>
  </TR>
  <TR><TD VALIGN="TOP" COLSPAN=16 HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="30%" VALIGN="TOP" COLSPAN=14 HEIGHT=13>
  <I><FONT SIZE=2><P ALIGN="CENTER">(in thousands)</I></FONT></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="30%" VALIGN="TOP" COLSPAN=14 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="CENTER">Twelve Months Ended</FONT></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="30%" VALIGN="TOP" COLSPAN=14 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="12%" VALIGN="TOP" COLSPAN=5 HEIGHT=13>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" COLSPAN=2 HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" COLSPAN=5 HEIGHT=13>
  <B><FONT SIZE=2><P ALIGN="CENTER">Nov. 30,</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="0%" VALIGN="TOP" HEIGHT=13>
  <B><FONT SIZE=2><P>&nbsp;</B></FONT></TD>
  <TD WIDTH="12%" VALIGN="TOP" COLSPAN=5 HEIGHT=13>
  <B><FONT SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" COLSPAN=2 HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" COLSPAN=5 HEIGHT=13>
  <B><FONT SIZE=2><P ALIGN="CENTER">2003</B></FONT></TD>
  <TD WIDTH="1%" VALIGN="TOP" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="0%" VALIGN="BOTTOM" BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" COLSPAN=5 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" BGCOLOR="#ffffff" HEIGHT=13>
  <B><FONT SIZE=2><P>Cash flows provided by operating activities:</B></FONT></TD>
  <TD WIDTH="0%" VALIGN="BOTTOM" BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=13><P></P></TD>
  <TD WIDTH="13%" VALIGN="TOP" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  </TR>
  <TR><TD WIDTH="74%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>Net income </FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>$</FONT></TD>
  <TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">16,169</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=6 HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=13>
  <FONT SIZE=2><P>$</FONT></TD>
  <TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">16,931</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="73%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P>Adjustments to reconcile net income to net cash provided by operating activities:</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">5,153</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">5,935</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss (gain) on interest rate swap</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">358</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(422</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in allowances</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">70</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">64</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">106</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">270</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">8</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=31>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of remaining deferred financing fees on retired debt and discount<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on retired subordinated debt</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=31><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=31>
  <FONT SIZE=2><P ALIGN="RIGHT">4,565</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=31><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=31><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=31>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=31><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax benefit on stock options exercised</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">457</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities:</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) in accounts receivable</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(3,575</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(6,710</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in inventories</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(5,104</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">898</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in prepaid expenses and miscellaneous</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">1,608</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(1,077</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) in other assets</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(1,058</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">340</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accounts payable and accrued liabilities</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">2,600</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">1,979</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <B><FONT SIZE=2><P>Net cash provided by operating activities</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">21,357</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">18,208</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <B><FONT SIZE=2><P>Cash flows used in investing activities:</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Capital expenditures</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(2,702</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(3,178</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Acquisition of Alfa Lighting</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(3,103</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(2,138</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P>Net cash used in investing activities</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(5,805</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=14>
  <FONT SIZE=2><P ALIGN="RIGHT">(5,316</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=14>
  <FONT SIZE=2><P>)</FONT></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=14>
  <B><FONT SIZE=2><P>Cash flows used in financing activities:</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=14>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=14><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=14><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=14><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Principal payments on long-term debt, including the revolver and bank debt</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(218,688</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(84,630</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Proceeds from bank debt, including the revolver</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">261,904</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">71,550</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Debt refinancing costs</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(2,716</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Dividends paid</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(59,945</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Proceeds