|UNITED STATES  SECURITIES AND
EXCHANGE COMMISSION  Washington, D.C. 20549
|-------------------------------------------------------------------------



|FORM 10-Q
|---------



|(X) QUARTERLY REPORT PURSUANT TO SECTION
      13 or 15(d) OF THE SECURITIES 
      EXCHANGE ACT OF 1934
|--------------------------------------------------------------------------------------------------------



|For the quarterly period ended May 2, 2004
|------------------------------------------



|OR
|--



|( ) TRANSITION REPORT PURSUANT TO SECTION
      13 or 15(d) OF THE SECURITIES 
      EXCHANGE ACT OF 1934
|---------------------------------------------------------------------------------------------------------



|Commission File Number 0-20269
|------------------------------



|DUCKWALL-ALCO STORES, INC.(Exact name of registrant as specified in its charter)
|--------------------------------------------------------------------------------

| | Kansas                                                                |  | 48-0201080                                  | 
| | --------------------------------------------------------------------- |  | ------------------------------------------- | 
| | (State or other jurisdiction of 
      incorporation or organization) |  | (I.R.S. Employer 
      Identification No.) | 

| | 401 Cottage Street Abilene, Kansas       |  | 67410-2832 | 
| | ---------------------------------------- |  | ---------- | 
| | (Address of principal executive offices) |  | (Zip Code) | 



|Registrants telephone number including area
code: (785) 263-3350
|-----------------------------------------------------------------



|Indicate by check
mark whether the registrant (1) has filed all reports  required to be filed by Section 13
or 15(d) of the Securities Exchange Act of  1934 during the preceding 12 months (or for
such shorter period that the  registrant was required to file such reports), and (2) has
been subject to such  filing requirements for the past 90 days. Yes X    No___
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Indicate by check mark whether
      the registrant is an accelerated filer (as defined in Rule 12b-2 of the
      Act). 
      Yes ___   No X
|----------------------------------------------------------------------------------------------------------------------------------------------



|APPLICABLE ONLY TO CORPORATE
ISSUERS:
|-------------------------------------



|4,352,529 shares
of common stock, $.0001 par  value (the issuers only  class of common stock), were
outstanding as of May 2, 2004.
|-----------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|
|



|Duckwall-ALCO Stores, Inc.  And
Subsidiaries  Consolidated Balance Sheets  (Dollars in Thousands)
|-------------------------------------------------------------------------------------------------



|Assets
|------

|                                        | May 2, 
      2004 |  | February 1, 
      2004
|--------------------------------------- | ------------------ |  | -----------------------
|                                        | (Unaudited)        |  |                        
|Current assets:                         |                    |  |                        
|Cash and cash equivalents               | $    1,529         |  |                        
|Receivables                             | 1,511              |  |                        
|Inventories                             | 141,158            |  |                        
|Prepaid expenses                        | 1,582              |  |                        
|                                        |                    |  |                        
|Total
      current assets              | 145,780            |  |                        
|                                        |                    |  |                        
|Property and equipment                  | 87,293             |  |                        
|Less accumulated
      depreciation     | 61,077             |  |                        
|                                        |                    |  |                        
|Net
      property and equipment        | 26,216             |  |                        
|                                        |                    |  |                        
|Property under capital leases           | 20,120             |  |                        
|Less accumulated
      amortization     | 17,175             |  |                        
|                                        |                    |  |                        
|Net
      property under capital leases | 2,945              |  |                        
|                                        |                    |  |                        
|Other non-current assets                | 146                |  |                        
|Deferred income taxes                   | 1,033              |  |                        
|                                        |                    |  |                        
|Total
      assets                      | $176,120           |  |                        
|                                        |                    |  |                        



|See accompanying notes to unaudited consolidated
financial statements.
|----------------------------------------------------------------------



| |  | 
| |  | 



---





|Duckwall-ALCO Stores, Inc.  And
Subsidiaries  Consolidated Balance Sheets  (Dollars in Thousands)
|-------------------------------------------------------------------------------------------------



