The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AFC ENTERPRISES COM 00104Q107 426 12,000 SH   SOLE   12,000 0 0
AIR METHODS COM 009128307 1,063 31,720 SH   SOLE   31,720 0 0
AMERCO COM 023586100 9,538 59,244 SH   SOLE   59,244 0 0
AMERIGAS PTRS. COM 030975106 291 5,930 SH   SOLE   5,930 0 0
ASIA PAC. WIRE COM G0535E106 362 120,616 SH   SOLE   120,616 0 0
ASTRONICS COM 046433108 558 13,950 SH   SOLE   13,950 0 0
ATRIUM INNOV. COM 04963Y102 5,422 387,265 SH   SOLE   387,265 0 0
CHASE CORP. COM 16150R104 6,155 282,996 SH   SOLE   282,996 0 0
CHESAPEAKE ENG COM 165167107 1,808 90,376 SH   SOLE   90,376 0 0
CIRCOR INT'L COM 17273K109 619 12,262 SH   SOLE   12,262 0 0
CONOCOPHILLIPS COM 20825C104 6,254 104,230 SH   SOLE   104,230 0 0
CORE MOLDINGS COM 218683100 814 94,700 SH   SOLE   94,700 0 0
CRANE CO. COM 224399105 2,011 33,800 SH   SOLE   33,800 0 0
CYTEC INDUSTRIES COM 232820100 921 12,610 SH   SOLE   12,610 0 0
DELTA APPAREL COM 247368103 10,233 730,943 SH   SOLE   730,943 0 0
DENNY'S CORP. COM 24869P104 613 111,500 SH   SOLE   111,500 0 0
DREW INDUSTRIES COM 26168L205 3,463 88,789 SH   SOLE   88,789 0 0
DUCOMMUN INC COM 264147109 885 42,122 SH   SOLE   42,122 0 0
EATON CORP COM G29183103 312 4,800 SH   SOLE   4,800 0 0
ENERGY XXI COM G10082140 553 25,127 SH   SOLE   25,127 0 0
FERRO CORP. COM 315405100 1,863 275,961 SH   SOLE   275,961 0 0
GARDNER DENVER COM 365558105 201 2,692 SH   SOLE   2,692 0 0
HANESBRANDS COM 410345102 1,550 30,400 SH   SOLE   30,400 0 0
HARRIS CORP. COM 413875105 1,982 40,440 SH   SOLE   40,440 0 0
HARRIS TEETER COM 414585109 1,401 30,120 SH   SOLE   30,120 0 0
HESS CORP. COM 42809H107 1,149 17,412 SH   SOLE   17,412 0 0
HUNTSMAN CORP. COM 447011107 682 41,950 SH   SOLE   41,950 0 0
INFUSYSTEM COM 45685K102 77 61,638 SH   SOLE   61,638 0 0
INGERSOLL RAND COM G4776G101 1,452 26,400 SH   SOLE   26,400 0 0
INNODATA COM 457642205 517 172,175 SH   SOLE   172,175 0 0
LIFETIME BRANDS COM 53222Q103 142 10,703 SH   SOLE   10,703 0 0
MARATHON OIL COM 565849106 1,195 35,150 SH   SOLE   35,150 0 0
MARATHON PET. COM 56585A102 1,213 17,199 SH   SOLE   17,199 0 0
MOD-PAC COM 607495108 610 76,295 SH   SOLE   76,295 0 0
MOLYCORP COM 608753109 411 68,491 SH   SOLE   68,491 0 0
MULTI-COLOR COM 625383104 215 7,300 SH   SOLE   7,300 0 0
NABORS IND COM G6359F103 343 22,855 SH   SOLE   22,855 0 0
NORTHERN TECH COM 665809109 815 77,572 SH   SOLE   77,572 0 0
OCCIDENTAL PETE COM 674599105 2,338 26,272 SH   SOLE   26,272 0 0
OIL STATES INTL COM 678026105 3,775 41,033 SH   SOLE   41,033 0 0