from issuances of common stock </FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">331</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">245</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">3,480</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">424</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <B><FONT SIZE=2><P>Net cash used in financing activities</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(15,634</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">(12,411</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>)</FONT></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>Effect of exchange rate changes on cash</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">742</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>Net increase in cash</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">660</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">481</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <B><FONT SIZE=2><P>&nbsp;</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>Cash at beginning of period</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <B><FONT SIZE=2><P>&nbsp;</B></FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">1,702</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,221</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="74%" VALIGN="TOP" COLSPAN=4 HEIGHT=13>
  <B><FONT SIZE=2><P>Cash at end of period</B></FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>$</FONT></TD>
  <TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">2,362</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">1,702</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=1><P></P></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=1><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <B><FONT SIZE=2><P>Supplemental disclosures of cash flow information:</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <B><FONT SIZE=2><P>&nbsp;</B></FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P>Cash paid during the period for:</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="8%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="74%" VALIGN="TOP" COLSPAN=4 HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Interest</FONT></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=13>
  <FONT SIZE=2><P>$</FONT></TD>
  <TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">20,419</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
  <TD WIDTH="6%" VALIGN="TOP" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">15,733</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13><P></P></TD>
  </TR>
  <TR><TD WIDTH="70%" VALIGN="TOP" BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Income taxes</FONT></TD>
  <TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">10,078</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  <TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P>&nbsp;</FONT></TD>
  <TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffffff" HEIGHT=13>
  <FONT SIZE=2><P ALIGN="RIGHT">9,254</FONT></TD>
  <TD WIDTH="1%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffffff" HEIGHT=13><P></P></TD>
  </TR>
  </TABLE>
  </CENTER></P>
  
  <P ALIGN="RIGHT">Page7</P>
  <FONT SIZE=2><P ALIGN="JUSTIFY"></P></FONT></BODY>
  </HTML>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "form8k2004q4.htm", "description": "FORM 8-K Q4 2004", "secsgml_size_bytes": 187903}]
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": "05544558"}, "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)
  January 24, 2005
  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
  Check the appropriate box below if the Form 8-K filing is intended to simulataneously satisft the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
  [  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (14 CFR 240.14d-2(b))
  [  ]   Pre-commencement communications pursuant to Rule 13e-a(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Page 1
  Item 2.02
  Other Events and Required FD DisclosureResults of Operations and Financial Condition.
  On January 24, 2005, Juno Lighting, Inc. issued a press release announcing financial results for the quarter ended November 30, 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 7.01
  Regulation FD Disclosure.
  On January 24, 2005, Juno Lighting, Inc. issued a press release announcing financial results for the quarter ended November 30, 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 January 24, 2005, announcing the results for the quarter ended November 30, 2004.
  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
  January 24, 2005
  BY
  /s/ George J. Bilek
  George J. Bilek
  Executive Vice President and Chief Financial Officer
  Page 3
  JUNO LIGHTING, INC.
  EXHIBIT INDEX
  Exhibit No.
  Description
  99.1
  Press Release issued by Juno Lighting, Inc. dated January 24, 2005, announcing the results for the quarter ended November 30, 2004.
  Page 4
  Exhibit 99.1
  FOR IMMEDIATE RELEASE
  Contact:  George Bilek
  847-827-9880
  JUNO LIGHTING, INC.
  ANNOUNCES STRONG FOURTH QUARTER AND FULL YEAR RESULTS
  Des Plaines, IL, January 24, 2005... Juno Lighting, Inc. (NASDAQ-JUNO) announced that for the quarter ended November 30, 2004 sales increased 16.0% to $63,825,000 compared to fourth quarter 2003 sales of $55,029,000 as the Company achieved solid growth in all distribution channels. Operating earnings for the fourth quarter of 2004 increased 12.8% to $13,020,000 compared to $11,546,000 for the prior year's fourth quarter. Raw material inflation resulted in approximately $1.2 million of margin compression compared to the fourth quarter of 2003.  Net income available to common shareholders for the fourth quarter of 2004 was approximately $2,272,000 ($0.82 per common share on a basic and $0.75 on a diluted basis), compared to net income available to common shareholders of $1,629,000 ($0.64 per common share on a basic and $0.63 on a diluted basis) for the like period in 2003.
  Sales for the full fiscal year 2004 increased 20.6% to $241,965,000 compared to $200,566,000 for the like period in 2003 with sales increases noted across all brands and in every market served by Juno.  Operating earnings for fiscal 2004 increased 27.3% to $50,401,000 compared to $39,602,000 for fiscal 2003 as leverage from significant sales growth and continued productivity gains from operations allowed the Company to partially offset raw material price inflation. However, since the Company continues to experience increased prices for its raw materials, and in particular steel and aluminum, it has implemented a price increase of approximately 7% across all major brands effective December 1, 2004.   Net income available to common shareholders for 2004 was approximately $3,606,000 ($1.34 per common share on a basic and $1.26 on a diluted basis), compared to net income available to common shareholders of $5,315,000 ($2.09 per common share on a basic and diluted basis) for the like period in 2003.
