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 1,560 29,720 SH   SOLE   29,720 0 0
ALLEGION, PLC COM G1076J109 426 8,273 SH   SOLE   8,273 0 0
AMERCO COM 023586100 13,090 57,922 SH   SOLE   57,922 0 0
AMERIGAS PTRS. COM 030975106 544 13,100 SH   SOLE   13,100 0 0
ASIA PAC. WIRE COM G0535E106 229 86,351 SH   SOLE   86,351 0 0
ASTRONICS COM 046433108 915 14,640 SH   SOLE   14,640 0 0
CALFRAC WELL COM 129584108 3,411 108,300 SH   SOLE   108,300 0 0
CCL IND. CLASS B COM 124900309 263 3,100 SH   SOLE   3,100 0 0
CHASE CORP. COM 16150R104 8,082 260,700 SH   SOLE   260,700 0 0
CHESAPEAKE ENG COM 165167107 2,189 86,676 SH   SOLE   86,676 0 0
CIRCOR INT'L COM 17273K109 845 11,662 SH   SOLE   11,662 0 0
CONOCOPHILLIPS COM 20825C104 7,870 113,244 SH   SOLE   113,244 0 0
CORE MOLDINGS COM 218683100 1,394 111,500 SH   SOLE   111,500 0 0
CRANE CO. COM 224399105 2,348 33,300 SH   SOLE   33,300 0 0
CYTEC INDUSTRIES COM 232820100 1,184 12,210 SH   SOLE   12,210 0 0
DELTA APPAREL COM 247368103 11,472 740,155 SH   SOLE   740,155 0 0
DENNY'S CORP. COM 24869P104 696 110,500 SH   SOLE   110,500 0 0
DREW INDUSTRIES COM 26168L205 3,595 67,187 SH   SOLE   67,187 0 0
DUCOMMUN INC COM 264147109 1,027 41,922 SH   SOLE   41,922 0 0
EATON CORP COM G29183103 358 4,800 SH   SOLE   4,800 0 0
ENERGY XXI COM G10082140 578 25,127 SH   SOLE   25,127 0 0
ENTREC CORP COM 29384D106 1,032 793,700 SH   SOLE   793,700 0 0
ESSENTIAL ENERGY COM 29669R101 1,984 809,600 SH   SOLE   809,600 0 0
FERRO CORP. COM 315405100 3,243 243,827 SH   SOLE   243,827 0 0
GOODYEAR TIRE COM 382550101 901 35,000 SH   SOLE   35,000 0 0
HANESBRANDS COM 410345102 2,250 29,600 SH   SOLE   29,600 0 0
HARRIS CORP. COM 413875105 2,823 38,940 SH   SOLE   38,940 0 0
HESS CORP. COM 42809H107 1,403 17,012 SH   SOLE   17,012 0 0
HORIZON NORTH COM 00B16TCX4 2,121 282,800 SH   SOLE   282,800 0 0
HUNTSMAN CORP. COM 447011107 1,031 42,950 SH   SOLE   42,950 0 0
INGERSOLL RAND COM G4776G101 1,418 25,100 SH   SOLE   25,100 0 0
INNODATA COM 457642205 400 145,325 SH   SOLE   145,325 0 0
LIFETIME BRANDS COM 53222Q103 187 10,703 SH   SOLE   10,703 0 0
MARATHON OIL COM 565849106 1,661 47,450 SH   SOLE   47,450 0 0
MARATHON PET. COM 56585A102 1,464 16,924 SH   SOLE   16,924 0 0
NABORS IND COM G6359F103 277 11,555 SH   SOLE   11,555 0 0
NEWALTA CORP. COM 65020P103 4,248 236,023 SH   SOLE   236,023 0 0
NORTHERN TECH COM 665809109 1,361 68,072 SH   SOLE   68,072 0 0
OCCIDENTAL PETE COM 674599105 2,428 25,560 SH   SOLE   25,560 0 0
OIL STATES INTL COM 678026105 4,007 40,883 SH   SOLE   40,883 0 0
ORCHIDS PAPER COM 68572N104 350 11,671 SH   SOLE   11,671 0 0
OSHKOSH CORP COM 688239201 296 5,100 SH   SOLE   5,100 0 0
OWENS ILL INC COM 690768403 296 8,900 SH   SOLE   8,900 0 0
PENGROWTH ENE. COM 70706P104 992 165,296 SH   SOLE   165,296 0 0
PERMA-FIX ENV. COM 714157203 511 120,239 SH   SOLE   120,239 0 0
PHI INC. NV COM 69336T205 520 12,383 SH   SOLE   12,383 0 0
PHILLIPS 66 COM 718546104 3,570 46,661 SH   SOLE   46,661 0 0
PITNEY BOWES COM 724479100 4,570 177,484 SH   SOLE   177,484 0 0
POPEYES KITCHEN COM 732872106 480 12,000 SH   SOLE   12,000 0 0
Q.E.P. CO.,INC COM 74727K102 4,406 259,166 SH   SOLE   259,166 0 0
READING INT'L COM 755408101 509 70,237 SH   SOLE   70,237 0 0
ROWAN COS.PLC COM G7665A101 554 16,776 SH   SOLE   16,776 0 0
SAFEWAY COM 786514208 12,263 333,678 SH   SOLE   333,678 0 0
SENSIENT TECH COM 81725T100 385 7,000 SH   SOLE   7,000 0 0
SL INDUSTRIES COM 784413106 519 21,636 SH   SOLE   21,636 0 0
SPARTAN MOTORS COM 846819100 429 85,895 SH   SOLE   85,895 0 0
SPX CORP. COM 784635104 363 3,778 SH   SOLE   3,778 0 0
STANDEX INTL CP COM 854231107 11,501 216,994 SH   SOLE   216,994 0 0
STEPAN CHEMICAL COM 858586100 786 12,280 SH   SOLE   12,280 0 0
SUPREME IND COM 868607102 7,237 998,162 SH   SOLE   998,162 0 0
TITAN INTL COM 88830M102 1,821 98,451 SH   SOLE   98,451 0 0
TOTAL SA COM 89151E109 1,351 20,710 SH   SOLE   20,710 0 0
TRIMAS CORP. COM 896215209 645 19,850 SH   SOLE   19,850 0 0
UNIV PWR GROUP COM 913788105 603 463,887 SH   SOLE   463,887 0 0
UNIVERSAL FOREST COM 913543104 255 4,719 SH   SOLE   4,719 0 0
VAALCO ENERGY COM 91851C201 14,674 1,778,689 SH   SOLE   1,778,689 0 0
VSE CORP. COM 918284100 379 7,364 SH   SOLE   7,364 0 0
WATTS WATER COM 942749102 2,642 45,350 SH   SOLE   45,350 0 0
SOVRAN STORAGE COM 84610H108 317 4,400 SH   SOLE   4,400 0 0
BERK HATH CL 'B' COM 084670702 225 2,250 SH   SOLE   2,250 0 0
CCA IND. COM 124867102 63 22,948 SH   SOLE   22,948 0 0
CRESTWOOD MID. COM 226378107 277 12,584 SH   SOLE   12,584 0 0
DALMAC ENERGY COM 235488103 109 404,000 SH   SOLE   404,000 0 0
LP BOARDWALK COM 096627104 134 10,700 SH   SOLE   10,700 0 0
MANITEX INT'L COM 563420108 277 17,300 SH   SOLE   17,300 0 0
RYDEX INVEST. COM 23129X105 400 4,500 SH   SOLE   4,500 0 0
SCOLR PHARMA COM 78402X107 0 21,500 SH   SOLE   21,500 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