[X]
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
For
the quarterly period ended June 30, 2007
|
|
or
|
|
[
]
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
For
the transition period
from to
|
Arizona
|
86-0649974
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer
Identification
No.)
|
5601
West Buckeye Road
Phoenix,
Arizona
85043
(Address
of Principal Executive Offices)
(Zip
Code)
|
|
Registrant's
telephone number, including area code:
|
602-269-2000
|
Large
accelerated filer x
|
Accelerated
filer o
|
Non-accelerated
filer o
|
PART
I – FINANCIAL INFORMATION
|
Page
Number
|
|
Item
1.
|
Financial
Statements
|
|
Condensed
Consolidated Balance Sheets as of June 30, 2007 (Unaudited) and
December 31, 2006
|
||
Condensed
Consolidated Statements of Income for the three and six months ended
June
30, 2007 and 2006 (Unaudited)
|
||
Condensed
Consolidated Statements of Cash Flows for the six months
ended June 30, 2007 and 2006 (Unaudited)
|
||
Notes
to Condensed Consolidated Financial Statements (Unaudited)
|
||
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and
Results of Operations
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
|
Item
4.
|
Controls
and Procedures
|
|
Part
II – OTHER INFORMATION
|
||
Item
1.
|
Legal
Proceedings
|
|
Item
1A.
|
Risk
Factors
|
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
|
Item
3.
|
Defaults
Upon Senior Securities
|
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
|
Item
5.
|
Other
Information
|
|
Item
6.
|
Exhibits
|
|
Signatures
|
PART
I - FINANCIAL
INFORMATION
|
Item
1. Financial
Statements
|
KNIGHT
TRANSPORTATION, INC. AND SUBSIDIARIES
As
of June 30, 2007 (unaudited) and December 31, 2006
(In
thousands)
|
||||||||
June
30,
2007
|
December
31,
2006
|
|||||||
ASSETS
|
||||||||
Current
Assets:
|
||||||||
Cash
and cash
equivalents
|
$ |
33,783
|
$ |
1,582
|
||||
Accounts
receivable,
net
|
89,540
|
85,350
|
||||||
Notes
receivable,
net
|
249
|
341
|
||||||
Other
current
assets
|
9,079
|
16,613
|
||||||
Prepaid
expenses
|
7,162
|
8,342
|
||||||
Income
tax
receivable
|
409
|
-
|
||||||
Deferred
tax
asset
|
9,599
|
8,759
|
||||||
Total current assets
|
149,821
|
120,987
|
||||||
Property
and Equipment:
|
||||||||
Land
and
improvements
|
23,446
|
21,778
|
||||||
Buildings
and
improvements
|
41,802
|
38,656
|
||||||
Furniture
and
fixtures
|
6,744
|
6,410
|
||||||
Shop
and service
equipment
|
3,739
|
3,738
|
||||||
Revenue
equipment
|
505,355
|
496,117
|
||||||
Leasehold
improvements
|
727
|
516
|
||||||
581,813
|
567,215
|
|||||||
Less: Accumulated
depreciation and amortization
|
(150,960 | ) | (133,387 | ) | ||||
Property
and equipment, net
|
430,853
|
433,828
|
||||||
Notes
receivable – long-term
|
238
|
348
|
||||||
Goodwill
|
10,245
|
10,256
|
||||||
Intangible
assets, net
|
269
|
300
|
||||||
Other
assets and restricted cash
|
4,935
|
4,500
|
||||||
Total assets
|
$ |
596,361
|
$ |
570,219
|
KNIGHT
TRANSPORTATION, INC. AND SUBSIDIARIES
Condensed
Consolidated Balance Sheets (continued)
As
of June 30, 2007 (unaudited) and December 31, 2006
(In
thousands, except par values)
|
||||||||
June
30,
2007
|
December
31,
2006
|