  As a result of the refinancing of the Company's Senior Credit Facility completed in July 2004 and related matters, one-time charges of approximately $11,809,000 were recorded in the twelve month period ended November 30, 2004.  One-time charges related to the previously existing credit facility include a $3,965,000 non-cash charge to write-off unamortized financing costs associated with the retired credit facility and the payment of a $7,422,000 call premium.   Excluding these one-time charges, earnings per share would have been $2.70 on a basic and $2.53 on a diluted basis for the twelve months ended November 30, 2004.
  President & CEO Tracy Bilbrough commented: "We are pleased to report our sixth consecutive quarter of double-digit organic sales growth.  Despite the extraordinary raw material inflation, especially in metals, that we experienced in 2004, our continued focus on productivity in our operations, on launching profitable new products, and on achieving strong sales growth has allowed us to deliver an over 27% increase in our full year operating earnings".
  The Company will conduct a conference call on January 24, 2005 at 3:30 p.m. Central Standard Time.  Those interested may listen to the call by dialing 888-730-9137, pass code "JUNO" and leader "George Bilek".  A replay of the conference call will be available from 6:00 PM (Central) January 24, 2005 to 5:00 PM January 31, 2005 by dialing (866) 463-2180 (U.S.) and (203) 369-1377 (Int'l), pass code 54231.
  Page 1
  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:  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 2
  JUNO LIGHTING, INC. AND SUBSIDIARIES
  CONDENSED CONSOLIDATED STATEMENTS OF INCOME
  (in thousands except for share amounts)
  Three Months Ended
  Twelve Months Ended
  Nov. 30
  Nov. 30
  Nov. 30
  Nov. 30
  2004
  2003
  2004
  2003
  Net sales
  $
  63,825
  $
  55,029
  $
  241,965
  $
  200,566
  Cost of sales
  32,532
  27,364
  121,091
  99,933
  Gross profit
  31,293
  27,665
  120,874
  100,633
  Selling, general and administrative expenses
  18,273
  16,119
  70,473
  61,031
  Operating income
  13,020
  11,546
  50,401
  39,602
  Other income (expense):
  Interest expense
  (3,360
  )
  (3,683
  )
  (14,861
  )
  (15,605
  )
  Senior subordinated note call premium
  -
  -
  (7,422
  )
  -
  Write off of remaining deferred financing fees
  on retired debt
  -
  -
  (3,965
  )
  -
  Unrealized gain (loss) on interest rate swap
  -
  227
  (358
  )
  422
  Gain on foreign currency translation
  1,683
  -
  1,683
  -
  Miscellaneous
  32
  20
  201
  205
  Total other (expense)
  (1,645
  )
  (3,436
  )
  (24,722
  )
  (14,978
  )
  Income before taxes on income
  11,375
  8,110
  25,679
  24,624
  Taxes on income
  4,046
  2,843
  9,510
  7,693
  Net income
  7,329
  5,267
  16,169
  16,931
  Less: preferred dividends
  5,057
  3,638
  12,563
  11,616
  Net income available to common shareholders
  $
  2,272
  $
  1,629
  $
  3,606
  $
  5,315
  Net income per common share (A)
  Basic
  $
  .82
  $
  .64
  (A)
  $
  1.34
  $
  2.09
  (A)
  Diluted
  $
  .75
  $
  .63
  (A)
  $
  1.26
  $
  2.09
  (A)
  Average number of outstanding shares
  Basic
  2,786,586
  2,565,614
  2,682,786
  2,545,298
  Diluted
  3,014,890
  2,574,329
  2,865,620
  2,545,298
  EBITDA (B)
  13,923
  13,221
  54,786
  46,099
  (A
  )
  Net 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 reductions of previously reported net income per share for the fourth quarter of 2003 of $0.25 on a basic and $0.26 on a diluted basis and for the twelve months ended November 30, 2003 of $0.02 per share on a basic and diluted basis.
  (B
  )
  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.
