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 516 12,000 SH   SOLE   12,000 0 0
AIR METHODS COM 009128307 1,311 31,220 SH   SOLE   31,220 0 0
AMERCO COM 023586100 10,746 59,044 SH   SOLE   59,044 0 0
AMERIGAS PTRS. COM 030975106 252 5,930 SH   SOLE   5,930 0 0
ASIA PAC. WIRE COM G0535E106 380 108,436 SH   SOLE   108,436 0 0
ASTRONICS COM 046433108 603 12,296 SH   SOLE   12,296 0 0
CHASE CORP. COM 16150R104 7,915 272,934 SH   SOLE   272,934 0 0
CHESAPEAKE ENG COM 165167107 2,274 89,176 SH   SOLE   89,176 0 0
CIRCOR INT'L COM 17273K109 737 11,987 SH   SOLE   11,987 0 0
CONOCOPHILLIPS COM 20825C104 7,157 103,730 SH   SOLE   103,730 0 0
CORE MOLDINGS COM 218683100 1,044 112,900 SH   SOLE   112,900 0 0
CRANE CO. COM 224399105 2,056 33,700 SH   SOLE   33,700 0 0
CYTEC INDUSTRIES COM 232820100 1,005 12,410 SH   SOLE   12,410 0 0
DELTA APPAREL COM 247368103 11,644 727,739 SH   SOLE   727,739 0 0
DENNY'S CORP. COM 24869P104 669 111,500 SH   SOLE   111,500 0 0
DREW INDUSTRIES COM 26168L205 3,631 80,687 SH   SOLE   80,687 0 0
DUCOMMUN INC COM 264147109 1,174 41,922 SH   SOLE   41,922 0 0
EATON CORP COM G29183103 329 4,800 SH   SOLE   4,800 0 0
ENERGY XXI COM G10082140 754 25,127 SH   SOLE   25,127 0 0
FERRO CORP. COM 315405100 2,449 272,161 SH   SOLE   272,161 0 0
HANESBRANDS COM 410345102 1,879 30,300 SH   SOLE   30,300 0 0
HARRIS CORP. COM 413875105 2,294 39,040 SH   SOLE   39,040 0 0
HARRIS TEETER COM 414585109 1,451 29,920 SH   SOLE   29,920 0 0
HESS CORP. COM 42809H107 1,310 17,012 SH   SOLE   17,012 0 0
HUNTSMAN CORP. COM 447011107 870 42,950 SH   SOLE   42,950 0 0
INFUSYSTEM COM 45685K102 29 24,538 SH   SOLE   24,538 0 0
INGERSOLL RAND COM G4776G101 1,632 25,300 SH   SOLE   25,300 0 0
INNODATA COM 457642205 385 171,275 SH   SOLE   171,275 0 0
LIFETIME BRANDS COM 53222Q103 161 10,703 SH   SOLE   10,703 0 0
MARATHON OIL COM 565849106 1,202 34,850 SH   SOLE   34,850 0 0
MARATHON PET. COM 56585A102 1,086 16,974 SH   SOLE   16,974 0 0
MOD-PAC COM 607495108 662 75,695 SH   SOLE   75,695 0 0
MOLYCORP COM 608753109 428 68,491 SH   SOLE   68,491 0 0
MULTI-COLOR COM 625383104 241 7,300 SH   SOLE   7,300 0 0
NABORS IND COM G6359F103 351 22,655 SH   SOLE   22,655 0 0
NEWALTA CORP. COM 65020P103 3,865 253,443 SH   SOLE   253,443 0 0
NORTHERN TECH COM 665809109 1,153 70,972 SH   SOLE   70,972 0 0
OCCIDENTAL PETE COM 674599105 2,377 25,560 SH   SOLE   25,560 0 0
OIL STATES INTL COM 678026105 4,206 40,833 SH   SOLE   40,833 0 0
ORCHIDS PAPER COM 68572N104 364 13,471 SH   SOLE   13,471 0 0
OSHKOSH CORP COM 688239201 245 5,100 SH   SOLE   5,100 0 0
OWENS ILL INC COM 690768403 265 8,900 SH   SOLE   8,900 0 0
PENGROWTH ENE. COM 70706P104 951 166,822 SH   SOLE   166,822 0 0
PERMA-FIX ENV. COM 714157203 463 660,717 SH   SOLE   660,717 0 0
PHI INC. NV COM 69336T205 458 12,383 SH   SOLE   12,383 0 0
PHILLIPS 66 COM 718546104 2,695 46,861 SH   SOLE   46,861 0 0
PITNEY BOWES COM 724479100 3,661 203,401 SH   SOLE   203,401 0 0
Q.E.P. CO.,INC COM 74727K102 4,476 263,266 SH   SOLE   263,266 0 0
READING INT'L COM 755408101 439 70,237 SH   SOLE   70,237 0 0
ROWAN COS.PLC COM G7665A101 604 16,776 SH   SOLE   16,776 0 0
SAFEWAY COM 786514208 11,039 347,678 SH   SOLE   347,678 0 0
SENSIENT TECH COM 81725T100 329 7,000 SH   SOLE   7,000 0 0
SL INDUSTRIES COM 784413106 438 18,244 SH   SOLE   18,244 0 0
SPARTAN MOTORS COM 846819100 575 95,895 SH   SOLE   95,895 0 0
SPX CORP. COM 784635104 317 3,778 SH   SOLE   3,778 0 0
STANDEX INTL CP COM 854231107 14,217 240,963 SH   SOLE   240,963 0 0
STEPAN CHEMICAL COM 858586100 700 12,280 SH   SOLE   12,280 0 0
SUPREME IND COM 868607102 6,280 1,004,788 SH   SOLE   1,004,788 0 0
TITAN INTL COM 88830M102 1,310 93,551 SH   SOLE   93,551 0 0
TOTAL SA COM 89151E109 1,191 20,710 SH   SOLE   20,710 0 0
TRIMAS CORP. COM 896215209 738 19,950 SH   SOLE   19,950 0 0
UNIV PWR GROUP COM 913788105 775 484,222 SH   SOLE   484,222 0 0
VAALCO ENERGY COM 91851C201 9,474 1,754,445 SH   SOLE   1,754,445 0 0
VSE CORP. COM 918284100 462 9,929 SH   SOLE   9,929 0 0
WATTS WATER COM 942749102 2,640 47,150 SH   SOLE   47,150 0 0
SOVRAN STORAGE COM 84610H108 326 4,400 SH   SOLE   4,400 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 301 12,561 SH   SOLE   12,561 0 0
LP BOARDWALK COM 096627104 321 10,700 SH   SOLE   10,700 0 0
LP LEGACY RSV COM 524707304 355 13,400 SH   SOLE   13,400 0 0
MANITEX INT'L COM 563420108 213 20,300 SH   SOLE   20,300 0 0
RYDEX INVEST. COM 23129X105 432 4,500 SH   SOLE   4,500 0 0
SCOLR PHARMA COM 78402X107 0 21,500 SH   SOLE   21,500 0 0
UNIVERSAL SEC COM 913821302 142 31,561 SH   SOLE   31,561 0 0
ZUNICOM INC COM COM 98981X104 36 355,953 SH   SOLE   355,953 0 0