|||||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||
Current
Liabilities:
|
||||||||
Accounts
payable
|
$ |
4,105
|
$ |
13,077
|
||||
Accrued
payroll
|
8,050
|
7,411
|
||||||
Accrued
liabilities
|
12,070
|
15,184
|
||||||
Claims
accrual
|
25,663
|
25,926
|
||||||
Total current liabilities
|
49,888
|
61,598
|
||||||
Deferred
tax liabilities
|
86,092
|
82,526
|
||||||
Total liabilities
|
135,980
|
144,124
|
||||||
Commitments
and Contingencies
|
||||||||
Shareholders'
Equity:
|
||||||||
Preferred
stock, $0.01 par
value; 50,000 shares authorized; none issued and
outstanding
|
-
|
-
|
||||||
Common
stock, $0.01 par value;
300,000 shares authorized; 86,387 and 86,111 shares issued and outstanding
at June 30, 2007 and
December
31,
2006, respectively
|
864
|
861
|
||||||
Additional
paid-in
capital
|
98,415
|
94,220
|
||||||
Retained
earnings
|
361,102
|
331,014
|
||||||
Total shareholders' equity
|
460,381
|
426,095
|
||||||
Total liabilities and shareholders' equity
|
$ |
596,361
|
$ |
570,219
|
KNIGHT
TRANSPORTATION, INC. AND SUBSIDIARIES
(In
thousands, except per share data)
|
||||||||||||||||
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
REVENUE:
|
||||||||||||||||
Revenue,
before fuel
surcharge
|
$ |
153,012
|
$ |
140,372
|
$ |
297,837
|
$ |
269,711
|
||||||||
Fuel
surcharge
|
27,175
|
25,395
|
48,883
|
45,108
|
||||||||||||
Total
revenue
|
180,187
|
165,767
|
346,720
|
314,819
|
||||||||||||
OPERATING
EXPENSES:
|
||||||||||||||||
Salaries,
wages and
benefits
|
51,491
|
47,861
|
100,330
|
91,063
|
||||||||||||
Fuel
|
46,521
|
43,224
|
86,155
|
79,247
|
||||||||||||
Operations
and
maintenance
|
10,060
|
8,286
|
19,332
|
17,714
|
||||||||||||
Insurance
and
claims
|
6,121
|
6,108
|
14,127
|
11,862
|
||||||||||||
Operating
taxes and
licenses
|
3,717
|
3,341
|
7,274
|
6,592
|
||||||||||||
Communications
|
1,152
|
1,428
|
2,570
|
2,737
|
||||||||||||
Depreciation
and
amortization
|
16,287
|
14,993
|
32,218
|
29,593
|
||||||||||||
Lease
expense – revenue
equipment
|
106
|
108
|
212
|
217
|
||||||||||||
Purchased
transportation
|
13,305
|
9,832
|
24,038
|
17,738
|
||||||||||||
Miscellaneous
operating
expenses
|
2,108
|
658
|
3,892
|
2,030
|
||||||||||||
Total
operating
expenses
|
150,868
|
135,839
|
290,148
|
258,793
|
||||||||||||
Income
from
operations
|
29,319
|
29,928
|
56,572
|
56,026
|
||||||||||||
Interest
income
|
340
|
293
|
522
|
577
|
||||||||||||
Other
income
|
480
|
-
|
668
|
-
|
||||||||||||
Income
before income
taxes
|
30,139
|
30,221
|
57,762
|
56,603
|
||||||||||||
Income
taxes
|
(11,962 | ) | (12,100 | ) | (22,966 | ) | (22,650 | ) | ||||||||
Net
income
|
$ |
18,177
|
$ |
18,121
|
$ |
34,796
|
$ |
33,953
|
||||||||
Earnings
per common share and common share equivalent:
|
||||||||||||||||
Basic
|
$ |
0.21
|
$ |
0.21
|
$ |
0.40
|
$ |
0.40
|
||||||||
Diluted
|
$ |
0.21
|
$ |
0.21
|
$ |
0.40
|
$ |
0.39
|
||||||||
Weighted
average number of common shares and common share equivalents
outstanding:
|
||||||||||||||||
Basic
|
86,299
|
85,830
|
86,236
|
85,788
|
||||||||||||
Diluted
|
87,271
|
87,113
|
87,226
|
87,141
|
KNIGHT
TRANSPORTATION, INC. AND SUBSIDIARIES
(In
thousands)
|
||||||||
Six
Months Ended
June
