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 476 5,876 SH   SOLE   5,876 0 0
AMERCO COM 023586100 13,951 37,401 SH   SOLE   37,401 0 0
AMERICAN AXLE COM 024061103 658 39,300 SH   SOLE   39,300 0 0
AMERIGAS PTRS. COM 030975106 773 19,093 SH   SOLE   19,093 0 0
ASTRONICS COM 046433108 818 19,250 SH   SOLE   19,250 0 0
BUILDERS F.S. COM 12008R107 245 14,020 SH   SOLE   14,020 0 0
CHASE CORP. COM 16150R104 13,946 113,380 SH   SOLE   113,380 0 0
CIRCOR INT'L COM 17273K109 428 9,842 SH   SOLE   9,842 0 0
CONOCOPHILLIPS COM 20825C104 5,873 82,723 SH   SOLE   82,723 0 0
COOPER TIRE COM 216831107 1,648 56,838 SH   SOLE   56,838 0 0
CORE MOLDINGS COM 218683100 1,150 90,206 SH   SOLE   90,206 0 0
CRANE CO. COM 224399105 2,296 25,799 SH   SOLE   25,799 0 0
DELTA APPAREL COM 247368103 10,424 651,526 SH   SOLE   651,526 0 0
DENNY'S CORP. COM 24869P104 1,198 81,200 SH   SOLE   81,200 0 0
DUCOMMUN INC COM 264147109 906 29,218 SH   SOLE   29,218 0 0
EASTMAN CHEM COM 277432100 4,019 39,599 SH   SOLE   39,599 0 0
EATON CORP COM G29183103 322 4,000 SH   SOLE   4,000 0 0
ENTERCOM COMM. COM 293639100 391 57,948 SH   SOLE   57,948 0 0
FERRO CORP. COM 315405100 4,903 215,496 SH   SOLE   215,496 0 0
GOODYEAR TIRE COM 382550101 10,505 425,303 SH   SOLE   425,303 0 0
HANESBRANDS COM 410345102 1,415 79,731 SH   SOLE   79,731 0 0
HARRIS CORP. COM 413875105 3,125 19,289 SH   SOLE   19,289 0 0
HESS CORP. COM 42809H107 677 10,178 SH   SOLE   10,178 0 0
HORIZON GLOBAL COM 44052W104 225 34,561 SH   SOLE   34,561 0 0
HUNTSMAN CORP. COM 447011107 12,358 386,175 SH   SOLE   386,175 0 0
INGERSOLL RAND COM G47791101 1,779 18,439 SH   SOLE   18,439 0 0
JOHNSON OUTDR COM 479167108 375 4,659 SH   SOLE   4,659 0 0
KRATON PERFORM COM 50077C106 4,361 91,332 SH   SOLE   91,332 0 0
LCI INDUSTRIES COM 50189K103 3,845 39,335 SH   SOLE   39,335 0 0
MARATHON PET. COM 56585A102 2,754 34,646 SH   SOLE   34,646 0 0
NN, INC. COM 629337106 3,150 150,000 SH   SOLE   150,000 0 0
NORTHERN TECH COM 665809109 1,694 48,413 SH   SOLE   48,413 0 0
OCCIDENTAL PETE COM 674599105 1,436 17,509 SH   SOLE   17,509 0 0
OIL STATES INTL COM 678026105 999 30,731 SH   SOLE   30,731 0 0
ORCHIDS PAPER COM 68572N104 265 132,628 SH   SOLE   132,628 0 0
OSHKOSH CORP COM 688239201 257 3,515 SH   SOLE   3,515 0 0
OWENS ILL INC COM 690768403 292 16,000 SH   SOLE   16,000 0 0
PERMA-FIX ENV. COM 714157203 118 27,721 SH   SOLE   27,721 0 0
PHILLIPS 66 COM 718546104 4,587 37,599 SH   SOLE   37,599 0 0
PITNEY BOWES COM 724479100 395 49,361 SH   SOLE   49,361 0 0
Q.E.P. CO.,INC COM 74727K102 5,871 217,440 SH   SOLE   217,440 0 0
READING INT'L COM 755408101 897 57,842 SH   SOLE   57,842 0 0
SENSIENT TECH COM 81725T100 427 6,277 SH   SOLE   6,277 0 0
SPARTAN MOTORS COM 846819100 461 31,771 SH   SOLE   31,771 0 0
STANDEX INTL CP COM 854231107 9,209 88,129 SH   SOLE   88,129 0 0
STEPAN CHEMICAL COM 858586100 803 9,069 SH   SOLE   9,069 0 0
SUPERVALU COM 868536301 1,308 41,212 SH   SOLE   41,212 0 0
TOTAL SA COM 89151E109 1,002 15,909 SH   SOLE   15,909 0 0
TRIMAS CORP. COM 896215209 457 15,750 SH   SOLE   15,750 0 0
TRINSEO SA COM L9340P101 287 3,773 SH   SOLE   3,773 0 0
UNIVERSAL FOREST COM 913543104 290 8,007 SH   SOLE   8,007 0 0
USA COMPRESSION COM 90290N109 206 12,650 SH   SOLE   12,650 0 0
VAALCO ENERGY COM 91851C201 4,146 1,405,582 SH   SOLE   1,405,582 0 0
VENATOR MTRL COM G9329Z100 5,076 390,499 SH   SOLE   390,499 0 0
VSE CORP. COM 918284100 430 10,628 SH   SOLE   10,628 0 0
WABASH NATL COM 929566107 262 14,000 SH   SOLE   14,000 0 0
WATTS WATER COM 942749102 3,080 36,027 SH   SOLE   36,027 0 0
XERIUM TECH COM 98416J118 1,253 96,353 SH   SOLE   96,353 0 0
GOVT PROP. COM 38376A103 761 49,077 SH   SOLE   49,077 0 0
LIFE STORAGE COM 53223X107 346 3,600 SH   SOLE   3,600 0 0
UNIVERSAL SEC COM 913821302 36 23,761 SH   SOLE   23,761 0 0
ZUNICOM INC COM COM 98981X401 25 355,953 SH   SOLE   355,953 0 0