|Liabilities and Stockholders
Equity
|------------------------------------

|                                                          | May 2, 
      2004 |  | February 1, 
      2004 | 
|--------------------------------------------------------- | ------------------ |  | ----------------------- | 
|                                                          | (Unaudited)        |  |                         | 
|Current liabilities:                                      |                    |  |                         | 
|Current maturities
      of:                              |                    |  |                         | 
|Long
      term debt                                      | $       403        |  | $       533             | 
|Capital
      lease obligations                           | 802                |  | 802                     | 
|Accounts payable                                          | 32,437             |  | 27,799                  | 
|Income taxes
      payable                                | 393                |  | 1,944                   | 
|Accrued salaries
      and commissions                    | 3,519              |  | 5,475                   | 
|Accrued taxes
      other than income                     | 4,433              |  | 4,496                   | 
|Other current
      liabilities                           | 4,419              |  | 4,276                   | 
|Deferred income
      taxes                               | 1,636              |  | 1,668                   | 
|                                                          |                    |  |                         | 
|Total
      current liabilities                           | 48,042             |  | 46,993                  | 
|Notes payable under revolving
      loan                  | 11,746             |  | 4,958                   | 
|Capital lease obligations - less
      current maturities | 4,382              |  | 4,583                   | 
|Other noncurrent liabilities                              | 1,321              |  | 1,347                   | 
|Deferred revenue                                          | 314                |  | 419                     | 
|                                                          |                    |  |                         | 
|Total
      liabilities                                   | 65,805             |  | 58,300                  | 
|                                                          |                    |  |                         | 
|Stockholders equity:                                     |                    |  |                         | 
|Common stock, $.0001
      par value, authorized          |                    |  |                         | 
|20,000,000
      shares; issued and outstanding           |                    |  |                         | 
|4,352,529
      shares and 4,299,816 shares respectively  | 1                  |  | 1                       | 
|Additional paid-in
      capital                          | 49,764             |  | 49,329                  | 
|Retained earnings                                         | 60,550             |  | 59,863                  | 
|                                                          |                    |  |                         | 
|Total
      stockholders equity                          | 110,315            |  | 109,193                 | 
|                                                          |                    |  |                         | 
|Total
      liabilities and stockholders equity          | $176,120           |  | $167,493                | 
|                                                          |                    |  |                         | 



|See accompanying notes to unaudited consolidated
financial statements.
|----------------------------------------------------------------------



| |  | 
| |  | 



---





|Duckwall-ALCO Stores, Inc.  And
Subsidiaries  Consolidated Statements of Operations  (Dollars in Thousands Except Per
Share Amounts)  (Unaudited)
|-------------------------------------------------------------------------------------------------------------------------------------------------

|                                                              | For the Thirteen Week 
      Periods Ended
|------------------------------------------------------------- | ------------------------------------------
|                                                              | May 2, 
      2004                        
|Net sales                                                     | $103,294                                  
|Cost of sales                                                 | 69,033                                    
|                                                              |                                           
|Gross margin                                                  | 34,261                                    
|                                                              |                                           
|Selling, general and administrative                           | 31,128                                    
|Depreciation and amortization                                 | 1,743                                     
|                                                              |                                           
|Total
      operating expenses                                | 32,871                                    
|                                                              |                                           
|Operating income from continuing
      operations             | 1,390                                     
|Interest expense                                              | 282                                       
|                                                              |                                           
|Earnings from continuing operations
      before income taxes | 1,108                                     
|Income tax expense                                            | 421                                       
|                                                              |                                           
|Earnings from continuing operations                           | 687                                       
|(Loss) from discontinued operations,
      net of income tax  | 0                                         
|                                                              |                                           
|Net earnings                                                  | $       687                               
|                                                              |                                           
|Earnings per share                                            |                                           
|Basic                                                         |                                           
|Continuing
      operations                                   | $      0.16                               
|Discontinued
      operations                                 | $      0.00                               
|                                                              |                                           
|Net
      earnings                                            | $      0.16                               
|                                                              |                                           
|Diluted                                                       |                                           
|Continuing
      operations                                   | $      0.16                               
|Discontinued
      operations                                 | $      0.00                               
|                                                              |                                           
|Net
      earnings                                            | $      0.16                               
|                                                              |                                           



|See accompanying notes to unaudited consolidated
financial statements.
|----------------------------------------------------------------------



| |  | 
| |  | 



---





|Duckwall-ALCO Stores, Inc.  And
Subsidiaries  Consolidated Statements of Cash Flows Dollars in Thousands  (Unaudited)
|---------------------------------------------------------------------------------------------------------------------

|                                                                 | For the Thirteen Week 
      Periods Ended
|---------------------------------------------------------------- | ------------------------------------------
|                                                                 | May 2, 2004                               
|Cash Flows From Operating Activities:                            |                                           
|Net earnings                                                     | $    687                                  
|Adjustments to reconcile net earnings
      to net cash provided |                                           
|by (used in) operating
      activities                          |                                           
|Amortization
      of debt financing costs                       | 18                                        
|Depreciation
      and amortization                              | 1,743                                     
|Increase
      in inventories                                    | (9,497                                    
|Increase
      in accounts payable                               | 4,638                                     
|Decrease
      in receivables                                    | 10                                        
|Decrease
      in prepaid expenses                               | 606                                       
|(Decrease)
      increase in accrued taxes other than income     | (63                                       
|Decrease
      in accrued salaries and commissions               | (1,956                                    
|Decrease
      in income taxes payable                           | (1,551                                    
|Decrease
      in deferred income taxes                          | (32                                       
|Decrease
      in deferred revenue                               | (105                                      
|Increase
      (decrease) in other liabilities                   | 117                                       
|                                                                 |                                           
|Net cash provided by (used in)
      operating activities        | (5,385                                    
|                                                                 |                                           
|Cash Flows From Investing Activities:                            |                                           
|Capital
      expenditures                                       | (1,062                                    
|                                                                 |                                           
|Net cash used in investing activities                            | (1,062                                    
|                                                                 |                                           
|Cash Flows From Financing Activities:                            |                                           
|Proceeds
      from exercise of stock options                    | 435                                       
|Repurchase
      of common stock                                 | 0                                         
|Increase
      in revolving loan                                 | 6,788                                     
|Principal
      payments on long term notes                      | (130                                      
|Principal
      payments on capital leases                       | (201                                      
|                                                                 |                                           
|Net cash provided by financing
      activities                  | 6,892                                     
|                                                                 |                                           
|Net increase in cash and cash
      equivalents                  | 445                                       
|Cash and cash equivalents at beginning
      of period           | 1,084                                     
|                                                                 |                                           
|Cash and cash equivalents at end
      of period                 | $ 1,529                                   
|                                                                 |                                           



