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
AIR METHODS COM 009128307 1,724 29,720 SH   SOLE   29,720 0 0
ALLEGION, PLC COM G1076J109 363 8,307 SH   SOLE   8,307 0 0
AMERCO COM 023586100 13,588 57,821 SH   SOLE   57,821 0 0
AMERIGAS PTRS. COM 030975106 255 5,930 SH   SOLE   5,930 0 0
ASIA PAC. WIRE COM G0535E106 260 86,661 SH   SOLE   86,661 0 0
ASTRONICS COM 046433108 739 14,640 SH   SOLE   14,640 0 0
CHASE CORP. COM 16150R104 9,135 262,882 SH   SOLE   262,882 0 0
CHESAPEAKE ENG COM 165167107 2,356 88,076 SH   SOLE   88,076 0 0
CIRCOR INT'L COM 17273K109 933 11,662 SH   SOLE   11,662 0 0
CONOCOPHILLIPS COM 20825C104 7,307 104,380 SH   SOLE   104,380 0 0
CORE MOLDINGS COM 218683100 1,505 111,500 SH   SOLE   111,500 0 0
CRANE CO. COM 224399105 2,214 33,300 SH   SOLE   33,300 0 0
CYTEC INDUSTRIES COM 232820100 1,148 12,410 SH   SOLE   12,410 0 0
DELTA APPAREL COM 247368103 11,967 736,456 SH   SOLE   736,456 0 0
DENNY'S CORP. COM 24869P104 773 110,500 SH   SOLE   110,500 0 0
DREW INDUSTRIES COM 26168L205 3,410 67,187 SH   SOLE   67,187 0 0
DUCOMMUN INC COM 264147109 1,237 41,922 SH   SOLE   41,922 0 0
EATON CORP COM G29183103 362 4,800 SH   SOLE   4,800 0 0
ENERGY XXI COM G10082140 666 25,127 SH   SOLE   25,127 0 0
FERRO CORP. COM 315405100 3,110 248,827 SH   SOLE   248,827 0 0
HANESBRANDS COM 410345102 2,065 29,600 SH   SOLE   29,600 0 0
HARRIS CORP. COM 413875105 2,713 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 1,403 17,012 SH   SOLE   17,012 0 0
HUNTSMAN CORP. COM 447011107 1,042 42,950 SH   SOLE   42,950 0 0
INGERSOLL RAND COM G4776G101 1,531 25,100 SH   SOLE   25,100 0 0
INNODATA COM 457642205 328 145,625 SH   SOLE   145,625 0 0
LIFETIME BRANDS COM 53222Q103 166 10,703 SH   SOLE   10,703 0 0
MARATHON OIL COM 565849106 1,304 37,250 SH   SOLE   37,250 0 0
MARATHON PET. COM 56585A102 1,540 16,924 SH   SOLE   16,924 0 0
NABORS IND COM G6359F103 235 14,255 SH   SOLE   14,255 0 0
NORTHERN TECH COM 665809109 1,212 69,272 SH   SOLE   69,272 0 0
OCCIDENTAL PETE COM 674599105 2,415 25,560 SH   SOLE   25,560 0 0
OIL STATES INTL COM 678026105 4,069 40,283 SH   SOLE   40,283 0 0
ORCHIDS PAPER COM 68572N104 373 11,671 SH   SOLE   11,671 0 0
OSHKOSH CORP COM 688239201 252 5,100 SH   SOLE   5,100 0 0
OWENS ILL INC COM 690768403 316 8,900 SH   SOLE   8,900 0 0
PENGROWTH ENE. COM 70706P104 1,008 165,296 SH   SOLE   165,296 0 0
PERMA-FIX ENV. COM 714157203 376 125,239 SH   SOLE   125,239 0 0
PHI INC. NV COM 69336T205 520 12,383 SH   SOLE   12,383 0 0
PHILLIPS 66 COM 718546104 3,570 46,661 SH   SOLE   46,661 0 0
PITNEY BOWES COM 724479100 4,197 182,484 SH   SOLE   182,484 0 0
POPEYES KITCHEN COM 732872106 0 12,000 SH   SOLE   12,000 0 0
Q.E.P. CO.,INC COM 74727K102 4,431 260,666 SH   SOLE   260,666 0 0
READING INT'L COM 755408101 509 70,237 SH   SOLE   70,237 0 0
ROWAN COS.PLC COM G7665A101 583 16,776 SH   SOLE   16,776 0 0
SAFEWAY COM 786514208 10,884 337,478 SH   SOLE   337,478 0 0
SENSIENT TECH COM 81725T100 336 7,000 SH   SOLE   7,000 0 0
SL INDUSTRIES COM 784413106 472 18,144 SH   SOLE   18,144 0 0
SPARTAN MOTORS COM 846819100 558 85,895 SH   SOLE   85,895 0 0
SPX CORP. COM 784635104 374 3,778 SH   SOLE   3,778 0 0
STANDEX INTL CP COM 854231107 13,720 219,524 SH   SOLE   219,524 0 0
STEPAN CHEMICAL COM 858586100 798 12,280 SH   SOLE   12,280 0 0
SUPREME IND COM 868607102 5,634 1,006,100 SH   SOLE   1,006,100 0 0
TITAN INTL COM 88830M102 1,765 99,451 SH   SOLE   99,451 0 0
TOTAL SA COM 89151E109 1,263 20,710 SH   SOLE   20,710 0 0
TRIMAS CORP. COM 896215209 788 19,950 SH   SOLE   19,950 0 0
UNIV PWR GROUP COM 913788105 557 463,887 SH   SOLE   463,887 0 0
UNIVERSAL FOREST COM 913543104 241 4,719 SH   SOLE   4,719 0 0
VAALCO ENERGY COM 91851C201 11,917 1,765,511 SH   SOLE   1,765,511 0 0
VSE CORP. COM 918284100 346 7,364 SH   SOLE   7,364 0 0
WATTS WATER COM 942749102 2,807 45,650 SH   SOLE   45,650 0 0
SOVRAN STORAGE COM 84610H108 282 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 63 22,948 SH   SOLE   22,948 0 0
CRESTWOOD MID. COM 226378107 323 13,440 SH   SOLE   13,440 0 0
DALMAC ENERGY COM 235488103 121 404,000 SH   SOLE   404,000 0 0
LP BOARDWALK COM 096627104 267 10,700 SH   SOLE   10,700 0 0
LP LEGACY RSV COM 524707304 368 13,400 SH   SOLE   13,400 0 0
MANITEX INT'L COM 563420108 284 18,300 SH   SOLE   18,300 0 0
RYDEX INVEST. COM 23129X105 418 4,500 SH   SOLE   4,500 0 0
UNIVERSAL SEC COM 913821302 126 31,561 SH   SOLE   31,561 0 0
ZUNICOM INC COM COM 98981X104 36 355,953 SH   SOLE   355,953 0 0