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 1,475 28,920 SH   SOLE   28,920 0 0
ALLEGION, PLC COM G1076J109 452 8,075 SH   SOLE   8,075 0 0
AMERCO COM 023586100 16,108 56,322 SH   SOLE   56,322 0 0
AMERIGAS PTRS. COM 030975106 685 15,400 SH   SOLE   15,400 0 0
ASIA PAC. WIRE COM G0535E106 129 53,624 SH   SOLE   53,624 0 0
ASTRONICS COM 046433108 803 14,342 SH   SOLE   14,342 0 0
BLACKHAWK COM 092538E20 1,359 51,284 SH   SOLE   51,284 0 0
CHASE CORP. COM 16150R104 8,521 258,200 SH   SOLE   258,200 0 0
CHESAPEAKE ENG COM 165167107 2,567 83,476 SH   SOLE   83,476 0 0
CIRCOR INT'L COM 17273K109 869 11,362 SH   SOLE   11,362 0 0
CIVEO CORP. COM 178787107 1,964 80,166 SH   SOLE   80,166 0 0
CONOCOPHILLIPS COM 20825C104 9,415 110,444 SH   SOLE   110,444 0 0
CONRAD IND. COM 208305102 255 6,700 SH   SOLE   6,700 0 0
CORE MOLDINGS COM 218683100 1,396 109,500 SH   SOLE   109,500 0 0
CRANE CO. COM 224399105 2,405 32,500 SH   SOLE   32,500 0 0
CYTEC INDUSTRIES COM 232820100 1,209 11,510 SH   SOLE   11,510 0 0
DELTA APPAREL COM 247368103 10,240 731,429 SH   SOLE   731,429 0 0
DENNY'S CORP. COM 24869P104 678 106,000 SH   SOLE   106,000 0 0
DREW INDUSTRIES COM 26168L205 3,232 65,287 SH   SOLE   65,287 0 0
DUCOMMUN INC COM 264147109 1,049 40,722 SH   SOLE   40,722 0 0
EATON CORP COM G29183103 352 4,600 SH   SOLE   4,600 0 0
ENERGY XXI COM G10082140 624 27,127 SH   SOLE   27,127 0 0
FERRO CORP. COM 315405100 2,858 232,327 SH   SOLE   232,327 0 0
GOODYEAR TIRE COM 382550101 3,110 113,104 SH   SOLE   113,104 0 0
HANESBRANDS COM 410345102 2,842 29,000 SH   SOLE   29,000 0 0
HARRIS CORP. COM 413875105 2,857 37,840 SH   SOLE   37,840 0 0
HESS CORP. COM 42809H107 1,599 16,312 SH   SOLE   16,312 0 0
HUNTSMAN CORP. COM 447011107 1,131 40,750 SH   SOLE   40,750 0 0
INGERSOLL RAND COM G4776G101 1,519 24,500 SH   SOLE   24,500 0 0
INNODATA COM 457642205 395 143,625 SH   SOLE   143,625 0 0
LIFETIME BRANDS COM 53222Q103 163 10,703 SH   SOLE   10,703 0 0
MARATHON OIL COM 565849106 1,939 49,100 SH   SOLE   49,100 0 0
MARATHON PET. COM 56585A102 1,277 16,474 SH   SOLE   16,474 0 0
NABORS IND COM G6359F103 329 11,555 SH   SOLE   11,555 0 0
NEWALTA CORP. COM 65020P103 4,547 230,223 SH   SOLE   230,223 0 0
NORTHERN TECH COM 665809109 1,358 67,072 SH   SOLE   67,072 0 0
OCCIDENTAL PETE COM 674599105 2,476 24,272 SH   SOLE   24,272 0 0
OIL STATES INTL COM 678026105 2,545 40,083 SH   SOLE   40,083 0 0
ORCHIDS PAPER COM 68572N104 368 11,671 SH   SOLE   11,671 0 0
OSHKOSH CORP COM 688239201 280 5,100 SH   SOLE   5,100 0 0
OWENS ILL INC COM 690768403 305 8,900 SH   SOLE   8,900 0 0
PENGROWTH ENE. COM 70706P104 1,134 162,028 SH   SOLE   162,028 0 0
PERMA-FIX ENV. COM 714157203 313 73,559 SH   SOLE   73,559 0 0
PHI INC. NV COM 69336T205 508 12,383 SH   SOLE   12,383 0 0
PHILLIPS 66 COM 718546104 3,637 45,461 SH   SOLE   45,461 0 0
PITNEY BOWES COM 724479100 4,625 168,784 SH   SOLE   168,784 0 0
POPEYES KITCHEN COM 732872106 519 12,000 SH   SOLE   12,000 0 0
Q.E.P. CO.,INC COM 74727K102 4,326 254,466 SH   SOLE   254,466 0 0
READING INT'L COM 755408101 567 68,737 SH   SOLE   68,737 0 0
ROWAN COS.PLC COM G7665A101 528 16,776 SH   SOLE   16,776 0 0
SAFEWAY COM 786514208 10,985 325,478 SH   SOLE   325,478 0 0
SENSIENT TECH COM 81725T100 379 6,900 SH   SOLE   6,900 0 0
SL INDUSTRIES COM 784413106 783 27,467 SH   SOLE   27,467 0 0
SPARTAN MOTORS COM 846819100 326 73,996 SH   SOLE   73,996 0 0
SPX CORP. COM 784635104 408 3,778 SH   SOLE   3,778 0 0
STANDEX INTL CP COM 854231107 14,780 199,724 SH   SOLE   199,724 0 0
STEPAN CHEMICAL COM 858586100 604 11,613 SH   SOLE   11,613 0 0
SUPREME IND COM 868607102 6,271 995,460 SH   SOLE   995,460 0 0
TITAN INTL COM 88830M102 1,591 96,451 SH   SOLE   96,451 0 0
TOTAL SA COM 89151E109 1,477 20,510 SH   SOLE   20,510 0 0
TRIMAS CORP. COM 896215209 738 19,550 SH   SOLE   19,550 0 0
UNIV PWR GROUP COM 913788105 640 456,787 SH   SOLE   456,787 0 0
UNIVERSAL FOREST COM 913543104 210 4,419 SH   SOLE   4,419 0 0
VAALCO ENERGY COM 91851C201 12,135 1,758,685 SH   SOLE   1,758,685 0 0
VSE CORP. COM 918284100 460 6,764 SH   SOLE   6,764 0 0
WATTS WATER COM 942749102 2,661 43,450 SH   SOLE   43,450 0 0
SOVRAN STORAGE COM 84610H108 296 3,900 SH   SOLE   3,900 0 0
AIR INDUSTRIES COM 00912N205 280 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 75 22,948 SH   SOLE   22,948 0 0
CERF INC. COM CA1251721 32 10,000 SH   SOLE   10,000 0 0
CRESTWOOD MID. COM 226378107 266 12,370 SH   SOLE   12,370 0 0
DALMAC ENERGY COM 235488103 148 421,500 SH   SOLE   421,500 0 0
MANITEX INT'L COM 563420108 277 17,300 SH   SOLE   17,300 0 0
RYDEX INVEST. COM 23129X105 398 4,300 SH   SOLE   4,300 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
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