|See accompanying notes to unaudited consolidated
financial statements
|---------------------------------------------------------------------



| |  | 
| |  | 



---





|Duckwall-ALCO Stores, Inc. 
      And Subsidiaries 
      Notes to Unaudited Consolidated Financial Statements
|--------------------------------------------------------------------------------------------------------------



|(1)  Basis of Presentation
|--------------------------



|The accompanying
unaudited consolidated financial statements are for  interim periods and, consequently;
do not include all disclosures required by  generally accepted accounting principles for
annual financial statements. It is  suggested that the accompanying unaudited
consolidated financial statements be  read in conjunction with the consolidated financial
statements included in the  Companys fiscal 2004 Annual Report. In the opinion of
management of  Duckwall-ALCO Stores, Inc., the accompanying unaudited consolidated
financial  statements reflect all adjustments (consisting of normal recurring accruals)
necessary to present fairly the financial position of the Company and the  results of its
operations and cash flows for the interim periods.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2)  Principles of Consolidation
|--------------------------------



|The consolidated
financial statements include the accounts of  Duckwall-ALCO Stores, Inc. and its wholly
owned subsidiaries. All significant  intercompany transactions and balances have been
eliminated in consolidation.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(3)  Stock-based Compensation
|-----------------------------



|The Company applies the intrinsic-value-based
method of accounting prescribed  by Accounting Principles Board (APB) Opinion No. 25,
Accounting for Stock Issued  to Employees, and related interpretations to account for its
fixed-plan stock  options. Under this method, compensation expense is recorded on the
date of  grant only if the current market price of the underlying stock exceeded the
exercise price. If the Company had elected to recognize compensation cost based  on the
fair value of the options granted at grant date, net earnings and net  earnings per share
would have been decreased to the pro forma amounts indicated  in the table below:
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                            | For The Thirteen Week 
      Periods Ended
|------------------------------------------- | ------------------------------------------
|                                            | May 2, 
      2004                        
|Net earnings as reported                    | $       687                               
|Pro forma stock-based employee compensation |                                           
|cost, net of
      tax                      | (10                                       
|                                            |                                           
|Pro forma net earnings                      | $       677                               
|                                            |                                           
|Earnings per share as reported:             |                                           
|Basic                                       | $      0.16                               
|Diluted                                     | $      0.16                               
|Earnings per share, pro forma:              |                                           
|Basic                                       | $      0.16                               
|Diluted                                     | $      0.15                               



|(4)  Earnings Per Share
|-----------------------



|Basic net earnings
per share is computed by dividing net earnings by  the weighted average number of shares
outstanding. Diluted net earnings per  share reflects the potential dilution that could
occur if contracts to issue  securities (such as stock options) were exercised.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|The average number
of shares used in computing earnings per share was  as follows:
|----------------------------------------------------------------------------------



| |  | 
| |  | 



---



|Thirteen Weeks Ended | Basic     | Diluted  
|-------------------- | --------- | ---------
|                     |           |          
|May 2, 2004          | 4,320,213 | 4,424,174
|May 4, 2003          | 4,259,034 | 4,317,476



|(5)  Insurance
|--------------



|Effective with the
start of a new insurance policy term starting June  1, 2003, the Company is essentially
self-insured for workers compensation  insurance as a result of a large deductible. The
deductible on the general  liability insurance policy was also significantly increased.
Due to the fact  that it takes more than one year to determine the actual costs under
these  plans, these costs are estimated based on the companys historical loss
experience and estimates from the insurance carriers and consultants.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ITEM 2.  MANAGEMENTS DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|----------------------------------------------------------------------------------------------



|(Dollars in thousands)
|----------------------



|Overview
|--------



|Operations. The
Company is a regional discount retailer operating in 21 states in the central United
States, with two business segments, consisting of:
|-------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | the
ALCO Stores segment. The Company operates 185 ALCO Stores which  offer a wide variety of
general merchandise and a limited variety of  food products and accounted for 92% of the
Companys sales for the  first quarter of fiscal 2005.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | the
Duckwall Stores segment. The Company operates 78 Duckwall Stores  which offer a more
limited general merchandise selection, but serve the  needs of a community that is not
large enough to support a full-line  retail discount store, and accounted for 8% of the
Companys sales for  the first quarter of fiscal 2005.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|The thirteen weeks
ended May 2, 2004 and May 4, 2003 are referred to  herein as the first quarter of fiscal
2005 and 2004 respectively.
|---------------------------------------------------------------------------------------------------------------------------------------



