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
ALLEGION, PLC COM G0176J109 472 5,972 SH   SOLE   5,972 0 0
AMERCO COM 023586100 14,297 38,331 SH   SOLE   38,331 0 0
AMERICAN AXLE COM 024061103 646 38,000 SH   SOLE   38,000 0 0
AMERIGAS PTRS. COM 030975106 891 19,793 SH   SOLE   19,793 0 0
ASTRONICS COM 046433108 823 19,832 SH   SOLE   19,832 0 0
BLACKHAWK COM 09238E104 1,454 42,752 SH   SOLE   42,752 0 0
BUILDERS F.S. COM 12008R107 215 10,000 SH   SOLE   10,000 0 0
CHASE CORP. COM 16150R104 14,479 120,660 SH   SOLE   120,660 0 0
CIRCOR INT'L COM 17273K109 477 9,842 SH   SOLE   9,842 0 0
CONOCOPHILLIPS COM 20825C104 4,725 86,309 SH   SOLE   86,309 0 0
COOPER TIRE COM 216831107 1,322 37,240 SH   SOLE   37,240 0 0
CORE MOLDINGS COM 218683100 2,024 92,000 SH   SOLE   92,000 0 0
CRANE CO. COM 224399105 2,332 26,350 SH   SOLE   26,350 0 0
DELTA APPAREL COM 247368103 13,370 660,225 SH   SOLE   660,225 0 0
DENNY'S CORP. COM 24869P104 1,098 84,500 SH   SOLE   84,500 0 0
DUCOMMUN INC COM 264147109 864 31,118 SH   SOLE   31,118 0 0
EASTMAN CHEM COM 277432100 3,813 41,000 SH   SOLE   41,000 0 0
EATON CORP COM G29183103 310 4,000 SH   SOLE   4,000 0 0
ENTERCOM COMM. COM 293639100 511 47,548 SH   SOLE   47,548 0 0
FERRO CORP. COM 315405100 5,172 222,446 SH   SOLE   222,446 0 0
GOODYEAR TIRE COM 382550101 13,796 424,507 SH   SOLE   424,507 0 0
HANESBRANDS COM 410345102 1,759 85,821 SH   SOLE   85,821 0 0
HARRIS CORP. COM 413875105 3,077 21,590 SH   SOLE   21,590 0 0
HESS CORP. COM 42809H107 502 10,578 SH   SOLE   10,578 0 0
HORIZON GLOBAL COM 44052W104 174 12,400 SH   SOLE   12,400 0 0
HUNTSMAN CORP. COM 447011107 13,103 397,075 SH   SOLE   397,075 0 0
INGERSOLL RAND COM G47791101 1,703 19,240 SH   SOLE   19,240 0 0
JOHNSON OUTDR COM 479167108 319 5,059 SH   SOLE   5,059 0 0
KRATON PERFORM COM 50077C106 4,579 93,933 SH   SOLE   93,933 0 0
LCI INDUSTRIES COM 50189K103 5,287 40,361 SH   SOLE   40,361 0 0
MARATHON PET. COM 56585A102 2,435 36,748 SH   SOLE   36,748 0 0
NORTHERN TECH COM 665809109 1,131 51,413 SH   SOLE   51,413 0 0
OCCIDENTAL PETE COM 674599105 1,307 17,909 SH   SOLE   17,909 0 0
OIL STATES INTL COM 678026105 873 31,733 SH   SOLE   31,733 0 0
ORCHIDS PAPER COM 68572N104 1,345 107,634 SH   SOLE   107,634 0 0
OSHKOSH CORP COM 688239201 318 3,515 SH   SOLE   3,515 0 0
OWENS ILL INC COM 690768403 366 16,850 SH   SOLE   16,850 0 0
PERMA-FIX ENV. COM 714157203 87 28,921 SH   SOLE   28,921 0 0
PHILLIPS 66 COM 718546104 3,952 38,939 SH   SOLE   38,939 0 0
PITNEY BOWES COM 724479100 798 72,561 SH   SOLE   72,561 0 0
Q.E.P. CO.,INC COM 74727K102 5,713 219,744 SH   SOLE   219,744 0 0
READING INT'L COM 755408101 954 61,542 SH   SOLE   61,542 0 0
SENSIENT TECH COM 81725T100 458 6,278 SH   SOLE   6,278 0 0
SPARTAN MOTORS COM 846819100 508 31,771 SH   SOLE   31,771 0 0
STANDEX INTL CP COM 854231107 9,158 91,578 SH   SOLE   91,578 0 0
STEPAN CHEMICAL COM 858586100 712 9,069 SH   SOLE   9,069 0 0
SUPERVALU COM 868536301 944 43,909 SH   SOLE   43,909 0 0
TOTAL SA COM 89151E109 925 16,810 SH   SOLE   16,810 0 0
TRIMAS CORP. COM 896215209 441 16,650 SH   SOLE   16,650 0 0
UNIVERSAL FOREST COM 913543104 300 8,007 SH   SOLE   8,007 0 0
VAALCO ENERGY COM 91851C201 749 1,101,282 SH   SOLE   1,101,282 0 0
VENATOR MTRL COM G9329Z100 1,199 54,500 SH   SOLE   54,500 0 0
VSE CORP. COM 918284100 588 12,128 SH   SOLE   12,128 0 0
WATTS WATER COM 942749102 2,871 37,527 SH   SOLE   37,527 0 0
XERIUM TECH COM 98416J118 422 105,459 SH   SOLE   105,459 0 0
GOVT PROP. COM 38376A103 230 12,777 SH   SOLE   12,777 0 0
LIFE STORAGE COM 53223X107 334 3,800 SH   SOLE   3,800 0 0
MANITEX INT'L COM 563420108 120 13,300 SH   SOLE   13,300 0 0
UNIVERSAL SEC COM 913821302 31 24,761 SH   SOLE   24,761 0 0
ZUNICOM INC COM COM 98981X401 25 355,953 SH   SOLE   355,953 0 0