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              United States Securities and Exchange Commission
                           Washington, D.C. 20549
                     -----------------------------------

                                   FORM 10-K
(Mark One)
      [ x ]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934
             For the fiscal year ended March 31, 2004
                                       OR
     [   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934
             For the transition period from         to

                         Commission file number 0-23898
                        --------------------------------

                             MITY ENTERPRISES, INC.
             (Exact name of registrant as specified in its charter)

              UTAH                                        87-0448892
(State or other jurisdiction of                        (I.R.S. Employer
 incorporation or organization)                       Identification No.)

                              1301 West 400 North
                               Orem, Utah 84057
           (Address of principal executive offices, zip code)

     Registrant's telephone number, including area code:  (801) 224-0589
         ----------------------------------------------------------
      Securities registered pursuant to Section 12(b) of the Act:  None
         Securities registered pursuant to Section 12(g) of the Act:
                              TITLE OF CLASS
                      Common Stock, par value $.01
                  ------------------------------------
     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 if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [   ]

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

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     The aggregate market value of the registrant's voting Common Stock held
by non-affiliates of the registrant was approximately $33,362,000 (computed
using the closing price of $12.85 per share of Common Stock on September 30,
2003 as reported by Nasdaq).  Shares of Common Stock held by each officer and
director (and their affiliates) and each person who owns 5 percent or more of
the outstanding Common Stock have been excluded in that such persons may be
deemed affiliates for purposes of this calculation.  The determination of
affiliate status is not necessarily a conclusive determination for other
purposes.

     There were 4,261,121 shares of the registrant's Common Stock, par value
$.01 per share, outstanding on May 19, 2004.

     Portions of the registrant's definitive Proxy Statement for the Annual
Meeting of Shareholders scheduled to be held on August 5, 2004, which Proxy
Statement will be filed no later than 120 days after the close of the
registrant's fiscal year ended March 31, 2004, are incorporated by reference
in Part III of this Annual Report on Form 10-K.

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FORWARD LOOKING STATEMENTS

This Annual Report on Form 10-K, in particular "Item 1. Business" and "Item 7.
Management's Discussion and Analysis of Financial Condition and Results of
Operations," contains forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934, as amended.  These statements
represent the Company's expectations or beliefs concerning, among other
things, future revenue, earnings and other financial results, new products,
marketing, operations and manufacturing.  The Company wishes to caution and
advise readers that these statements involve risks and uncertainties that
could cause actual results to differ materially from the expectations and
beliefs contained herein.  For a summary of certain risks related to the
Company's business see "Item 1. Business-Risk Factors That May Affect Future
Results" beginning on page 6 and "Item 7. Management's Discussion and Analysis
of Financial Condition and Results of Operations - Forward-Looking Statements
and Factors That May Affect Future Results of Operations" beginning on page
23.

Unless the context otherwise requires, references to the Company or MITY
Enterprises are to MITY Enterprises, Inc. and its subsidiaries.  Mity-Lite(R),
MityTuff(R), MityStack(R), MityHost(TM), SwiftSet(R), Xpeditor(TM), Xtreme
Edge(TM), Summit(TM) Lectern, MitySnap(TM), BRODA(TM), and Versipanel(TM) are
trademarks or trade names of the Company.

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                                  PART I

ITEM 1.  BUSINESS

BACKGROUND

MITY Enterprises, Inc. (the Company) designs, manufactures and markets premium
quality, innovative institutional furniture created to meet the efficiency
needs of its customers.  The Company's product lines include multipurpose room
furniture and healthcare seating.  Its line of multipurpose room furniture is
sold both domestically and internationally in educational, recreational, hotel
and hospitality, government, office, healthcare, church and other public
assembly markets.  Its healthcare seating is sold mainly in Canada and the
U.S. in the long-term healthcare market.

INSTITUTIONAL FURNITURE PRODUCTS

MULTIPURPOSE ROOM FURNITURE.  The Company's multipurpose room furniture
consists of lightweight, durable, folding leg tables, stacking chairs, folding
chairs, lecterns, portable partitions and other related products used in
multipurpose rooms.

Lightweight, highly durable tables.  The Company has developed and currently
manufactures and markets more than 50 different plastic table sizes.  These
tables are made with several different folding leg and custom color options.
The Company has successfully applied engineering grade plastics and
sophisticated manufacturing and assembly methods to the production of tables
that weigh less and are more durable than competing particle board or plywood
table products of similar size.  The Company's plastic tables are manufactured
using abrasion, stain and water resistant materials.  The Company's cornered
tables are constructed using its proprietary high-impact corners which can
withstand a two-foot drop without sustaining debilitating damage.  All of the
Company's plastic tables include reinforced edging.  Cornered tables are
equipped with non-skid pads which facilitate stacking and storage.  Management
believes the Company's plastic table products appeal to its customers because
they are durable, lightweight, easy to handle and attractive.