|As used below the
term competitive market refers to any market  wherein there is one or more
national or regional full-line discount stores  located in the market served by the
Company. The term non-competitive market  refers to any market where there is
no national or regional full-line discount  store located in the market served by the
Company. Even in a non-competitive  market, the Company faces competition from a variety
of sources.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|The Retail
Industry. The Companys business is generally a highly competitive business. However, to
reduce the competition and improve the companys performance, the Companys overall
business strategy involves identifying, and opening stores in under-served markets that
currently have no direct competition from another larger national or regional full-line
discount retailer and providing the most convenient access to retail shopping within
those markets. A key aspect of this strategy includes placing the Companys stores in
markets where the Company believes no such competition is likely to develop. This
strategy does not eliminate the competition for the Companys stores as the Companys
customers still shop at retail discount stores and other retailers located in regional
trade centers. The Company also competes for retail sales with mail order companies,
specialty retailers, mass merchandisers, dollar stores, manufacturers outlets, and the
internet.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Key Items in
Fiscal 2005. Significant financial items during the first quarter of fiscal 2005 were:
|---------------------------------------------------------------------------------------------------

| |  |  | Net
sales increased 3.2% to $103.3 million and  net earnings increased 23%.
| | - |  | ---------------------------------------------------------------------------

| |  |  | One
new ALCO store was opened and six ALCO stores  were remodeled.
| | - |  | ------------------------------------------------------------------



|Company
Performance Measures. The Company measures itself against a number of financial metrics
to assess its performance. The following are the most frequently discussed metrics, and
are discussed in more detail under the heading Thirteen Weeks Ended May 2, 2004
Compared to Thirteen Weeks Ended May 4, 2003.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---



| |  |  | Same
store sales growth is a measure which indicates whether  existing stores are maintaining
their  market share. We define same stores as those stores that were open as  of the
first day of the prior fiscal year. Same store sales of the  Class 18 ALCO stores
increased 0.4% during the first quarter of fiscal  2005. Sales in the Duckwall division
were relatively strong, with a  4.3% same store increase.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Gross
margin percentage is a key measure of the Companys ability to  maximize profit on the
purchase and subsequent sale of merchandise,  while minimizing promotional and clearance
markdowns, shrinkage,  damage, and returns. Gross margin percentage is defined as sales
less  cost of sales, expressed as a percentage of sales. Gross margin percent  declined
slightly to 33.2% of sales in the first quarter of fiscal  2005, compared to 33.3% in
first quarter of fiscal 2004.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Earnings
per share (EPS) growth is an indicator of the returns  generated for the
Companys stockholders. EPS grew to $0.16 per diluted  share for the first quarter of
fiscal 2005, compared to $0.13 per  diluted share for the first quarter of the prior
fiscal year.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|CRITICAL ACCOUNTING POLICIES
|----------------------------



|Inventory: As
discussed in Note 1 (d) to the Consolidated Financial Statements, inventories are stated
at the lower of cost or net realizable value with cost determined using the last-in,
first-out (LIFO) method. The retail inventory method (RIM) used by the
Company is an averaging method that has been widely used in the retail industry. This
method calculates a cost to retail ratio that is applied to the retail value of
inventory to calculate cost inventory and the resulting gross margin. Use of the RIM
method does not eliminate the use of management judgments and estimates, including
markdowns and shrinkage, which significantly impact the ending inventory valuation at
cost and the resulting gross margins. The Company continually evaluates product
categories to determine if markdown action is appropriate, or if a markdown reserve
should be established. The Company recognizes that the use of the RIM will result in
valuing inventories at lower of cost or market if markdowns are currently taken as a
reduction of the retail value of inventories. As of May 2, 2004 and May 4, 2003, the
Company had recorded markdowns that had not been taken and which served to reduce
inventories to lower of cost or market by approximately $741,000 and $1,107,000,
respectively. Management believes that the RIM provides an inventory valuation which
reasonably approximates cost and results in carrying inventory at the lower of cost or
market.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Property and
Equipment: The Companys policy is to capitalize property and equipment if it has a
useful life beyond one year. Major improvements are capitalized, while maintenance and
repairs, which do not extend the useful life of the asset, are expensed as incurred. The
nature and extent of the repair, as well as the relative dollar amount of the repair in
relation to the cost of the asset determine whether the expenditure is capitalized or
expensed.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Impairment of
Long-Lived Assets: The Company considers determination of impairment of long-lived
assets as a critical accounting policy because determination as to whether the
long-lived assets of a store are impaired and, if impaired, the fair value of such
assets requires the use of judgment, particularly as it relates to projecting whether
the sum of expected undiscounted future cash flows for the store over an extended period
of time will equal or exceed the carrying value of such assets. Management uses the best
information available to make the determination; however, actual future cash flows for
the store may vary significantly from the cash flows projected in conjunction with the
impairment assessment. The potential impact on the financial statements of incorrect
judgments regarding impairment of long-lived assets is that a provision for impairment
could be needlessly recorded if projected future cash flows for a store are
significantly under estimated or a provision for impairment could be deferred until
later determined necessary in a future period if initial projected cash flows are over
estimated. See Note 1(l) of Notes to Consolidated Financial Statements for a description
of the Companys accounting policy for impairment of long-lived assets.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Insurance: The
Company considers general insurance cost a critical accounting policy. Starting with the
insurance policy year of June 2003, the Company has a $100,000 deductible and is
essentially self insured for workers compensation claims. The previous deductible was
$2,500. For general liability insurance, the deductible was increased from $5,000 to
$50,000. Due to the fact that it takes more than one year to determine the actual costs
under these plans, these costs are estimated based on the Companys historical loss
experience and estimates from the insurance carriers and consultants.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Income Taxes: The
Companys tax provision and establishment of reserves for potential tax liabilities
involves the use of estimates and professional judgment. The Company has identified
exposures for which they have established a reserve, such as differences in
interpretation of tax laws at the federal, state, and local units of government.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Thirteen Weeks Ended May 2, 2004 Compared to
Thirteen Weeks Ended May 4, 2003.
|------------------------------------------------------------------------------