  Page 3
  EBITDA reconciliation (unaudited)
  Three Months Ended
  Twelve Months Ended
  (In thousands)
  Nov. 30,
  Nov. 30,
  Nov. 30,
  Nov. 30,
  2004
  2003
  2004
  2003
  Net income
  $7,329
  $5,267
  $16,169
  $16,931
  Add back (subtract):
  Income taxes
  4,046
  2,843
  9,510
  7,693
  Interest expense (YTD 2004 amount includes write-off of
  Deferred financing costs and sub-debt call premium
  totaling $11,387)
  3,360
  3,683
  26,248
  15,605
  Loss (gain) on interest rate swap
  -
  (227
  )
  358
  (422
  )
  Gain on foreign currency translation
  (1,683
  )
  -
  (1,683
  )
  -
  Interest, royalty and miscellaneous income
  (32
  )
  (20
  )
  (201
  )
  (205
  )
  Depreciation and amortization
  895
  1,562
  4,377
  5,935
  Deferred compensation and other non-cash charges
  8
  113
  8
  562
  EBITDA
  $13,923
  $13,221
  $54,786
  $46,099
  Earnings per share reconciliation (unaudited)
  Three Months Ended
  Twelve Months Ended
  (In thousands except share amounts)
  Nov. 30,
  Nov. 30,
  Nov. 30,
  Nov. 30,
  2004
  2003
  2004
  2003
  One-time charges, net of estimated taxes of $4,498
  -
  -
  $7,311
  -
  Basic earnings per share:
  Net income as reported
  $7,329
  $5,267
  $16,169
  $16,931
  One time charges
  -
  -
  7,311
  -
  Net income before certain one-time charges
  $7,329
  $5,267
  $23,480
  $16,931
  Shares outstanding basic:
  Common
  2,786,586
  2,565,614
  2,682,786
  2,545,298
  Preferred shares as converted
  6,202,004
  5,727,930
  6,020,840
  5,562,097
  Total shares outstanding basic
  8,988,590
  8,293,544
  8,703,626
  8,107,395
  Earnings per share as reported basic
  $0.82
  $0.64
  $1.34
  $2.09
  Per share impact of one-time charges basic
  -
  -
  1.36
  -
  Earnings per share before certain one-time charges basic
  $0.82
  $0.64
  $2.70
  $2.09
  Page 4
  Earnings per share reconciliation (unaudited) CONTINUED
  Three Months Ended
  Twelve Months Ended
  (In thousands except share amounts)
  Nov. 30,
  Nov. 30,
  Nov. 30,
  Nov. 30,
  2004
  2003
  2004
  2003
  Diluted earnings per share:
  Net income as reported
  $7,329
  $5,267
  $16,169
  $16,931
  One-time charges
  -
  -
  7,311
  -
  Net income before certain one-time charges
  $7,329
  $5,267
  $23,480
  $16,931
  Average shares outstanding:
  Common
  2,786,586
  2,565,614
  2,682,786
  2,545,298
  Preferred shares as converted
  6,202,004
  5,727,930
  6,020,840
  5,562,097
  Total average shares outstanding
  8,988,590
  8,293,544
  8,703,626
  8,107,395
  Earnings per share before certain one-time charges
  $0.82
  $0.63
  $2.70
  $2.09
  Net Income attributable to common shares
  $2,272
  $1,629
  $7,237
  $5,315
  Average common shares outstanding diluted
  3,014,890
  2,574,329
  2,865,620
  2,545,298
  Earnings per share as reported diluted
  $0.75
  $0.63
  $1.26
  $2.09
  Per share impact of one-time charges diluted
  -
  -
  1.27
  -
  Earnings per share before certain one-time charges diluted
  $0.75
  $0.63
  $2.53
  $2.09
  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 5
  JUNO LIGHTING, INC. AND SUBSIDIARIES
  CONDENSED CONSOLIDATED BALANCE SHEETS
  (in thousands)
  November 30,
  November 30,
  2004
  2003
  (Unaudited)
  Assets
  Current assets:
  Cash
  $
  2,362
  $
  1,702
  Accounts receivable, less customer allowances of $1,060
  and $990
  42,350
  38,871
  Inventories
  27,049
  21,972
  Prepaid expenses and other current assets
  4,161
  5,403
  Total current assets
  75,922
  67,948
  Property and equipment, net
  40,202
  41,142
  Other assets:
  Goodwill
  18,690
