Missed Analyst Estimates by 9% or more (Alphabetical)

                                     First Call
                                     Consensus    Actual  Earnings
Company Name                  Ticker  Estimate     EPS    Surprise %
800 JR Cigar Inc.             JRJR      0.28       0.21      -25.0%
Applied Analytical Inc.       AAII      0.12      -0.17     -241.7%
AutoNation Incorporated       AN        0.27       0.21      -22.2%
Bridgestreet Accomo.          BDS       0.12       0.03      -75.0%
Castle Dental Centers         CASL      0.16       0.14      -12.5%
Cedar Fair L.P.               FUN       0.45       0.37      -17.8%
Communications System         CSII      0.28       0.20      -28.6%
Congoleum Corporation         CGM       0.22       0.14      -36.4%
Conrad Industries Inc.        CNRD      0.11       0.10       -9.1%
Donegal Group Inc.            DGIC      0.30       0.16      -46.7%
Elcotel Incorporated          ECTL      0.11      -0.03     -127.3%
General Binding Corp.         GBND      0.19       0.16      -15.8%
Hawk                          HWK       0.22       0.20       -9.1%
Highlands Insurance Gp.       HIC       0.21       0.14      -33.3%
ICN Pharmaceuticals           ICN       0.39       0.32      -17.9%
Kansas City Power & Lgt.      KLT       0.50       0.41      -18.0%
Kendle International          KNDL      0.21       0.14      -33.3%
Klamath First Bancorp         KFBI      0.32       0.26      -18.8%
KLLM Transport Service        KLLM      0.20       0.10      -50.0%
Lancer Corporation            LAN       0.20       0.16      -20.0%
Mac-Gray Corporation          TUC       0.12       0.06      -50.0%
Maritrans Incorporated        TUG       0.10       0.08      -20.0%
Mercury General               MCY       0.76       0.62      -18.4%
MMI Companies Inc.            MMI       0.31       0.28       -9.7%
Nobel Learning Communities    NLCI      0.13       0.09      -30.8%
Preferred Employers Hldgs.    PEGI      0.13       0.05      -61.5%
Sierra Pacific Resources      SRP       0.54       0.48      -11.1%
Technisource Inc.             TSRC      0.14       0.08      -42.9%
Tech-Sym Corporation          TSY       0.22       0.16      -27.3%
Thermedics Incorporated       TMD       0.12       0.09      -25.0%
Unifab International          UFAB      0.10       0.02      -80.0%
Union Bankshares Corp.        UBSH      0.27       0.18      -33.3%
York Group Incorporated       YRKG      0.32       0.20      -37.5%
Zenith National Insurance     ZNT       0.11      -0.04     -136.4%



Missed Analyst Estimates by 9% or more (Descending Percentages)

                                     First Call
                                     Consensus    Actual  Earnings
Company Name                  Ticker  Estimate     EPS    Surprise %
Applied Analytical Inc.       AAII      0.12      -0.17     -241.7%
Zenith National Insurance     ZNT       0.11      -0.04     -136.4%
Elcotel Incorporated          ECTL      0.11      -0.03     -127.3%
Unifab International          UFAB      0.10       0.02      -80.0%
Bridgestreet Accomo.          BDS       0.12       0.03      -75.0%
Preferred Employers Hldgs.    PEGI      0.13       0.05      -61.5%
KLLM Transport Service        KLLM      0.20       0.10      -50.0%
Mac-Gray Corporation          TUC       0.12       0.06      -50.0%
Donegal Group Inc.            DGIC      0.30       0.16      -46.7%
Technisource Inc.             TSRC      0.14       0.08      -42.9%
York Group Incorporated       YRKG      0.32       0.20      -37.5%
Congoleum Corporation         CGM       0.22       0.14      -36.4%
Kendle International          KNDL      0.21       0.14      -33.3%
Highlands Insurance Gp.       HIC       0.21       0.14      -33.3%
Union Bankshares Corp.        UBSH      0.27       0.18      -33.3%
Nobel Learning Communities    NLCI      0.13       0.09      -30.8%
Communications System         CSII      0.28       0.20      -28.6%
Tech-Sym Corporation          TSY       0.22       0.16      -27.3%
800 JR Cigar Inc.             JRJR      0.28       0.21      -25.0%
Thermedics Incorporated       TMD       0.12       0.09      -25.0%
AutoNation Incorporated       AN        0.27       0.21      -22.2%
Lancer Corporation            LAN       0.20       0.16      -20.0%
Maritrans Incorporated        TUG       0.10       0.08      -20.0%
Klamath First Bancorp         KFBI      0.32       0.26      -18.8%
Mercury General               MCY       0.76       0.62      -18.4%
Kansas City Power & Lgt.      KLT       0.50       0.41      -18.0%
ICN Pharmaceuticals           ICN       0.39       0.32      -17.9%
Cedar Fair L.P.               FUN       0.45       0.37      -17.8%
General Binding Corp.         GBND      0.19       0.16      -15.8%
Castle Dental Centers         CASL      0.16       0.14      -12.5%
Sierra Pacific Resources      SRP       0.54       0.48      -11.1%
MMI Companies Inc.            MMI       0.31       0.28       -9.7%
Hawk                          HWK       0.22       0.20       -9.1%
Conrad Industries Inc.        CNRD      0.11       0.10       -9.1%