|The Company
continues to execute its basic strategy of opening stores  in under-served markets that
have no competition from national or regional  full-line discount retailers. During the
first quarter of fiscal 2005 the  Company
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|opened one ALCO store, which was in a new,
non-competitive market.  Although no stores were closed in the current period, the
operations of stores  closed in the prior year have been reflected as discontinued
operations. As of  May 2, 2004 over 87% of the Companys 264 stores are in
non-competitive markets.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Net sales for the
first quarter of fiscal 2005 increased $3,246 or 3.2%  to $103,294 compared to $100,048
for the first quarter of fiscal 2004. Same  store sales decreased $246 or 0.3%. Same
store sales for the Companys Class 18  ALCO stores increased 0.4% and increased 4.3% for
the Duckwall stores. Sales for  the quarter were unfavorably impacted by unseasonably
cold weather, which  affected sales of spring seasonal merchandise such as lawn and
garden and  apparel in many markets, as well as the occurrence of the Easter holiday one
week earlier this year.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Gross margin for
the first quarter of fiscal 2005 increased $913 or  2.7% to $34,261 compared to $33,348
in the first quarter of fiscal 2004. Gross  margin as a percentage of sales was 33.2% for
the first quarter of fiscal 2005  compared to 33.3% in the first quarter of fiscal 2004.
The slight decline in  gross margin percentage was primarily due to a shift in sales mix
towards  lower-margin merchandise, partially offset by a reduction in shrinkage costs.
The shift in sales mix partly reflects the Companys decision to expand the  offerings of
consumable products available in its stores. While consumables  generally carry a lower
margin than most other store merchandise, management  believes the decision to place a
greater emphasis upon consumables had a  positive impact upon total sales and profits
during the quarter. Additionally,  increased transportation costs, reflected by higher
fuel prices and new federal  legislation impacting the trucking industry, were offset by
effective actions to  control these costs.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Selling, general
and administrative expense increased $1,007 or 3.3% to  $31,128 in the first quarter of
fiscal 2005 compared to $30,121 in the first  quarter of fiscal 2004. As a percentage of
net sales, selling, general and  administrative expenses were 30.1%, in the first quarter
of both fiscal years.  Significantly lower store opening expenses related to the timing
of store  openings, slightly lower distribution center expenses resulting from improved
productivity, and lower incentive compensation costs in the first quarter of  fiscal 2005
were largely offset by increases in various expense categories,  including general and
medical insurance, payroll and credit card fees.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Depreciation and
amortization expense decreased $54 or 3.0% to $1,743  in the first quarter of fiscal 2005
compared to $1,797 in the first quarter of  fiscal 2004.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Operating income
from continuing operations decreased $40 or 2.8% to  $1,390 in the first quarter of
fiscal 2005 compared to $1,430 in the first  quarter of fiscal 2004. Operating income
from continuing operations as a  percentage of net sales was 1.3% in the first quarter of
fiscal year 2005  compared to 1.4% in the first quarter of fiscal 2004.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Interest expense
decreased $108 or 27.7% in the first quarter of fiscal  2005 compared to the first
quarter of fiscal 2004. The reduction in interest  expense was due primarily to lower
borrowings.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Income taxes were
$421 in the first quarter of fiscal 2005 compared to  $377 in the first quarter of fiscal
2005. The effective tax rate was 38.0% in  the first quarter of fiscal 2005 compared to
36.3% in the first quarter of  fiscal 2004. The increase in the percentage is primarily
due to the loss of a  work opportunity tax credit that was available in fiscal 2004. This
tax credit  may be renewed by Congress, but as of the end of the quarter, it had not been
renewed. If legislation is passed to reauthorize such tax credits, the Companys
effective tax rate would be lowered at that time.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Earnings from
continuing operations for the first quarter of fiscal  2005 were $687, an increase of $24
from the net earnings of $663 for the first  quarter of fiscal 2004.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|There was no
income or loss from discontinued operations during the  first quarter of fiscal 2005, as
no stores were closed. Loss from discontinued  operations, net of income tax, was $105 in
the first quarter of fiscal 2004.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Net earnings for
the first quarter of fiscal 2005 were $687, an  increase of $129 or 23.1% from the net
earnings of $558 in the first quarter of  fiscal 2004. Diluted net earnings per share for
the first quarter of fiscal 2005  were $0.16, an increase of $0.03, or 23.1% from the
diluted net earnings of  $0.13 in the first quarter of fiscal 2004.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|LIQUIDITY AND CAPITAL RESOURCES
|-------------------------------



