(in thousands, except share amounts)

March 31,
2005
(Unaudited)

December 31,
 2004
(Audited)

ASSETS

   Current assets:

     Cash and cash equivalents

$

8,537 

$

2,580 

     Accounts receivable

107,755 

82,337 

     Inventories

81,673 

72,757 

     Deferred income taxes

2,089 

2,094 

     Prepaid expenses

3,260 

2,467 

        Total current assets

203,314 

162,235 

   Property, plant and equipment

94,916 

94,489 

        Less:  Accumulated depreciation

(53,045)

(51,435)

41,871 

43,054 

   Goodwill

27,103 

23,067 

Assets held for sale

448 

448 

   Other assets

3,046 

2,926 

         Total assets

$

275,782 

$

231,730 

LIABILITIES AND STOCKHOLDERS' EQUITY

   Current liabilities:

     Trade accounts payable

$

30,852 

$

26,773 

     Income taxes payable

1,891 

1,204 

     Accrued liabilities

19,139 

18,114 

     Current maturities of long-term debt

4,261 

2,961 

        Total current liabilities

56,143 

49,052 

   Long-term debt, net of current maturities

54,948 

18,428 

   Deferred income taxes

3,279 

3,418 

Stockholders' equity:

Common stock, $.10 par value, 20,000,000 shares authorized;
9,786,959 and 9,780,659 issued and outstanding at March 31, 2005 and December 31, 2004

979 

978 

Additional paid-in capital

51,664 

51,577 

Treasury stock, at cost; 42,600 shares at March 31, 2005 and December 31, 2004

(426)

(426)

Retained earnings

97,297 

95,309 

Accumulated other comprehensive income

11,898 

13,394 

        Total stockholders' equity

161,412 

160,832 

        Total liabilities and stockholders' equity

$

275,782 

$

231,730 

Three Months Ended

March 31,

(in thousands, except per share amounts)

2005

2004

Net sales:

   North American

     Agricultural

$

34,886 

$

32,102 

     Industrial

28,711 

27,391 

   European

27,696 

20,223 

Total net sales

91,293 

79,716 

Cost of sales

72,407 

62,453 

Gross profit

18,886 

17,263 

Selling, general and administrative expense

14,443 

12,249 

   Income from operations

4,443 

5,014 

Interest expense

(594)

(515)

Interest income

225 

120 

Other income (expense), net

77 

(831)

   Income before income taxes

4,151 

3,788 

Provision for income taxes

1,578 

1,484 

   Net Income

$

2,573 

$

2,304 

Net income per common share:

   Basic

$

0.26 

$

0.24 

   Diluted

$

0.26 

$

0.23 

Average common shares:

   Basic

9,743 

9,727 

   Diluted

9,933 

9,854 

Dividends declared

$

0.06 

$

0.06 

Three Months Ended

March 31,

(in thousands)

2005

2004

Operating Activities

Net income

$

2,573 

$

2,304 

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

              Provision for doubtful accounts

138 

127 

              Depreciation

1,570 

1,498 

              Amortization

67 

73 

              Provision for deferred income tax benefit

(75)

11 

              Gain on sale of property, plant & equipment

-

(23)

Changes in operating assets and liabilities:

              Accounts receivable

(24,949)

(24,958)

              Inventories

(8,176)

(2,902)

              Prepaid expenses and other assets

(951)

4,296 

              Trade accounts payable and accrued liabilities

4,435