(in thousands, except share amounts)

March 31,
2004
(Unaudited)

December 31, 2003
(Audited)

ASSETS

   Current assets:

     Cash and cash equivalents

$

7,354 

$

3,281 

     Accounts receivable

91,254 

64,263 

     Inventories

70,931 

63,579 

     Deferred income taxes

4,207 

2,465 

     Prepaid expenses

1,549 

2,086 

        Total current assets

175,295 

135,674 

   Property, plant and equipment

96,208 

82,218 

        Less:  Accumulated depreciation

(55,469)

(49,991)

40,739 

32,227 

   Goodwill

22,281 

21,677 

Assets held for sale

1,048 

1,048 

   Other assets

4,043 

3,598 

         Total assets

$

243,406 

$

194,224 

LIABILITIES AND STOCKHOLDERS' EQUITY

   Current liabilities:

     Trade accounts payable

28,913 

18,098 

     Income taxes payable

2,182 

1,724 

     Accrued liabilities

17,492 

13,269 

     Current maturities of long-term debt

3,659 

1,615 

        Total current liabilities

52,246 

34,706 

   Long-term debt, net of current maturities

40,524 

14,379 

   Deferred income taxes

3,730 

1,072 

Stockholders' equity:

Common stock, $.10 par value, 20,000,000 shares authorized;
9,770,509 and 9,769,659 issued and outstanding at March 31, 2004 and December 31, 2003

977 

977 

Additional paid-in capital

51,451 

51,439 

Treasury stock, at cost; 42,600 shares at March 31, 2004 and December 31, 2003

(426)

(426)

Retained earnings

84,983 

84,249 

Accumulated other comprehensive income

9,921 

7,828 

        Total stockholders' equity

146,906 

144,067 

        Total liabilities and stockholders' equity

$

243,406 

$

194,224 

Three Months Ended

March 31,

(in thousands, except per share amounts)

2004

2003

Net sales:

   North American

     Agricultural

$

32,102 

$

26,438 

     Industrial

27,391 

25,781 

   European

20,223 

15,152 

Total net sales

79,716 

67,371 

Cost of sales

62,453 

54,983 

Gross profit

17,263 

12,388 

Selling, general and administrative expense

12,249 

11,006 

   Income from operations

5,014 

1,382 

Interest expense

(515)

(471)

Interest income

120 

102 

Other income (expense), net

(831)

95 

   Income before income taxes

3,788 

1,108 

Provision for income taxes

1,484 

443 

   Net Income

$

2,304 

$

665 

Net income per common share:

   Basic

$

0.24 

$

0.07 

   Diluted

$

0.23 

$

0.07 

Average common shares:

   Basic

9,727 

9,717 

   Diluted

9,854 

9,764 

Dividends declared

$

0.06 

$

0.06 

Three Months Ended

March 31,

(in thousands)

2004

2003

Operating Activities

Net income

$

2,304 

$

665 

Adjustment to reconcile net income to net cash
        used by operating activities:

              Provision for doubtful accounts

127 

164 

              Depreciation

1,498 

1,400 

              Amortization

73 

48 

              Provision for deferred income tax benefit

11 

2 

              Gain on sale of property, plant & equipment

(23)

(8)

Changes in operating assets and liabilities:

              Accounts receivable

(24,958)

(20,227)

              Inventories

(2,902)

(2,503)

              Prepaid expenses and other assets

4,296 

(529)

              Trade accounts payable and accrued liabilities

8,213 

2,566 

              Income taxes payable

366 

1,278 

Net cash used by operating activities

(10,995)

(17,144)

Investing Activities

Acquisitions, net of cash acquired

(3,127)

-  

Purchase of property, plant and equipment

(1,258)

(749)

Proceeds from sale of property, plant and equipment

25 

90 

Purchase of long-term investment

-  

-  

Sale of long-term investment

-  

-  

Net cash used by investing activities

(4,360)

(659)

Financing Activities

Net change in bank revolving credit facility

20,000 

13,500 

Principal payments on long-term debt and capital leases

405 

1,255