|The Companys
primary sources of funds are cash flows from operations,  borrowings under its revolving
loan credit facility, mortgage financing and  vendor trade credit financing (increases in
accounts payable).
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|At May 2, 2004
working capital (defined as current assets less current  liabilities) was $97,738
compared to $89,461 at the end of fiscal 2004.
|-----------------------------------------------------------------------------------------------------------------------------------------------



|Cash (used in)
provided by operating activities in the first quarter of  fiscal 2005 and 2004 was
($5,385) and $630 respectively. The increase in the  amount of cash used by operating
activities in the first quarter of fiscal 2005  compared to the first quarter of fiscal
2004 was primarily due to a larger  buildup of inventory levels, coupled with a smaller
increase in accounts payable  in fiscal 2005 compared to fiscal 2004.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|The Company
generated cash in financing activities in the first quarter  of fiscal 2005 and 2004 of
$6,892 and $2,264 respectively. Cash was generated by  borrowing on the revolving loan.
Cash was generated from the exercise of stock  options of $435 in the first quarter of
fiscal 2005, and no options were  exercised in the first quarter of fiscal 2004. No
Common Stock was repurchased  during the first quarter of fiscal 2005, and cash of $658
was used to purchase  and retire 69,300 shares of Common Stock during the first quarter
of fiscal  2004.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Cash used in
investing activities in the first quarter of fiscal 2005  and 2004 totaled $1,062 and
$1,525, respectively. Total anticipated cash  payments for acquisition of property and
equipment in fiscal 2005 principally  for store buildings and store and warehouse
fixtures and equipment are  approximately $8,000.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|BUSINESS OPERATIONS AND SEGMENT INFORMATION
|-------------------------------------------



|The Companys
business activities include operation of ALCO discount  stores in towns with populations
which are typically less than 5,000 not served  by other regional or national full-line
discount chains and Duckwall variety  stores that offer a more limited selection of
merchandise which are primarily  located in communities of less than 2,500 residents.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|For financial
reporting purposes, the Company has established two  operating segments: ALCO
Discount Stores, and All Other, which includes the  Duckwall variety
stores and other business activities, such as general office,  warehouse and distribution
activities.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|                                  | For The Thirteen Week 
      Periods Ended
|--------------------------------- | ------------------------------------------
|Segment Information               | May 2, 
      2004                        
|Net Sales:                        |                                           
|ALCO Discount Stores              | $   95,594                                
|All Other                         |                                           
|External                          | 7,870                                     
|Intercompany                      | 62,879                                    
|                                  |                                           
|                                  | $ 166,173                                 
|                                  |                                           
|Depreciation and Amortization     |                                           
|ALCO Discount Stores              | $     1,051                               
|All Other                         | 692                                       
|                                  |                                           
|                                  | $     1,743                               
|                                  |                                           
|Income (expense) from Operations: |                                           
|ALCO Discount Stores              | $     7,922                               
|All Other                         | (6,465                                    
|                                  |                                           
|                                  | $     1,457                               
|                                  |                                           
|Capital Expenditures:             |                                           
|ALCO Discount Stores              | $        501                              
|All Other                         | 561                                       
|                                  |                                           
|                                  | $     1,062                               
|                                  |                                           
|Identifiable Assets:              |                                           
|ALCO Discount Stores              | $ 138,223                                 
|All Other                         | 37,897                                    
|                                  |                                           
|                                  | $ 176,120                                 
|                                  |                                           



|Income from operations as reflected in the above
segment information has been  determined differently than income from operations in the
accompanying  consolidated statements of operations as follows:
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | Intercompany
Sales
| | ------------------



| | Intercompany
sales represent transfers of merchandise from the  warehouse to ALCO discount stores and
Duckwall variety stores.
| | ------------------------------------------------------------------------------------------------------------------------------