30,
|
||||||||
2007
|
2006
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
income
|
$ |
34,796
|
$ |
33,953
|
||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
and
amortization
|
32,218
|
29,593
|
||||||
Gain
on sales of
equipment
|
(2,715 | ) | (4,726 | ) | ||||
Earn-out
on sold
investment
|
(188 | ) | ||||||
Non-cash
compensation expense
for issuance of stock to certain members of board of
directors
|
174
|
33
|
|
|||||
Provision
(benefit) for
allowance for doubtful accounts
|
159
|
(57 | ) | |||||
Excess
tax benefits related to
stock-based compensation
|
(867 | ) | (733 | ) | ||||
Stock
option
expense
|
1,470
|
1,604
|
||||||
Deferred
income
taxes
|
2,886
|
1,842
|
||||||
Changes
in assets and liabilities:
|
||||||||
Increase in short-term investments
|
-
|
(2,898 | ) | |||||
(Increase)
Decrease in trade
receivables
|
(4,349 | ) |
1,922
|
|||||
Decrease
(Increase) in other
current assets
|
175
|
(301 | ) | |||||
Decrease
(Increase) in prepaid
expenses
|
1,180
|
(1,514 | ) | |||||
Increase in income tax receivable
|
(409 | ) |
-
|
|||||
(Increase)
in other assets and
restricted cash
|
(598 | ) | (126 | ) | ||||
(Decrease)
Increase in accounts
payable
|
(2,826 | ) |
1,340
|
|||||
(Decrease)
Increase in accrued
liabilities, claims accrual and other
|
(2,425 | ) |
1,766
|
|||||
Net
cash provided by operating
activities
|
58,681
|
61,698
|
||||||
CASH
FLOW FROM INVESTING ACTIVITIES:
|
||||||||
Purchase
of property and
equipment
|
(47,754 | ) | (83,390 | ) | ||||
Proceeds
from sales of
equipment
|
22,440
|
25,974
|
||||||
Decrease
(Increase) in notes
receivable
|
203
|
(69 | ) | |||||
Acquisition-related
contingent
payment
|
(12 | ) | (320 | ) | ||||
Proceeds
from investment
earn-out
|
188
|
-
|
||||||
Increase
in restricted
cash
|
-
|
(384 | ) | |||||
Return
of equity (contribution)
in TRP investment
|
216
|
(1,085 | ) | |||||
Net
cash used in investing
activities
|
(24,719 | ) | (59,274 | ) |
KNIGHT
TRANSPORTATION, INC. AND SUBSIDIARIES
Condensed
Consolidated Statements of Cash Flows (unaudited)
(continued)
(In
thousands)
|
||||||||
Six
Months Ended
June
30,
|
||||||||
2007
|
2006
|
|||||||
CASH
FLOW FROM FINANCING ACTIVITIES:
|
||||||||
Dividends
paid
|
(4,314 | ) | (5,148 | ) | ||||
Excess
tax benefits related to
stock-based compensation
|
867
|
733
|
||||||
Proceeds
from exercise of
stock options
|
1,686
|
1,155
|
||||||
Net
cash used in financing
activities
|
(1,761 | ) | (3,260 | ) | ||||
NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
32,201
|
(836 | ) | |||||
CASH
AND CASH EQUIVALENTS, beginning of period
|
1,582
|
18,809
|
||||||
CASH
AND CASH EQUIVALENTS, end of period
|
$ |
33,783
|
$ |
17,973
|
||||
SUPPLEMENTAL
DISCLOSURES:
|
||||||||
Non-cash
investing and
financing transactions:
|
||||||||
Equipment
acquired in accounts
payable
|
$ |
772
|
$ |
2,765
|
||||
FIN48
adoption tax
liability
|
$ |
394
|
$ |
-
|
||||
Cash
Flow
Information:
|
||||||||
Income
taxes
paid
|
$ |
24,309
|
$ |
21,294
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||
(in
thousands)
|
(in
thousands)
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Gross
stock compensation expense, net of forfeitures