ORCHIDS PAPER COM 68572N104 390 15,309 SH   SOLE   15,309 0 0
OWENS ILL INC COM 690768403 245 8,900 SH   SOLE   8,900 0 0
PENGROWTH ENE. COM 70706P104 767 170,440 SH   SOLE   170,440 0 0
PENN WEST PETE COM 707885105 125 12,200 SH   SOLE   12,200 0 0
PERMA-FIX ENV. COM 714157104 263 752,114 SH   SOLE   752,114 0 0
PHI INC. NV COM 69336T205 435 12,983 SH   SOLE   12,983 0 0
PHILLIPS 66 COM 718546104 2,762 47,211 SH   SOLE   47,211 0 0
PITNEY BOWES COM 724479100 2,675 184,501 SH   SOLE   184,501 0 0
Q.E.P. CO.,INC COM 74727K102 4,375 265,166 SH   SOLE   265,166 0 0
READING INT'L COM 755408101 431 70,737 SH   SOLE   70,737 0 0
ROWAN COS.PLC COM G7665A101 589 17,576 SH   SOLE   17,576 0 0
SAFEWAY COM 786514208 7,964 338,878 SH   SOLE   338,878 0 0
SENSIENT TECH COM 81725T100 284 7,100 SH   SOLE   7,100 0 0
SL INDUSTRIES COM 784413106 447 18,244 SH   SOLE   18,244 0 0
SPARTAN MOTORS COM 846819100 636 105,995 SH   SOLE   105,995 0 0
SPX CORP. COM 784635104 268 3,778 SH   SOLE   3,778 0 0
STANDEX INTL CP COM 854231107 13,372 254,703 SH   SOLE   254,703 0 0
STEPAN CHEMICAL COM 858586100 681 12,380 SH   SOLE   12,380 0 0
SUPREME IND COM 868607102 4,906 1,011,503 SH   SOLE   1,011,503 0 0
TITAN INTL COM 88830M102 1,436 87,051 SH   SOLE   87,051 0 0
TOTAL SA COM 89151E109 1,009 20,910 SH   SOLE   20,910 0 0
TRIMAS CORP. COM 896215209 741 20,150 SH   SOLE   20,150 0 0
UNIV PWR GROUP COM 913788105 609 507,622 SH   SOLE   507,622 0 0
UNIVERSAL FOREST COM 913543104 202 5,119 SH   SOLE   5,119 0 0
VAALCO ENERGY COM 91851C201 9,778 1,746,145 SH   SOLE   1,746,145 0 0
VSE CORP. COM 918284100 397 9,929 SH   SOLE   9,929 0 0
WATTS WATER COM 942749102 2,167 48,150 SH   SOLE   48,150 0 0
WENZEL DOWNHO COM 950908103 994 473,300 SH   SOLE   473,300 0 0
SOVRAN STORAGE COM 84610H108 301 4,700 SH   SOLE   4,700 0 0
AIR INDUSTRIES COM 00912N205 55 10,000 SH   SOLE   10,000 0 0
BERK HATH CL 'B' COM 084670702 225 2,250 SH   SOLE   2,250 0 0
CCA IND. COM 124867102 69 22,948 SH   SOLE   22,948 0 0
CRESTWOOD MID. COM 226372100 308 12,561 SH   SOLE   12,561 0 0
DALMAC ENERGY COM 235488103 140 351,000 SH   SOLE   351,000 0 0
LP BOARDWALK COM 096627104 321 10,700 SH   SOLE   10,700 0 0
LP LEGACY RSV COM 524707304 351 13,500 SH   SOLE   13,500 0 0
MANITEX INT'L COM 563420108 217 20,300 SH   SOLE   20,300 0 0
RYDEX INVEST. COM 23129X105 432 4,600 SH   SOLE   4,600 0 0
UNIVERSAL SEC COM 913821302 142 31,561 SH   SOLE   31,561 0 0
ZUNICOM INC COM COM 98981X104 50 355,953 SH   SOLE   355,953 0 0