| | Intercompany
Expense Allocations
| | --------------------------------



| | General and
administrative expenses incurred at the general office have  not been allocated to the
ALCO Discount Stores for purposes of  determining income from operations for the segment
information.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | Warehousing
and distribution costs including freight applicable to  merchandise purchases, have been
allocated to the ALCO Discount Stores  segment based on the Companys customary method of
allocation for such  costs (primarily as a stipulated percentage of merchandise
purchases).
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | Inventories
| | -----------



| | Inventories
are based on the FIFO method for segment information  purposes and on the LIFO method for
the consolidated statements of  operations.
| | -------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





| | Leases
| | ------



| | All leases are
accounted for as operating leases for purposes of  determining income from operations for
purposes of determining the  segment information for the ALCO Discount Stores whereas
capital leases  are accounted for as such in the consolidated statements of operations.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | Identifiable
assets as reflected in the above segment information  include cash and cash equivalents,
receivables, inventory, property and  equipment, and property under capital leases.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|A reconciliation of the segment information to
the amounts reported in the  consolidated financial statements is presented below:
|---------------------------------------------------------------------------------------------------------------------------------

|                                                     | For The Thirteen Week
      Periods Ended
|---------------------------------------------------- | -----------------------------------------
|                                                     | May 2,
      2004                        
|Net sales per above segment information              | $ 166,173                                
|Intercompany elimination                             | (62,879                                  
|                                                     |                                          
|Net sales per consolidated
      statements          |                                          
|of operations                                        | $ 103,294                                
|                                                     |                                          
|Income from operations per above segment information | $     1,457                              
|Leases                                               | 67                                       
|                                                     |                                          
|Income from operations per
      consolidated        |                                          
|statements of
      operations                       | $     1,390                              
|                                                     |                                          



|MARKET RISK DISCLOSURE
|----------------------



|The Company is
subject to market risk from exposure to changes in  interest rates based on its
financing, investing and cash management activities.  The Company maintains a secured
line of credit at variable interest rates to  meet the short-term needs of its expansion
program and seasonal inventory  increases. On April 15, 2002, the Company replaced the
existing line of credit  with a new line of credit with Fleet Retail Finance Inc. that
expires in April  2006. The credit line available is $70,000,000, which carries a
variable rate of  interest.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ITEM 4. CONTROLS AND PROCEDURES
|-------------------------------



|As of the end of
the period covered by this report, an evaluation was  carried out under the supervision
and with the participation of our management,  including our President and Chief
Financial Officer, of the effectiveness of the  design and operation of our disclosure
controls and procedures. There are  inherent limitations to the effectiveness of any
system of disclosure controls  and procedures, including the possibility of human error
and the circumvention  or overriding of the controls and procedures. Accordingly, even
effective  disclosure controls and procedures can only provide reasonable assurance of
achieving their control objectives. Based upon and as of the date of the  evaluation, our
President and Chief Financial Officer concluded that the design  and operation of these
disclosure controls and procedures were effective in all  material respects to provide
reasonable assurance that information required to  be disclosed in the reports we file
and submit under the Exchange Act is  recorded, processed, summarized and reported as and
when required.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|There were no
changes in our internal control over financial reporting  that occurred during the
quarter ended May 2, 2004 that materially affected, or  are reasonably likely to
materially affect, our internal control over financial  reporting.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|OTHER INFORMATION
|-----------------



|PART II
|-------

| | Item 1. |  | Legal Proceedings                                                                                       
| | ------- |  | --------------------------------------------------------------------------------------------------------
| |         |  | The Company is a party to routine litigation
      from time to time in the ordinary course of business.
| |         |  |                                                                                                         
| | Item 2. |  | Changes in Securities 
      Not applicable                                                             
| |         |  |                                                                                                         
| | Item 3. |  | Defaults Upon Senior Securities 
      Not Applicable                                                   
| |         |  |                                                                                                         
| | Item 4. |  | Submission of Matters to a Vote of Security Holders
      
      Not Applicable                         
| |         |  |                                                                                                         
| | Item 5. |  | Other Information 
      None                                                                           
| | Item 6. |  | Exhibits and Reports on Form 8-K                                                                        
| |         |  | (a)    None 
      (b)    Current Report on Form 8-K (Item 12) dated on June
      1, 2004              



|SIGNATURES
|----------



|Pursuant to the
requirements of the Securities Exchange Act of 1934 the  registrant has duly caused this
report to be signed on its behalf by the  undersigned thereunto duly authorized.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |                           |  | DUCKWALL-ALCO STORES, INC.
                       (Registrant) Segment Information 
| | ------------------------- |  | -----------------------------------------------------------------------------------
| |                           |  |                                                                                    
| | Date, June 11,
      2004 |  | /s/ Richard A. Mansfield                                                           
| |                           |  | Richard A. Mansfield 
      Vice President - Finance 
      Chief Financial Officer
| |                           |  |                                                                                    
| |                           |  | Signing on behalf of the registrant
      and as principal financial officer       