|
$ |
819
|
$ |
928
|
$ |
1,470
|
$ |
1,604
|
||||||||
Income
tax
|
$ | (326 | ) | $ | (358 | ) | $ | (585 | ) | $ | (634 | ) | ||||
Net
stock compensation expense after tax
|
$ |
493
|
$ |
570
|
$ |
885
|
$ |
970
|
Three
Months Ended
June
30,
|
||||||||
2007
|
2006
|
|||||||
Dividend
yield (1)
|
0.62 | % | 0.43 | % | ||||
Expected
volatility (2)
|
32.73 | % | 32.38 | % | ||||
Risk-free
interest rate (3)
|
5.05 | % | 5.08 | % | ||||
Expected
terms (4)
|
7.97
years
|
8.11
years
|
||||||
Weighted
average fair value of options granted
|
$ |
8.41
|
$ |
8.65
|
(1)
|
The
dividend yield is based on our historical experience and future
expectation of dividend payouts. The increase in the dividend
yield in the 2007 period resulted from the Company increasing the
dividend
payment during the 2007 period from two cents per share to three
cents per
share.
|
(2)
|
We
analyzed the volatility of our stock using historical data from January
1,
2003 through the end of the most recent period to estimate the expected
volatility.
|
(3)
|
The
risk-free interest rate assumption is based on U.S. Treasury securities
at
a constant maturity with a maturity period that most closely resembles
the
expected term of the stock option award.
|
(4)
|
The
expected terms of employee stock options represents the weighted-average
period the stock options are expected to remain outstanding and has
been
determined based on an analysis of historical exercise behavior from
January 1, 2003 through the end of the most recent
period.
|
Option
Totals
|
Weighted
Average Exercise
Price
Per Share ($)
|
|||||||
Outstanding
12/31/2006
|
4,490,341
|
12.57
|
||||||
Granted
|
667,965
|
18.23
|
||||||
Exercised
|
(266,483 | ) |
6.34
|
|||||
Forfeited
|
(93,200 | ) |
14.07
|
|||||
Outstanding
as of 6/30/2007
|
4,798,623
|
13.66
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Weighted
average common shares outstanding – basic
|
86,299
|
85,830
|
86,236
|
85,788
|
||||||||||||
Effect
of stock options
|
972
|
1,283
|
990
|
1,353
|
||||||||||||
Weighted
average common share and common share equivalents outstanding –
diluted
|
87,271
|
87,113
|
87,226
|
87,141
|
||||||||||||
Net
income
|
$ |
18,177
|
$ |
18,121
|
$ |
34,796
|
$ |
33,953
|
||||||||
Earnings
per common share and common share equivalent
|
||||||||||||||||
Basic
|
$ |
0.21
|
$ |
0.21
|
$ |
0.40
|
$ |
0.40
|
||||||||
Diluted
|
$ |
0.21
|
$ |
0.21
|
$ |
0.40
|
$ |
0.39
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Number
of anti-dilutive shares
|
42,250
|
30,250
|
42,250
|
20,750
|
Goodwill:
|
In
Thousands
|
|||
Balance
at December 31, 2006
|
$ |
10,256
|
||
Roads
West earn-out adjustment
|
(1 | ) | ||
Goodwill
tax benefit amortization
|
(10 | ) | ||
Balance
at June 30, 2007
|
$ |
10,245
|
Intangible
Assets:
|
In
Thousands
|
|||
Balance
at December 31, 2006
|
$ |
300
|
||
Amortization
|
(31 | ) | ||
Balance
at June 30, 2007
|
$ |
269
|
|
Revenue,
before fuel surcharge, increased 9.0%, to $153.0 million from $140.4
million;
|
|
Net
income remained relatively constant, at $18.2 million compared to
$18.1 million; and
|
|
Net
income per diluted share remained constant at $0.21 for both
periods.
