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 1,563 28,420 SH   SOLE   28,420 0 0
ALLEGION, PLC COM G1076J109 376 8,009 SH   SOLE   8,009 0 0
AMERCO COM 023586100 14,531 56,322 SH   SOLE   56,322 0 0
AMERIGAS PTRS. COM 030975106 693 15,400 SH   SOLE   15,400 0 0
ASTRONICS COM 046433108 806 17,153 SH   SOLE   17,153 0 0
BLACKHAWK COM 092538E20 1,609 51,087 SH   SOLE   51,087 0 0
CHASE CORP. COM 16150R104 7,906 257,100 SH   SOLE   257,100 0 0
CHESAPEAKE ENG COM 165167107 1,870 82,176 SH   SOLE   82,176 0 0
CIRCOR INT'L COM 17273K109 745 11,112 SH   SOLE   11,112 0 0
CIVEO CORP. COM 178787107 917 79,766 SH   SOLE   79,766 0 0
CONOCOPHILLIPS COM 20825C104 8,353 109,911 SH   SOLE   109,911 0 0
CONRAD IND. COM 208305102 414 11,200 SH   SOLE   11,200 0 0
CORE MOLDINGS COM 218683100 1,496 108,800 SH   SOLE   108,800 0 0
CRANE CO. COM 224399105 2,029 32,200 SH   SOLE   32,200 0 0
CYTEC INDUSTRIES COM 232820100 1,073 22,820 SH   SOLE   22,820 0 0
DELTA APPAREL COM 247368103 6,172 726,059 SH   SOLE   726,059 0 0
DENNY'S CORP. COM 24869P104 735 105,000 SH   SOLE   105,000 0 0
DREW INDUSTRIES COM 26168L205 2,709 64,887 SH   SOLE   64,887 0 0
DUCOMMUN INC COM 264147109 1,089 40,322 SH   SOLE   40,322 0 0
EATON CORP COM G29183103 290 4,600 SH   SOLE   4,600 0 0
ENERGY XXI COM G10082140 298 27,127 SH   SOLE   27,127 0 0
FERRO CORP. COM 315405100 3,239 227,327 SH   SOLE   227,327 0 0
GOODYEAR TIRE COM 382550101 3,956 177,788 SH   SOLE   177,788 0 0
HANESBRANDS COM 410345102 3,082 28,800 SH   SOLE   28,800 0 0
HARRIS CORP. COM 413875105 2,484 37,640 SH   SOLE   37,640 0 0
HESS CORP. COM 42809H107 1,524 16,212 SH   SOLE   16,212 0 0
HORIZON NORTH COM 00B16TCX4 1,240 275,500 SH   SOLE   275,500 0 0
HUNTSMAN CORP. COM 447011107 1,049 40,750 SH   SOLE   40,750 0 0
INGERSOLL RAND COM G4776G101 1,361 24,300 SH   SOLE   24,300 0 0
INNODATA COM 457642205 389 141,625 SH   SOLE   141,625 0 0
LIFETIME BRANDS COM 53222Q103 161 10,703 SH   SOLE   10,703 0 0
MARATHON OIL COM 565849106 1,814 48,700 SH   SOLE   48,700 0 0
MARATHON PET. COM 56585A102 1,371 16,324 SH   SOLE   16,324 0 0
NABORS IND COM G6359F103 260 11,555 SH   SOLE   11,555 0 0
NORTHERN TECH COM 665809109 1,334 66,722 SH   SOLE   66,722 0 0
OCCIDENTAL PETE COM 674599105 2,247 23,534 SH   SOLE   23,534 0 0
OIL STATES INTL COM 678026105 2,453 39,883 SH   SOLE   39,883 0 0
ORCHIDS PAPER COM 68572N104 280 11,671 SH   SOLE   11,671 0 0
OSHKOSH CORP COM 688239201 222 5,100 SH   SOLE   5,100 0 0
OWENS ILL INC COM 690768403 603 23,400 SH   SOLE   23,400 0 0
PERMA-FIX ENV. COM 714157203 243 69,459 SH   SOLE   69,459 0 0
PHI INC. NV COM 69336T205 487 11,883 SH   SOLE   11,883 0 0
PHILLIPS 66 COM 718546104 3,658 45,161 SH   SOLE   45,161 0 0
PITNEY BOWES COM 724479100 4,123 166,584 SH   SOLE   166,584 0 0
POPEYES KITCHEN COM 732872106 480 12,000 SH   SOLE   12,000 0 0
Q.E.P. CO.,INC COM 74727K102 4,341 251,666 SH   SOLE   251,666 0 0
READING INT'L COM 755408101 567 68,737 SH   SOLE   68,737 0 0
ROWAN COS.PLC COM G7665A101 414 16,576 SH   SOLE   16,576 0 0
SAFEWAY COM 786514208 10,627 314,878 SH   SOLE   314,878 0 0
SENSIENT TECH COM 81725T100 359 6,900 SH   SOLE   6,900 0 0
SL INDUSTRIES COM 784413106 1,337 28,454 SH   SOLE   28,454 0 0
SPARTAN MOTORS COM 846819100 325 72,296 SH   SOLE   72,296 0 0
SPX CORP. COM 784635104 351 3,778 SH   SOLE   3,778 0 0
STANDEX INTL CP COM 854231107 14,491 195,824 SH   SOLE   195,824 0 0
STEPAN CHEMICAL COM 858586100 511 11,613 SH   SOLE   11,613 0 0
SUPREME IND COM 868607102 7,361 981,423 SH   SOLE   981,423 0 0
TITAN INTL COM 88830M102 1,091 94,851 SH   SOLE   94,851 0 0
TOTAL SA COM 89151E109 1,300 20,310 SH   SOLE   20,310 0 0
TRIMAS CORP. COM 896215209 467 19,450 SH   SOLE   19,450 0 0
UNIV PWR GROUP COM 913788105 731 456,787 SH   SOLE   456,787 0 0
VAALCO ENERGY COM 91851C201 14,739 1,754,585 SH   SOLE   1,754,585 0 0
VSE CORP. COM 918284100 325 6,764 SH   SOLE   6,764 0 0
WATTS WATER COM 942749102 2,497 43,050 SH   SOLE   43,050 0 0
SOVRAN STORAGE COM 84610H108 285 3,900 SH   SOLE   3,900 0 0
AIR INDUSTRIES COM 00912N205 273 26,632 SH   SOLE   26,632 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 226378107 265 12,049 SH   SOLE   12,049 0 0
MANITEX INT'L COM 563420108 190 17,300 SH   SOLE   17,300 0 0
RYDEX INVEST. COM 23129X105 372 4,200 SH   SOLE   4,200 0 0
UNIVERSAL SEC COM 913821302 126 31,561 SH   SOLE   31,561 0 0
ZUNICOM INC COM COM 98981X104 53 355,953 SH   SOLE   355,953 0 0