During the past year, the Company began manufacturing its next generation
folding leg table.  These tables are lighter weight, have greater edge impact,
and are more suitable for outdoor use than our prior generation table.  The
design includes more leg room, a surface finish that is both stain resistant
and easier to write on, and new designer colors and legs.  Currently, these
tables are only being produced on a limited basis for certain customers, but
the Company believes that during the next year, it will launch this product to
a broader segment of its customer base.

Folding and stacking chairs.  The Company currently offers four lines of
stacking chairs and a line of folding chairs:  MityTuff, MityStack, MityHost,
and SwiftSet Stacking chair lines and the SwiftSet Folding chair line.  The
MityHost and SwiftSet stacking chair lines are manufactured in-house while the
Company's other stacking chair lines are purchased from suppliers and marketed
under the Mity-Lite name.  The SwiftSet folding chair is manufactured in-house
and has a plastic seat and back designed to be more comfortable, durable and
lightweight than other folding chairs.

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Other multipurpose room products.  The Company markets the Summit lectern, a
line of lightweight, durable lecterns.  The lecterns are made of high quality
polyethylene and can withstand abusive environments.  The Company offers these
lecterns in a variety of colors, with custom inserts that allow customers to
match decor.  On April 1, 2004, the Company acquired the assets of Versipanel
LLC, a marketer of a variety of portable partitions.  The Company has added
this  line of partitions to its product offering.  This product line includes
room dividers, portable partitions, moveable walls and acoustic panels.  In
addition to lightweight, durable tables, chairs, lecterns, and partitions, the
Company manufactures and/or markets accessory products including table and
chair carts, tablecloths, skirting and skirt clips.

HEALTHCARE SEATING.  Through its wholly owned subsidiary, Broda Enterprises,
Inc. (Broda), the Company designs, manufactures and markets healthcare seating
and accessories used in long-term healthcare facilities located primarily in
the United States and Canada.  The Company also markets its healthcare seating
products through distributors in Germany and Australia.  Broda has developed
and manufactures a line of premium wheeled and stationary specialty chairs.
Most chair models come in two standard seat widths and six standard colors.
The Company also  manufactures chairs with custom seat widths, seat depths,
and seat heights to accommodate special needs of residents including bariatric
sizes.  Heavy gauge steel tube chair frames and large wheels and casters allow
for greater weight capacity and maneuverability.  In addition, a powder coated
finish provides a scratch-resistant surface.  Broda's high end seating
products offer a combination of features that differentiate them from the
competition. Broda chairs have been tested for interface pressures and
stability that, combined with their rigid and durable design, make Broda
chairs suitable seating for long-term care residents including those with
Huntington's Chorea Disease, Alzheimer's or Acquired Brain Injury.  In
addition, nursing home residents susceptible to skin breakdown, suffering from
loss of upper body strength, or with other conditions that might otherwise
restrict them to bed or place them at risk of self injury or falls, can be
safely and comfortably seated in a Broda chair.

MARKET OVERVIEW

Based upon management's analysis of companies known to sell multipurpose room
furniture and based upon management's experience and contacts in its industry,
management estimates that the domestic market for multipurpose room furniture
exceeds $1.5 billion annually.  It is estimated that folding tables alone make
up more than $400 million of this domestic market.  Chairs and other related
seating products are estimated to account for approximately $1 billion of the
domestic multipurpose room furniture market.  Other products such as staging,
risers, partitions, lecterns, and flooring account for the balance of the
estimated domestic market.

In the healthcare seating market, management estimates that in the United
States and Canada there are more than 28,000 nursing homes with over 1.8
million beds.  Nursing homes and their residents represent the typical Broda
customer.  In addition, Broda's market also includes chronic care, psychiatric
care or long-term care facilities.  Management estimates that the North
American market for its current healthcare seating products is approximately
$60 million.

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SALES AND MARKETING

MULTIPURPOSE ROOM FURNITURE.  The Company primarily markets its multipurpose
room products directly to end users in the educational, recreational, hotel
and hospitality, governmental, office products, healthcare, public assembly
and church markets.  This strategy enables the Company to manage selling costs
more effectively and maintain direct contact with its customers.  The Company
currently employs 54 full-time in-house sales and customer service employees.
The Company's sales and customer service personnel are compensated on a salary
or commission basis and may qualify for other incentive bonuses based on
individual, sales team and Company performance.  Each sales and customer
service employee receives training in product attributes, customer service,
use of the Company's computerized sales management system and all aspects of
the sales cycle.

