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The registrant conducts its business through its business segment: livestock handling equipment group. A discussion of this segment follows.

LIVESTOCK HANDLING EQUIPMENT GROUP ----------------------------------

Principal Products, Markets and Distribution --------------------------------------------

The livestock-handling group manufactures a broad line of cattle handling, equine (horse), and rodeo equipment and containment systems. Farmers, ranchers, rodeos, county fairs, veterinarians, and universities use this equipment. Presently, with its 59-year-old history,...