|
(A)
(Fuel
surcharge
included
in revenue)
Three-Month
Period
Ended
June
30,
|
(B)
(Fuel
surcharge
excluded
from
revenue
and netted
to
fuel expense)
Three-Month
Period
Ended
June
30,
|
(C)
(Fuel
surcharge
included
in revenue)
Six-Month
Period
Ended
June
30,
|
(D)
(Fuel
surcharge
excluded
from
revenue
and netted
to
fuel expense)
Six-Month
Period
Ended
June
30,
|
|||||||||||||||||||||||||||||
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||||||||||||||
Revenue
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||
Operating
expenses:*
|
||||||||||||||||||||||||||||||||
Salaries,
wages and benefits
|
28.6
|
28.9
|
33.7
|
34.0
|
28.9
|
28.9
|
33.7
|
33.8
|
||||||||||||||||||||||||
Fuel
|
25.8
|
26.1
|
12.6
|
12.7
|
24.8
|
25.2
|
12.5
|
12.7
|
||||||||||||||||||||||||
Operations
and maintenance
|
5.6
|
5.0
|
6.6
|
5.9
|
5.6
|
5.6
|
6.5
|
6.6
|
||||||||||||||||||||||||
Insurance
and claims
|
3.4
|
3.7
|
4.0
|
4.4
|
4.1
|
3.8
|
4.7
|
4.4
|
||||||||||||||||||||||||
Operating
taxes and licenses
|
2.1
|
2.0
|
2.4
|
2.4
|
2.1
|
2.1
|
2.4
|
2.4
|
||||||||||||||||||||||||
Communications
|
0.6
|
0.9
|
0.8
|
1.0
|
0.7
|
0.9
|
0.9
|
1.0
|
||||||||||||||||||||||||
Depreciation
and amortization
|
9.0
|
9.0
|
10.6
|
10.7
|
9.3
|
9.4
|
10.8
|
10.9
|
||||||||||||||||||||||||
Lease
expense – revenue equipment
|
0.1
|
0.1
|
0.1
|
0.1
|
0.1
|
0.1
|
0.1
|
0.1
|
||||||||||||||||||||||||
Purchased
transportation
|
7.4
|
5.8
|
8.7
|
7.0
|
6.9
|
5.6
|
8.1
|
6.6
|
||||||||||||||||||||||||
Miscellaneous
operating expenses
|
1.2
|
0.4
|
1.3
|
0.5
|
1.2
|
0.6
|
1.3
|
0.7
|
||||||||||||||||||||||||
Total
operating expenses
|
83.8
|
81.9
|
80.8
|
78.7
|
83.7
|
82.2
|
81.0
|
79.2
|
||||||||||||||||||||||||
Income
from operations
|
16.2
|
18.1
|
19.2
|
21.3
|
16.3
|
17.8
|
19.0
|
20.8
|
||||||||||||||||||||||||
Net
interest income
|
0.2
|
0.1
|
0.2
|
0.2
|
0.2
|
0.2
|
0.2
|
0.2
|
||||||||||||||||||||||||
Other
Income
|
0.3
|
-
|
0.3
|
-
|
0.1
|
-
|
0.2
|
-
|
||||||||||||||||||||||||
Income
before income taxes
|
16.7
|
18.2
|
19.7
|
21.5
|
16.6
|
18.0
|
19.4
|
21.0
|
||||||||||||||||||||||||
Income
taxes
|
6.6
|
7.3
|
7.8
|
8.6
|
6.6
|
7.2
|
7.7
|
8.4
|
||||||||||||||||||||||||
Net
income
|
10.1 | % | 10.9 | % | 11.9 | % | 12.9 | % | 10.0 | % | 10.8 | % | 11.7 | % | 12.6 | % |
Votes
For
|
Votes
Against
or
Withheld
|
|||||||
Kevin
P. Knight
|
77,455,368
|
822,198
|
||||||
Randy
Knight
|
71,526,322
|
6,751,244
|
||||||
Michael
Garnreiter
|
78,030,398
|
247,168
|
Votes
For:
|
58,756,784
|
Votes
Against or Withheld:
|
19,460,786
|
Abstentions:
|
59,996
|
Votes
For:
|
78,230,339
|
Votes
Against or Withheld:
|
12,273
|
Abstentions:
|
34,954
|
Exhibit
No.