The Company typically markets its products by first identifying customers
through internal market research, referrals, trade shows, customer networking
and test marketing.  Once a market has been identified, the Company's sales
and marketing staff will attempt to generate leads for prospective purchasers
in such markets by attending trade shows, performing mass mailings and using
lead-oriented advertising.  The Company uses a proprietary, computer-based
sales management system to qualify, track and manage sales leads for
prospective and existing customers and to compile customer feedback.  While
each sales and customer service employee maintains some in-person contact with
such employee's assigned customers, most of the Company's sales efforts are
pursued using the telephone, fax machine, e-mail, internet, videotapes and
mail services.

The Company's plastic table and lectern products are sold with a twelve-year
pro-rata warranty covering materials and workmanship.  The MityTuff is sold
with a seven-year warranty covering materials and workmanship.  The MityStack
and SwiftSet are sold with a ten-year warranty covering materials and
workmanship.  The MityHost is sold with a ten-year warranty covering the
structural integrity of the metal frame and a one-year warranty covering the
upholstery. The new Versipanel partitions are sold with a one-year warranty
covering materials and workmanship.

HEALTHCARE SEATING.  The Company markets its healthcare seating products to
end users and care givers in healthcare markets through its own sales
representatives and independent manufacturer's representatives, distributors
and retailers of durable medical equipment.  The Company currently employs 25
full-time sales and customer service employees and 14 independent
manufacturing representatives and distributors in its healthcare seating
operations.  The Company's internal sales and customer service employees are
compensated with a base salary and may qualify for commission, incentive or
bonus pay.  The Company promotes its products through print advertising, trade
shows, mass mailings and telephone solicitations targeted to healthcare
professionals.  The Company has a sampling program and provides many
prospective purchasers with product samples for 14-day trial periods.  All of
Broda's chairs carry a limited three-year warranty on the steel frame and a
limited one year warranty on the other components for defects and failure in
normal use.

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INTERNATIONAL SALES

Since its inception in 1987, the Company has focused its marketing efforts
primarily on domestic markets.  The Company has, however, sold its products in
Canada, South America, Europe, Asia, Middle East and Australia.  For the
fiscal years ended March 31, 2002, 2003, and 2004, the Company's international
sales accounted for 12.6 percent, 11.1 percent and 13.4 percent of the
Company's total sales, respectively.  The Company has been successful in
establishing distributor relationships in Canada, Australia, Mexico, United
Kingdom, France, Spain, and the United Arab Emirates.  Approximately 32
percent of healthcare seating sales are in Canada with all but 5 percent of
the remaining sales are in the United States.

MANUFACTURING AND MATERIALS

MULTIPURPOSE ROOM FURNITURE.  The Company's manufacturing process for its
current generation plastic table products consists principally of bonding a
thermoformed ABS plastic shell to a wood core frame.  The procedure for its
next generation plastic table products involves a proprietary rotational
molding process.  Metal legs, which are manufactured and painted in-house, and
edge trim are then attached to the table to complete the process.  Since its
inception, the Company has implemented a number of changes to its
manufacturing process and product design which have resulted in increased
production volumes, improved production quality and increased on-time shipping
performance.  The Company has designed and manufactured certain proprietary
equipment used in its manufacturing process.  The Company believes that its
manufacturing innovations give it a competitive advantage, allowing the
Company to reduce production costs and increase productivity.  The Company's
typical order to delivery lead time is between three and five weeks.

The Company's manufacturing process for its multipurpose chair products
consists principally of the manufacturing and painting of legs and frames,
upholstering seat and back cushions for the MityHost chair, injection molding
the seat and back for the SwiftSet chair, and final assembly of the
components.  The MityTuff and MityStack chairs are distributed by the Company
under original equipment manufacturer (OEM) arrangements with the chair
manufacturers.  The MityHost stacking chair, SwiftSet folding chair, and
SwiftSet stacking chair are manufactured in-house at the Company's facility in
Orem, Utah.  The Company's manufacturing process for its lectern products
consists primarily of assembling electronic components, attaching the
laminated insert to the shell, and final assembly of the components.  The
manufacturing process for the Company's portable partitions involves
principally cutting and forming an internal foamed structure, laminating an
acoustical fabric onto the structure and attaching additional hardware
components.

HEALTHCARE SEATING.  The Company's manufacturing process for its healthcare
seating products includes such metal fabricating processes as welding,
bending, punching, drilling and painting.  The Company also performs cut and
sew operations to produce its chair cushions and accessories.  Metal
components are typically powder coated or painted for corrosion protection.
Components purchased for assembly into chairs includes casters, gas springs,
cables, vinyl fabric, strapping, and plastic parts.

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Raw materials used in all of the Company's products such as plastic, wood,
metal and fabric are generally available from a number of suppliers.  The
plastic used in the Company's multipurpose room products and tubing used in
the metal legs are manufactured according to the Company's specifications.
The multipurpose room operations operate without a substantial raw materials
inventory by depending on certain key suppliers to provide raw materials on a
"just-in-time" basis.  Component parts are provided by a number of suppliers
to the Company's specifications.  The Company's other raw materials such as
wood, formed metal, laminate, fabric and certain welding compounds are
commodity items.  The Company believes that most of its raw materials are
available from alternative suppliers.  However, any significant interruption
in delivery of such items could have a material adverse effect on the
Company's operations.

