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 1,252 27,220 SH   SOLE   27,220 0 0
ALLEGION, PLC COM G0176J109 442 7,312 SH   SOLE   7,312 0 0
AMERCO COM 023586100 17,718 54,516 SH   SOLE   54,516 0 0
AMERIGAS PTRS. COM 030975106 710 15,100 SH   SOLE   15,100 0 0
ASTRONICS COM 046433108 1,245 17,053 SH   SOLE   17,053 0 0
BLACKHAWK COM 09238E203 1,753 50,074 SH   SOLE   50,074 0 0
CHASE CORP. COM 16150R104 10,829 251,829 SH   SOLE   251,829 0 0
CHESAPEAKE ENG COM 165167107 988 71,826 SH   SOLE   71,826 0 0
CIRCOR INT'L COM 17273K109 600 11,012 SH   SOLE   11,012 0 0
CIVEO CORP. COM 178787107 82 34,166 SH   SOLE   34,166 0 0
CONOCOPHILLIPS COM 20825C104 6,694 107,961 SH   SOLE   107,961 0 0
CONRAD IND. COM 208305102 306 10,200 SH   SOLE   10,200 0 0
CORE MOLDINGS COM 218683100 1,762 105,200 SH   SOLE   105,200 0 0
CRANE CO. COM 224399105 1,906 30,750 SH   SOLE   30,750 0 0
CYTEC INDUSTRIES COM 232820100 1,210 22,520 SH   SOLE   22,520 0 0
DELTA APPAREL COM 247368103 8,456 719,666 SH   SOLE   719,666 0 0
DENNY'S CORP. COM 24869P104 1,128 100,300 SH   SOLE   100,300 0 0
DREW INDUSTRIES COM 26168L205 3,858 62,987 SH   SOLE   62,987 0 0
DUCOMMUN INC COM 264147109 988 39,122 SH   SOLE   39,122 0 0
EATON CORP COM G29183103 310 4,600 SH   SOLE   4,600 0 0
FERRO CORP. COM 315405100 2,755 222,177 SH   SOLE   222,177 0 0
GOODYEAR TIRE COM 382550101 9,136 341,536 SH   SOLE   341,536 0 0
HANESBRANDS COM 410345102 3,687 110,886 SH   SOLE   110,886 0 0
HARRIS CORP. COM 413875105 2,861 36,440 SH   SOLE   36,440 0 0
HERTZ GLOBAL COM 42805T105 424 19,950 SH   SOLE   19,950 0 0
HESS CORP. COM 42809H107 1,067 15,812 SH   SOLE   15,812 0 0
HORIZON NORTH COM 00B16TCX4 148 82,000 SH   SOLE   82,000 0 0
HUNTSMAN CORP. COM 447011107 1,928 88,650 SH   SOLE   88,650 0 0
INGERSOLL RAND COM G47791101 1,586 23,500 SH   SOLE   23,500 0 0
INNODATA COM 457642205 334 133,525 SH   SOLE   133,525 0 0
MARATHON OIL COM 565849106 1,199 46,100 SH   SOLE   46,100 0 0
MARATHON PET. COM 56585A102 1,670 16,374 SH   SOLE   16,374 0 0
MONRO MUFFLER COM 610236101 322 5,036 SH   SOLE   5,036 0 0
MULTI-COLOR COM 625383104 255 3,700 SH   SOLE   3,700 0 0
NORTHERN TECH COM 665809109 1,160 64,440 SH   SOLE   64,440 0 0
OCCIDENTAL PETE COM 674599105 1,719 23,708 SH   SOLE   23,708 0 0
OIL STATES INTL COM 678026105 1,503 38,533 SH   SOLE   38,533 0 0
ORCHIDS PAPER COM 68572N104 292 11,021 SH   SOLE   11,021 0 0
OSHKOSH CORP COM 688239201 230 4,800 SH   SOLE   4,800 0 0
OWENS ILL INC COM 690768403 547 23,800 SH   SOLE   23,800 0 0
PERMA-FIX ENV. COM 714157203 200 53,221 SH   SOLE   53,221 0 0
PHI INC. NV COM 69336T205 359 11,783 SH   SOLE   11,783 0 0
PHILLIPS 66 COM 718546104 3,478 44,586 SH   SOLE   44,586 0 0
PITNEY BOWES COM 724479100 3,737 161,084 SH   SOLE   161,084 0 0
POPEYES KITCHEN COM 732872106 714 12,000 SH   SOLE   12,000 0 0
Q.E.P. CO.,INC COM 74727K102 3,825 246,766 SH   SOLE   246,766 0 0
READING INT'L COM 755408101 891 67,242 SH   SOLE   67,242 0 0
SENSIENT TECH COM 81725T100 469 6,900 SH   SOLE   6,900 0 0
SL INDUSTRIES COM 784413106 1,138 27,760 SH   SOLE   27,760 0 0
SPARTAN MOTORS COM 846819100 277 60,196 SH   SOLE   60,196 0 0
SPX CORP. COM 784635104 317 3,778 SH   SOLE   3,778 0 0
STANDEX INTL CP COM 854231107 14,983 183,279 SH   SOLE   183,279 0 0
STEPAN CHEMICAL COM 858586100 472 11,513 SH   SOLE   11,513 0 0
SUPREME IND COM 868607102 7,349 960,627 SH   SOLE   960,627 0 0
TITAN INTL COM 88830M102 452 50,197 SH   SOLE   50,197 0 0
TOTAL SA COM 89151E109 971 19,810 SH   SOLE   19,810 0 0
TRIMAS CORP. COM 896215209 575 18,850 SH   SOLE   18,850 0 0
UNIV PWR GROUP COM 913788105 815 452,787 SH   SOLE   452,787 0 0
UNIVERSAL FOREST COM 913543104 243 4,419 SH   SOLE   4,419 0 0
VAALCO ENERGY COM 91851C201 4,047 1,686,152 SH   SOLE   1,686,152 0 0
VSE CORP. COM 918284100 520 6,414 SH   SOLE   6,414 0 0
WATTS WATER COM 942749102 2,335 42,850 SH   SOLE   42,850 0 0
SOVRAN STORAGE COM 84610H108 363 3,900 SH   SOLE   3,900 0 0
PITNEY BOWES COM 724481866 1,060 1,000 SH   SOLE   1,000 0 0
AIR INDUSTRIES COM 00912N205 241 24,672 SH   SOLE   24,672 0 0
BERK HATH CL 'B' COM 084670702 225 2,250 SH   SOLE   2,250 0 0
MANITEX INT'L COM 563420108 164 17,300 SH   SOLE   17,300 0 0
RYDEX INVEST. COM 23129X105 328 4,200 SH   SOLE   4,200 0 0
UNIVERSAL SEC COM 913821302 158 31,561 SH   SOLE   31,561 0 0
ZUNICOM INC COM COM 98981X104 53 355,953 SH   SOLE   355,953 0 0