|
Description
|
|
Exhibit
3
|
Articles
of Incorporation and Bylaws
|
|
(3.1)
|
Second
Amended and Restated Articles of Incorporation of the Company.
(Incorporated by reference to Appendix A to the Company's Definitive
Proxy
Statement on Schedule 14A filed April 20, 2007.)
|
|
(3.2)
|
Restated
Bylaws of the Company. (Incorporated by reference to Exhibit 3.2
to the
Company's Registration Statement on Form S-3 No.
333-72130.)
|
|
(3.2.1)
|
First
Amendment to Restated Bylaws of the Company. (Incorporated by reference
to
Exhibit 3.2.1 to the Company's Report on Form 10-K for the period
ended
December 31, 2002.)
|
|
(3.2.2)
|
Second
Amendment to Restated Bylaws of the Company. (Incorporated by reference
to
Exhibit 3.2.1 to the Company's Report on Form 8-K dated March 2,
2005 and
filed on March 4, 2005.)
|
|
(3.2.3)
|
Fifth
Amendment to Restated Bylaws of the Company. (Incorporated by reference
to
Exhibit 3 to the Company's Report on Form 8-K dated March 28, 2007
and
filed on March 30, 2007.)
|
|
Exhibit
4
|
Instruments
defining the rights of security holders, including
indentures
|
|
(4.1)
|
Articles
4, 10, and 11 of the Second Amended and Restated Articles of Incorporation
of the Company. (Incorporated by reference to Exhibit 3.1 to
this Report on Form 10-Q.)
|
|
(4.2)
|
Sections
2 and 5 of the Restated Bylaws of the Company. (Incorporated by
reference to Exhibit 3.2 to this Report on Form 10-Q.)
|
|
(4.3)
|
Knight
Transportation, Inc. Amended and Restated 2003 Stock Option Plan.
(Incorporated by reference to the Company's Definitive Proxy Statement
on
Schedule 14A filed December 1, 2005.)
|
|
Exhibit
31
|
Section
302 Certifications
|
|
(31.1)*
|
Certification
pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant
to
Section 302 of the Sarbanes-Oxley Act of 2002, by Kevin P. Knight,
the
Company's Chief Executive Officer.
|
|
(31.2)*
|
Certification
pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant
to
Section 302 of the Sarbanes-Oxley Act of 2002, by David A. Jackson,
the
Company's Chief Financial Officer.
|
|
Exhibit
32
|
Section
906 Certifications
|
|
(32.1)*
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of
the Sarbanes-Oxley Act of 2002, by Kevin P. Knight, the Company's
Chief
Executive Officer.
|
|
(32.2)*
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of
the Sarbanes-Oxley Act of 2002, by David A. Jackson, the Company's
Chief
Financial Officer.
|
|
*Filed
herewith.
|
KNIGHT
TRANSPORTATION, INC.
|
||
Date:
August 9, 2007
|
By:
|
/s/ Kevin P. Knight |
Kevin
P. Knight
|
||
Chief
Executive Officer, in his capacity as such and on behalf of the
registrant
|
||
Date:
August 9, 2007
|
By:
|
/s/ David A. Jackson |
David
A. Jackson
|
||
Chief
Financial Officer, in his capacity as such and on behalf of the
registrant
|