COMPETITION

The markets in which the Company participates are highly competitive.  The
institutional furniture industry consists of a fragmented group of large
manufacturers and a host of smaller manufacturers.  The healthcare seating
industry also includes a fragmented group of major medical device
manufacturers and many small manufacturers.

MULTIPURPOSE ROOM FURNITURE.  The Company markets its table products based
primarily on product performance (lightweight and durable) and reputation, not
price.  The Company's average table price is generally higher than the average
price of competing particle board, plywood, plastic or metal table products of
its competitors.  The Company believes that it has a respected reputation for
product quality, convenience and customer service and that for these reasons,
end users often choose its table products over competitors' lower cost table
products. Because only certain elements of the Company's table design are
patented, the Company's tables may be reverse engineered and duplicated by
competitors who are able to develop the manufacturing equipment and processes
to do so.  In the past few years, several competitors have introduced other
thermoformed plastic tables with many similar characteristics to the Company's
products.  More recently, other competitors have introduced blow molded
plastic tables that, although not currently as durable, are cheaper than the
Company's table products.  These introductions have increased price and profit
margin pressures on the Company's products.  Further improvements in these
products or introductions of new competing products by lower cost producers
would put additional price and profit margin pressure on the Company which
could have a material adverse effect on the Company's results of operations.
During the past few years, the Company has been developing new products
including a new generation of multipurpose room tables.  If these efforts
prove successful, the Company currently believes that these new products will
help to relieve some of the Company's pricing and profit margin pressure.

Among the Company's primary competitors in the table market are Palmer-Snyder,
Inc., McCourt Manufacturing, Inc., Midwest Folding Products, Krueger
International, Inc., Falcon Products, Inc., SICO and Virco Manufacturing
Corporation which market a thermoformed plastic table; Southern Aluminum,
Inc., which produces an aluminum table; Lifetime Products which markets a blow
molded plastic table, Krueger International, Inc., Bevis Custom Furniture,
Inc., Globe Business Furniture and Virco Manufacturing Corporation, Inc. which
produce particle board tables; and Falcon Products, Inc., Midwest Folding
Products, and Palmer-Snyder, Inc., which produce plywood tables.

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Management believes that customers purchase the Company's multipurpose room
chair products primarily because of product performance, reputation, warranty
service and convenience.  The market for institutional chairs is highly
competitive and fragmented.  The Company believes that its SwiftSet folding
chair and stacking chair lines have technological and performance advantages
over its competitors.  Although the Company's other chair lines do not offer
the same  advances as the Company's table and SwiftSet chair products, the
Company believes they do have distinct selling features.  Among the Company's
primary competitors in the multipurpose chair market are Falcon Products,
Inc., Virco Manufacturing Corporation, Artco-Bell Corporation, Globe Business
Furniture, Shelby Williams Industries, Inc., MTS Seating, Krueger
International, Inc., Clarin, a division of Greenwich Industries, Meco
Corporation, Gasser Chair Company, Inc., Bertolini, Inc., and Church Chair
Industries, Inc.  Management believes that the primary competitors for its new
portable partition product include ScreenFlex, SICO, Bertolini, Inc.,
Panelfold, Inc., Curtition, Inc., Hufcor, Inc., Modernfold, Inc., and Clone
Office Cubicles.

HEALTHCARE SEATING.  Management believes that customers purchase the Company's
healthcare seating products primarily because of product performance,
reputation and service, not price.  The Company's average healthcare chair
price is generally higher than the average price of competing chairs.  The
Company's chairs generally offer significantly greater performance in terms of
function and durability and for these reasons are chosen over lower cost
competitors' products.  Among the Company's primary competitors in the
healthcare seating market are Invacare Corp., L.P.A. Medical Inc.,
Graham-Field Inc., Maple Leaf Wheelchair Manufacturing Inc., Sunrise Medical
Inc., Hillenbrand Industries Inc., Winco Inc., Dolomite, Homecrest Industries
Incorporated, and Future Mobility.

INTELLECTUAL PROPERTY

The Company has been granted two utility patents relating to the construction
of its table tops.  A design patent and six utility patents have been granted
on the SwiftSet chair.  A utility patent has been granted on a flex mechanism
for the Host chair.  The Company has chosen not to apply for international
patent protection for any of these concepts.  The Company does not believe
this will have a material adverse effect on the Company.  The Company has
recently applied for three utility patents related to its next generation
table and one utility patent related to its SwiftSet Stacking chair.  The
Company also has several trademarks and trade names as referenced on the page
preceding page 1 of this report.