| |  | 
| |  | 



---





|EXHIBIT INDEX
|-------------



|3.1 | Amended
and Restated Articles of Incorporation (filed as Exhibit 3(a)  to Companys Registration
Statement on Form S-1 and hereby incorporated  herein by reference).
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.2 | Certificate
of Amendment to the Articles of Incorporation (filed as  Exhibit 3(b) to Companys Annual
Report on Form 10-K for the fiscal  year ended January 29, 1995, and incorporated herein
by reference)  (filed as Exhibit 3(b) to Companys Annual Report on Form 10-K for the
fiscal year ended January 29, 1995, and incorporated herein by  reference.)
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.3 | Bylaws
(filed as Exhibit 3(b) to Companys Registration Statement on  Form S-1 and hereby
incorporated herein by reference).
|--- | ----------------------------------------------------------------------------------------------------------------------------



|4.1 | Specimen
Common Stock Certificates (filed as Exhibit 4.1 to Companys  Registration  Statement on
Form S-1  and incorporated herein by reference).
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------



|4.2 | Reference
is made to the Amended and Restated Articles of Incorporation  and Bylaws described above
under 3(1) and 3(3), respectively (filed as  Exhibit 4(a) to Companys Registration
Statement on Form S-1 and hereby  incorporated herein by reference).
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.3 | Reference
is made to the Certificate of Amendment to the Articles of  Incorporation described above
under 3(2) (filed as Exhibit 3(2) to  Companys Annual Report on Form 10-K for the fiscal
year ended January  29, 1995, and incorporated herein by reference).
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.11 | Employment
Agreement dated December 28, 2000 between the Company and  Glen L. Shank (filed as
Exhibit 10.11 to Companys Annual Report on  Form 10-K for the fiscal year ended February
2, 2003, and incorporated  herein by reference).
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.12 | Employment
Agreement dated December 28, 2000 between the Company and  James E. Schoenbeck (filed as
Exhibit 10.12 to Companys Annual Report  on Form 10-K for the fiscal year ended February
2, 2003, and  incorporated herein by reference).
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.13 | Employment
Agreement dated December 28, 2000 between the Company and  James R. Fennema (filed as
Exhibit 10.13 to Companys Annual Report on  Form 10-K for the fiscal year ended February
2, 2003, and incorporated  herein by reference).
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.14 | Employment
Agreement  dated  December  28, 2000 between the Company and Richard A.  Mansfield.
(filed as  Exhibit  10.14 to Companys  Annual  Report on Form 10-K for the fiscal year
ended  February 2, 2003,  and  incorporated herein by reference.).
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.15 | Employment
Agreement  dated  December 28, 2000  between the Company and Tom L.  Canfield,  Jr.
(filed as  Exhibit  10.15 to Companys  Annual  Report on Form 10-K for the fiscal year
ended  February 2, 2003,  and  incorporated herein by reference).
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.16 | Loan
and Security Agreement, dated as of April 15, 2002, between the  Company and Fleet Retail
Finance Inc. (filed as Exhibit 10.16 to  Companys Annual Report on Form 10-K for the
fiscal year ended February  2, 2003, and incorporated herein by reference).
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.17 | Joinder
Agreement and First Amendment to Loan and Security Agreement  dated September 9, 2002
among the Company, Fleet Retail Finance Inc.,  and DA Good Buys, Inc. (filed as Exhibit
10.17 to Companys Annual  Report on Form 10-K for the fiscal year ended February 2,
2003, and  incorporated herein by reference).
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|21.1 | Amended
and Restated List of Subsidiaries of the Company (filed as  Exhibit 21.1 to the Companys
Annual Report on Form 10-K for the fiscal  year ended February 2, 2003 and hereby
incorporated by reference).
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|31.1 | Certification
of Chief Executive Officer of Duckwall-ALCO Stores, Inc.  dated June 11, 2004, pursuant
to Rule 13a-4(a) under the Securities  Exchange Act of 1934, as adopted pursuant to
Section 302 of the  Sarbanes-Oxley Act of 2002.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|31.2 | Certification
of Chief Financial Officer of Duckwall-ALCO Stores, Inc.  dated June 11, 2004, pursuant
to Rule 13a-4(a) under the Securities  Exchange Act of 1934, as adopted pursuant to
Section 302 of the  Sarbanes-Oxley Act of 2002.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|32.1 | Certification
of Chief Executive Officer of Duckwall-ALCO Stores, Inc,  dated June 11, 2004, pursuant
to 18 U.S.C. Section 1350, as adopted  pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, which is  furnished with this Quarterly Report on Form 10-Q for the quarter
ended  May 2, 2004 and is not treated as filed in reliance upon § 601(b)(32) of
Regulations S-K.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|32.2 | Certification
of Chief Financial Officer of Duckwall-ALCO Stores, Inc.,  dated June 11, 2004, pursuant
to 18 U.S.C. Section 1350, as adopted  pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, which is  furnished with this Quarterly Report on Form 10-Q for the quarter
ended  May 2, 2004 and is not treated as filed in reliance upon § 601(b)(32) of
Regulations S-K.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---