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 1,116 27,220 SH   SOLE   27,220 0 0
ALLEGION, PLC COM G0176J109 417 7,014 SH   SOLE   7,014 0 0
AMERCO COM 023586100 17,050 53,280 SH   SOLE   53,280 0 0
AMERIGAS PTRS. COM 030975106 765 17,000 SH   SOLE   17,000 0 0
ASTRONICS COM 046433108 1,184 16,909 SH   SOLE   16,909 0 0
BLACKHAWK COM 09238E104 2,004 48,877 SH   SOLE   48,877 0 0
CHASE CORP. COM 16150R104 9,671 247,977 SH   SOLE   247,977 0 0
CHESAPEAKE ENG COM 165167107 506 46,026 SH   SOLE   46,026 0 0
CIRCOR INT'L COM 17273K109 595 11,012 SH   SOLE   11,012 0 0
CIVEO CORP. COM 178787107 100 33,366 SH   SOLE   33,366 0 0
CONOCOPHILLIPS COM 20825C104 6,393 104,811 SH   SOLE   104,811 0 0
CONRAD IND. COM 208305102 293 10,100 SH   SOLE   10,100 0 0
CORE MOLDINGS COM 218683100 2,245 100,900 SH   SOLE   100,900 0 0
CRANE CO. COM 224399105 1,731 29,850 SH   SOLE   29,850 0 0
CYTEC INDUSTRIES COM 232820100 1,345 22,320 SH   SOLE   22,320 0 0
DELTA APPAREL COM 247368103 9,838 715,505 SH   SOLE   715,505 0 0
DENNY'S CORP. COM 24869P104 1,111 97,500 SH   SOLE   97,500 0 0
DREW INDUSTRIES COM 26168L205 3,587 62,387 SH   SOLE   62,387 0 0
DUCOMMUN INC COM 264147109 970 38,022 SH   SOLE   38,022 0 0
EATON CORP COM G29183103 308 4,600 SH   SOLE   4,600 0 0
FERRO CORP. COM 315405100 3,550 215,177 SH   SOLE   215,177 0 0
GOODYEAR TIRE COM 382550101 10,795 361,636 SH   SOLE   361,636 0 0
HANESBRANDS COM 410345102 3,542 107,336 SH   SOLE   107,336 0 0
HARRIS CORP. COM 413875105 2,726 35,640 SH   SOLE   35,640 0 0
HERTZ GLOBAL COM 42805T105 354 19,650 SH   SOLE   19,650 0 0
HESS CORP. COM 42809H107 985 14,812 SH   SOLE   14,812 0 0
HORIZON NORTH COM 00B16TCX4 245 80,200 SH   SOLE   80,200 0 0
HUNTSMAN CORP. COM 447011107 5,116 232,550 SH   SOLE   232,550 0 0
INGERSOLL RAND COM G47791101 1,528 22,800 SH   SOLE   22,800 0 0
INNODATA COM 457642205 324 129,625 SH   SOLE   129,625 0 0
MARATHON OIL COM 565849106 1,172 44,650 SH   SOLE   44,650 0 0
MARATHON PET. COM 56585A102 1,625 31,248 SH   SOLE   31,248 0 0
MONRO MUFFLER COM 610236101 302 5,036 SH   SOLE   5,036 0 0
MULTI-COLOR COM 625383104 223 3,600 SH   SOLE   3,600 0 0
NEFF CORP COM 640094207 1,359 139,431 SH   SOLE   139,431 0 0
NORTHERN TECH COM 665809109 986 61,640 SH   SOLE   61,640 0 0
OCCIDENTAL PETE COM 674599105 1,811 23,524 SH   SOLE   23,524 0 0
OIL STATES INTL COM 678026105 1,374 37,633 SH   SOLE   37,633 0 0
ORCHIDS PAPER COM 68572N104 259 10,921 SH   SOLE   10,921 0 0
OSHKOSH CORP COM 688239201 202 4,800 SH   SOLE   4,800 0 0
OWENS ILL INC COM 690768403 540 23,750 SH   SOLE   23,750 0 0
PERMA-FIX ENV. COM 714157203 167 46,421 SH   SOLE   46,421 0 0
PHI INC. NV COM 69336T205 353 11,783 SH   SOLE   11,783 0 0
PHILLIPS 66 COM 718546104 3,475 43,436 SH   SOLE   43,436 0 0
PITNEY BOWES COM 724479100 2,696 130,884 SH   SOLE   130,884 0 0
POPEYES KITCHEN COM 732872106 714 12,000 SH   SOLE   12,000 0 0
Q.E.P. CO.,INC COM 74727K102 3,601 240,066 SH   SOLE   240,066 0 0
READING INT'L COM 755408101 875 64,842 SH   SOLE   64,842 0 0
SENSIENT TECH COM 81725T100 466 6,900 SH   SOLE   6,900 0 0
SL INDUSTRIES COM 784413106 1,476 38,347 SH   SOLE   38,347 0 0
SPARTAN MOTORS COM 846819100 243 53,996 SH   SOLE   53,996 0 0
SPX CORP. COM 784635104 272 3,778 SH   SOLE   3,778 0 0
STANDEX INTL CP COM 854231107 13,895 174,782 SH   SOLE   174,782 0 0
STEPAN CHEMICAL COM 858586100 616 11,513 SH   SOLE   11,513 0 0
SUPERVALU COM 868536103 390 48,700 SH   SOLE   48,700 0 0
SUPREME IND COM 868607102 7,872 937,146 SH   SOLE   937,146 0 0
TITAN INTL COM 88830M102 501 47,697 SH   SOLE   47,697 0 0
TOTAL SA COM 89151E109 946 19,310 SH   SOLE   19,310 0 0
TRIMAS CORP. COM 896215209 541 18,650 SH   SOLE   18,650 0 0
UNIV PWR GROUP COM 913788105 827 472,487 SH   SOLE   472,487 0 0
UNIVERSAL FOREST COM 913543104 228 4,419 SH   SOLE   4,419 0 0
VAALCO ENERGY COM 91851C201 3,259 1,629,608 SH   SOLE   1,629,608 0 0
VSE CORP. COM 918284100 337 6,414 SH   SOLE   6,414 0 0
WATTS WATER COM 942749102 2,202 42,750 SH   SOLE   42,750 0 0
SOVRAN STORAGE COM 84610H108 331 3,900 SH   SOLE   3,900 0 0
PITNEY BOWES COM 724481866 1,044 985 SH   SOLE   985 0 0
AIR INDUSTRIES COM 00912N205 227 22,672 SH   SOLE   22,672 0 0
BG STAFFING COM 05544A109 226 21,530 SH   SOLE   21,530 0 0
MANITEX INT'L COM 563420108 130 17,300 SH   SOLE   17,300 0 0
RYDEX INVEST. COM 23129X105 332 4,200 SH   SOLE   4,200 0 0
UNIVERSAL SEC COM 913821302 174 31,561 SH   SOLE   31,561 0 0
ZUNICOM INC COM COM 98981X104 50 355,953 SH   SOLE   355,953 0 0