Utility patents relating to the function of its newest most functional
healthcare chair model have been granted to the Company in the United States
and Canada.  A utility patent on its flipdown footrest has been granted in the
United States and is pending in Canada.  The Company does have international
patents pending on healthcare chairs in Canada, Japan, Germany, the United
Kingdom, and France.  The Company has been granted design patents on its
geriatric accessory tray, healthcare chair back, flipdown footrest, and
healthcare chair for Canada and the United States.  The stylized word "BRODA"
has been trademarked for Canada and the United States and trademark
registration has been applied for in Europe.  Broda's "Comfort Tension
Seating" has been trademarked in Canada and the U.S.  The "Pedal Chair"
trademark has been granted in the U.S. and Canada.

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The Company believes that aspects of its manufacturing processes are trade
secrets of the Company.  The Company relies on trade secret law and
nondisclosure agreements to protect its trade secrets.  The Company believes
that its patents and trade secrets provide it with competitive advantages.

GOVERNMENT REGULATION

The Company is subject to various local, state, provincial and federal laws
and regulations including, without limitation, regulations promulgated by
federal, state and provincial environmental and health agencies, the Federal
Occupational Safety and Health Administration, the Food and Drug
Administration, North American Free Trade Agreement, and laws pertaining to
the hiring, treatment, safety and discharge of employees.  The Company's
manufacturing operations must also meet federal, state, provincial and local
regulatory standards in the areas of labor, safety and health.  Historically,
the cost of regulatory compliance has not had a material adverse effect on the
Company's sales or operations.

EMPLOYEES

As of March 31, 2004, the Company had approximately 351 full-time and 9
part-time employees.  No employees have union representation.  The Company
believes that its relationship with its employees is good.

RISK FACTORS THAT MAY AFFECT FUTURE OPERATIONS

PRODUCT LINE EXPANSION STRATEGIES; ENTRY INTO NEW MARKETS.  The Company's
expansion of its current product lines is contingent, among other things, upon
the Company's ability to develop and/or acquire additional lines of
complementary institutional furniture which can be purchased or manufactured
in a cost efficient manner and sold at competitive prices in the Company's
markets.  Developing viable new products requires capital and takes time.  The
Company may not be able to develop new products at a speed or cost that allow
us to timely capitalize on market opportunities or counter competition.  Over
the past few years, the Company has been developing a new generation
multipurpose room table and has invested substantial capital resources in this
development.  The Company believes that it will be successful in launching
this product, but cannot guarantee that it will be successful or that it will
not incur additional costs to launch this or other products.

DOWN-TURN IN FURNITURE INDUSTRY.  Beginning in fiscal 2002, and continuing
through fiscal 2004, the Company faced one of the most significant down-turns
ever in the global furniture industry.  Industry analysts reported declines in
the U.S. office furniture market of 18% for calendar year 2001, 19% in  2002,
and 4% in 2003.  These years constitute an unprecedented three consecutive
year decline in an industry that only had three down years between 1971 and
2000.  Companies throughout the world have reduced their spending across many
capital goods categories, including furniture.  Revenue and order rates across
the industry fell throughout calendar 2001, 2002, and 2003 as customers
delayed and canceled orders.  Demand for furniture products continued to
soften as corporate profits remained under pressure during recent years.
Demand for the Company's products was also adversely impacted by declines
after September 11, 2001 in the hospitality and recreational markets.  Terror
threats, war, economic uncertainty, and related uncertainties contributed to
the downturn.  However, the near term outlook for the institutional furniture
industry seems to be improving. It appears that the bottom of the market has

<PAGE> 11

been reached.  During the last part of 2003 and so far in 2004 industry sales
and order rates began to stabilize and grow slightly.  Also, industry analysts
are predicting increases in calendar year 2004 of approximately 4%. Although
the outlook seems to be improving, if conditions do not improve, or begin to
decline again, the Company would be negatively impacted.

INFLATION AND INCREASING RAW MATERIAL COSTS.  During the fourth quarter of the
fiscal year ended March 31, 2004, the Company experienced rapidly increasing
costs in some of its raw materials, particularly steel.  In response to the
increase, the Company has implemented a price increase on most of its product
lines.  The Company cannot predict whether it will be able to achieve the
implemented price increase or what effects the price increase might have on
sales volumes.  Sales could decline.  Although the Company is unable to
predict whether the price of its raw materials will continue to increase,
further  increases would erode the Company's gross margin without additional
price increases for the Company's products.