  15,083
  Intangibles, net of accumulated amortization of $1,796
  and $7,002
  5,125
  7,546
  Miscellaneous other assets
  419
  245
  Total other assets
  24,234
  22,874
  Total assets
  $
  140,358
  $
  131,964
  Liabilities and stockholders' deficit
  Current liabilities:
  Accounts payable
  $
  17,019
  $
  12,258
  Accrued liabilities
  16,420
  18,681
  Short term borrowings
  2,500
  5,700
  Current maturities of long-term debt
  1,650
  2,919
  Total current liabilities
  37,589
  39,558
  Long-term debt, less current maturities
  194,438
  144,734
  Deferred income taxes payable
  4,027
  3,116
  Preferred dividend payable
  6,428
  -
  Commitments and contingencies
  Redeemable preferred stock, series A and B convertible $.001
  par value; $100 stated value; 5,000,000 shares
  authorized and 1,063,500 shares issued, stated at redemption value
  116,876
  151,847
  Stockholders' deficit
  Common stock, $.001 par value;
  Shares authorized 45,000,000;
  Issued 2,761,460 and 2,582,939
  3
  3
  Paid-in capital
  1,305
  1,726
  Accumulated other comprehensive income
  560
  1,312
  Stockholder note receivable
  (200
  )
  (200
  )
  Accumulated deficit
  (220,668
  )
  (210,132
  )
  Total stockholders' deficit
  (219,000
  )
  (207,291
  )
  Total liabilities, redeemable preferred stock and stockholders' deficit
  $
  140,358
  $
  131,964
  Page 6
  JUNO LIGHTING, INC. AND SUBSIDIARIES
  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
  (in thousands)
  Twelve Months Ended
  Nov. 30,
  Nov. 30,
  2004
  2003
  Cash flows provided by operating activities:
  Net income
  $
  16,169
  $
  16,931
  Adjustments to reconcile net income to net cash provided by operating activities:
  Depreciation and amortization
  5,153
  5,935
  Unrealized loss (gain) on interest rate swap
  358
  (422
  )
  Increase in allowances
  70
  64
  Deferred income taxes
  106
  270
  Deferred compensation
  8
  -
  Write-off of remaining deferred financing fees on retired debt and discount
  on retired subordinated debt
  4,565
  -
  Tax benefit on stock options exercised
  457
  -
  Changes in operating assets and liabilities:
  (Increase) in accounts receivable
  (3,575
  )
  (6,710
  )
  (Increase) decrease in inventories
  (5,104
  )
  898
  Decrease (increase) in prepaid expenses and miscellaneous
  1,608
  (1,077
  )
  (Increase) in other assets
  (1,058
  )
  340
  Increase in accounts payable and accrued liabilities
  2,600
  1,979
  Net cash provided by operating activities
  21,357
  18,208
  Cash flows used in investing activities:
  Capital expenditures
  (2,702
  )
  (3,178
  )
  Acquisition of Alfa Lighting
  (3,103
  )
  (2,138
  )
  Net cash used in investing activities
  (5,805
  )
  (5,316
  )
  Cash flows used in financing activities:
  Principal payments on long-term debt, including the revolver and bank debt
  (218,688
  )
  (84,630
  )
  Proceeds from bank debt, including the revolver
  261,904
  71,550
  Debt refinancing costs
  (2,716
  )
  -
  Dividends paid
  (59,945
  )
  -
  Proceeds from issuances of common stock
  331
  245
  Proceeds from exercise of stock options
  3,480
  424
  Net cash used in financing activities
  (15,634
  )
  (12,411
  )
  Effect of exchange rate changes on cash
  742
  -
  Net increase in cash
  660
  481
  Cash at beginning of period
  1,702
  1,221
  Cash at end of period
  $
  2,362
  $
  1,702
  Supplemental disclosures of cash flow information:
  Cash paid during the period for:
  Interest
  $
  20,419
  $
  15,733
  Income taxes
  10,078
  9,254
  Page7