COMPETITION.  The Company is facing increased competition because of
innovations in competitors' products and lower pricing brought on by the
general down-turn in the furniture industry.  More of the Company's
competitors have begun introducing products that directly compete with the
products offered by the Company including competitors who are manufacturing
their products offshore at a lower cost. The Company's products are generally
more expensive than products sold by the Company's competitors in the same
markets.  The Company believes that competition for its products is generally
based on product quality and characteristics, service and price.  Unless the
Company adapts and responds to these competitive threats, the Company will
face margin pressure from low cost producers.  Only certain elements of the
Company's products are patented so unpatented elements could be reverse
engineered and duplicated by competitors who are able to develop the
manufacturing equipment and processes to do so.  The Company's continued
success will depend upon, among other things, its ability to continue to
manufacture and market high quality, high performance products at prices
competitive in the markets served by the Company.  Although the Company is
developing new products, including a new generation of multipurpose room
tables, it is uncertain at this time what the marketplace acceptance will be
for this product.  Also, the Company believes that it has developed
proprietary technology and techniques for producing its new generation of
tables.  Although the Company has taken steps to safeguard this intellectual
property, it cannot ensure that competitors will not be able to duplicate this
process.

POTENTIAL DECREASE IN DEMAND FOR HEALTHCARE SEATING PRODUCTS.  During fiscal
2004, our Broda operations continued to become a more significant part of our
consolidated results of operations and contributed significantly to our net
income.  Sales of our healthcare seating products may decline if insurance
funding for the purchase of such products is limited or eliminated or if
regulatory changes occur that adversely affect the funding or demand for such
products.  In addition, the Company may be unable to expand its geographic
markets for healthcare seating products.

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RECENT ACQUISITION.  On April 1, 2004, the Company announced the acquisition
of the assets of Versipanel LLC, a manufacturer of portable partitions.  The
Company believes that this product will allow it to expand its product line
and better penetrate the institutional furniture market.  However, there can
be no assurance made that the Company will be successful in integrating this
product line into its existing product offering, or that the planned
objectives of the Company with respect to these new products will be achieved.

LOSS OF KEY CUSTOMERS.  The loss of any key customers of the Company would
decrease the Company's revenue.  Given the current environment in the
furniture industry, the Company cannot assure that it would be able to replace
such revenue or reduce its costs and therefore, the Company's profitability
would be adversely impacted.

RAW MATERIAL SOURCES. Both the plastic used in the Company's products and the
tubing used in its table legs and chairs are manufactured according to Company
specifications.  Portions of the Company's multipurpose room operations
operate without substantial inventory levels of raw materials by depending on
certain key suppliers to provide raw materials on a "just-in-time" basis.  The
Company believes that necessary materials are generally available from
alternate suppliers.  However, any shortages or significant interruptions in
the delivery of raw materials could have a material adverse effect on the
Company's production schedule and operations.

STARTUP DEVELOPMENT COMPANY.  The Company has a 50 percent equity ownership
interest in a separate startup development company that is investigating the
commercial development of a new technology related to the manufacturing
process the Company is using for its next generation tables.  There is no
guarantee that the Company will be able to find other suitable applications
for this technology or that this entity will be successful in achieving its
objectives.

WARRANTY SERVICE COSTS. The Company intends to continue to offer warranties
covering materials and workmanship on its existing products and anticipates
providing a warranty covering materials and workmanship for all complementary
product lines developed or acquired by the Company.  While the Company has
implemented improved quality control measures that it expects will reduce
warranty claims, it is possible that warranty servicing costs will increase in
future periods.  Furthermore, the Company is not in a position to anticipate
the additional warranty service costs that may be incurred as a result of the
Company's expansion into new or complementary product lines.

FUTURE VARIATIONS IN OPERATING RESULTS.  The Company's short-term
profitability could be adversely affected by its decision to develop or
acquire complementary product lines, hire additional sales staff, and pursue
additional acquisitions.  Various factors, including acquisition related
expenses, the ability to find and train qualified personnel, operational
transitions, timing of new product introductions and the cost of penetrating
new markets and changes in product mix, may have an adverse effect on the
Company's results of operations.  While the Company believes that the addition
of new product lines will increase the Company's long-term profitability,
there can be no assurance that the Company will continue to experience
profitability at historical rates.  The Company may experience temporary
fluctuations in operations and quarterly variations in the future.

<PAGE> 13

FORWARD-LOOKING STATEMENTS AND FACTORS THAT MAY AFFECT FUTURE RESULTS OF
OPERATIONS.  Forward-looking statements contained herein include plans and
objectives of management for future operations, including plans and objectives
relating to the products, marketing, customers, product line expansions,
warranty expense, and cost reductions to preserve margins.  These
forward-looking statements involve risks and uncertainties and are based on
certain assumptions that may not be realized.  Actual results and outcomes may
differ materially from those discussed or anticipated.

All forward-looking statements involve predictions and are subject to known
and unknown risks and uncertainties, including, without limitation, those
discussed above as well as general economic and business conditions, that
could cause actual results to differ materially from historical results and
those presently anticipated or projected.  Readers should not place undue
reliance on any such forward-looking statements, which speak only as of the
date made.  The considerations described above and elsewhere in this filing
could affect the Company's financial performance and could cause the Company's
actual results for future periods to differ materially from any views or
statements expressed with respect to future periods.  Important factors and
risks that might cause such differences, include, but are not limited to those
factors referenced above and in "Item 7.  Management's Discussion and Analysis
of Financial Condition and Results of Operations - Forward Looking Statements
and Factors That May Affect Future Operating Results."


AVAILABLE INFORMATION

Information regarding the Company's annual reports on Form 10-K, quarterly
reports on Form 10-Q, current reports on Form 8-K, and any amendments to these
reports, will be made available, free of charge, at the Company's internet
website at www.mityenterprises.com, as soon as reasonably practicable after
the Company electronically files such reports with or furnishes them to the
Securities and Exchange Commission.

ITEM 2.  PROPERTIES

The Company's corporate headquarters and multipurpose room furniture
manufacturing facilities are located in Orem, Utah (approximately 40 miles
south of Salt Lake City).  The Company's headquarters and multipurpose room
table and cart manufacturing facility consists of approximately 71,000 square
feet of manufacturing, office, research and development and storage space
located on approximately four acres of land.  In addition, the Company owns
approximately nine acres of land across the street from its corporate
headquarters.  On a portion of this property, the Company has built a 79,000
square foot office and manufacturing facility to house its sales force and
multipurpose room chair operations.  During the fiscal year ended March 31,
2004, the Company completed the construction of a new 63,000 square foot
facility which is being used for the manufacturing of its next generation of
multipurpose room tables.  The Company estimates this property includes enough
real estate to build approximately an additional 140,000 square feet of
facility to support the future growth of the Company.  The Company also owns
an adjacent 2,400 square foot building that sits on approximately one acre of
land.  The Company believes that by adding additional equipment and production
shifts, its existing facilities will serve its current product lines for the
next year.  However, if the operation adds additional product lines and/or
significantly modifies its existing products lines, additional facilities may
need to be constructed on the Company's existing land.

<PAGE> 14

The Company's healthcare seating manufacturing facilities are located in
Waterloo, Ontario, Canada (approximately 60 miles west of Toronto).  These
facilities consist of two adjacent buildings with approximately 30,000 square
feet of leased manufacturing, office, research and development and storage
space. The facilities and related real estate are leased under an agreement
for a two-year term expiring in August 2004.  The base monthly lease payment
is approximately $12,000.  Broda pays all maintenance costs, taxes and
insurance.  The Company believes that these facilities will serve its
healthcare seating manufacturing needs for the term of the lease.

ITEM 3.  LEGAL PROCEEDINGS

From time to time, the Company is subject to legal proceedings and other
claims arising in the ordinary course of its business. The Company maintains
insurance coverage against potential claims in an amount which it believes to
be adequate.   The Company also has certain alleged obligations of up to $2.3
million related to a defined benefit pension plan and $0.2 million related to
a wage dispute resulting from exiting and selling its specialty office seating
and systems business in fiscal 2002.  The Company does not believe that it is
liable for these amounts and plans to vigorously defend its positions.  At
this time, the Company is unable to determine what its liability will be.
There are no material pending legal proceedings against the Company, other
than routine litigation incidental to the business.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matters were submitted to a vote of security holders during the fourth
quarter of the fiscal year ended March 31, 2004.

<PAGE> 15

                                     PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS
AND ISSUER PURCHASES OF EQUITY SECURITIES

The Company's common stock is traded on the Nasdaq National Market System
under the symbol "MITY".  The Company's common stock first began trading on
April 29, 1994.  The following table outlines the Company's quarterly stock
price performance during the last two years.


                                              High             Low
                                             ------           ------
Fiscal Year Ended March 31, 2004:

  First Quarter . . . . . . . . . . . . . .  $12.15           $10.12

  Second Quarter. . . . . . . . . . . . . .   13.00            10.90

  Third Quarter . . . . . . . . . . . . . .   19.58            12.89

  Fourth Quarter. . . . . . . . . . . . . .   19.19            16.05


Fiscal Year Ended March 31, 2003:

  First Quarter . . . . . . . . . . . . . .  $13.05           $10.55

  Second Quarter. . . . . . . . . . . . . .   12.50            10.02

  Third Quarter . . . . . . . . . . . . . .   14.25             9.90

  Fourth Quarter. . . . . . . . . . . . . .   12.76             9.60


There were 132 security holders of record as of May 19, 2004.  In addition,
management estimates that there were approximately 1,900 beneficial
shareholders.  Since the closing of its public offering, the Company has not
declared dividends and does not currently anticipate paying dividends.

The following table presents information about the Company's common stock that
may be issued upon the exercise of options, warrants and rights under existing
equity compensation plans at March 31, 2004:

<PAGE> 16

                            Number of      Weighted-      Number of securities
                            securities     average        remaining available
                            to be          exercise       for future issuance
                            issued upon    price of       under equity compen-
                            exercise of    outstanding    sation plans (exclu-
                            outstanding    options,       ding securities
                            options,       warrants       reflected in column
                            and rights     and rights     (a))
                            ----------     -----------    ---------------

                                (a)            (b)                (c)

Equity compensation plans
approved by security holders   563,362        $10.70             47,261

Equity compensation plans not
approved by security holders       --            --                 --
                              --------       -------            -------
Total                          563,362        $10.70             47,261
                              ========       =======            =======

<PAGE> 17

ITEM 6.  SELECTED FINANCIAL DATA

The following selected financial data should be read in conjunction with the
Financial Statements and the Notes thereto included in this Form 10-K.  The
statement of income data set forth below with respect to the fiscal years
ended March 31, 2004, 2003 and 2002 and the balance sheet data at March 31,
2004 and 2003 are derived from, and should be read in conjunction with the
audited Financial Statements included in this Form 10-K.  The statement of
income data set forth below with respect to the fiscal year ended March 31,
2001 and 2000 and the balance sheet data at March 31, 2002, 2001 and 2000 are
derived from audited financial statements not included in this Form 10-K.

STATEMENT OF INCOME DATA

Year Ended March 31,             2004      2003      2002      2001      2000
                               -------   -------   -------   -------   -------
                                   (in thousands, except per share data)
Net sales                      $44,348   $40,210   $40,094   $42,203   $37,395
Cost of products sold           27,175    23,702    23,738    25,504    22,286
                               -------   -------   -------   -------   -------
Gross profit                    17,173    16,508    16,356    16,699    15,109
Expenses:
 Selling                         6,452     6,172     6,363     6,595     5,547
 General and administrative      1,787     2,504     2,028     1,960     1,781
 Research and development        1,393     1,541     1,158       874       799
                               -------   -------   -------   -------   -------
Income from continuing
 operations                      7,541     6,291     6,807     7,270     6,982
Interest and other, net           (101)      132       368       117       231
                               -------   -------   -------   -------   -------
Income before provision for
 income taxes                    7,440     6,423     7,175     7,387     7,213
Provision for income taxes       2,766     2,367     2,772     2,836     2,667
                               -------   -------   -------   -------   -------
Net income from continuing
 operations before minority
 interest                        4,674     4,056     4,403     4,551     4,546
Minority interest                   79         7         -         -         -
                               -------   -------   -------   -------   -------
Net income from continuing
 operations                      4,753     4,063     4,403     4,551     4,546
Earnings (loss) from
 discontinued operations,
 net of applicable income tax        -         -      (271)   (4,547)      154
Estimated gain (loss) on
 disposal, net of applicable
 income tax                          -       745    (3,256)        -         -
                               -------   -------   -------   -------   -------
Net income                      $4,753   $ 4,808   $   876    $    4    $4,700
                               =======   =======   =======   =======   =======
<PAGE> 18

Basic earnings per share from
 continuing operations           $1.14     $0.90     $0.86     $0.90     $0.95
Basic earnings (loss) per share
 from discontinued operations        -         -     (0.05)    (0.90)     0.03
Basic gain (loss) per share on
 disposal of discontinued
 operations                          -      0.17     (0.64)        -         -
                               -------   -------   -------   -------   -------
Basic earnings per share         $1.14     $1.07     $0.17     $0.00     $0.98
                               =======   =======   =======   =======   =======
Weighted average common
 shares outstanding - basic  4,157,081 4,501,342 5,071,125 5,076,456 4,812,610
                             ========= ========= ========= ========= =========

Diluted earnings per share
 from continuing operations      $1.09     $0.86     $0.85     $0.87     $0.89
Diluted earnings (loss) per
 share from discontinued
 operations                          -         -     (0.05)    (0.87)     0.03
Diluted gain (loss) per share
 on disposal of discontinued
 operations                          -      0.16     (0.63)        -         -
                               -------   -------   -------   -------   -------
Diluted earnings per share       $1.09     $1.02     $0.17     $0.00     $0.92
                               =======   =======   =======   =======   =======
Weighted average common and
 common equivalent shares
 outstanding - diluted       4,364,683 4,711,420 5,208,924 5,216,604 5,120,247
                             ========= ========= ========= ========= =========


BALANCE SHEET DATA

March 31,                        2004      2003      2002      2001      2000
                               -------   -------   -------   -------   -------
                                               (in thousands)

Working capital               $ 13,060   $ 8,069   $18,365   $16,300   $13,574

Total assets                    31,956    25,402    33,369    32,287    29,432

Stockholders' equity            27,799    21,454    27,319    27,469    24,385



ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

GENERAL

The Company designs, manufactures, and markets institutional furniture.  The
Company's current product lines consist of multipurpose room furniture and
healthcare seating.  In addition, the Company continues to pursue development
of new products and the acquisitions of product lines or companies that will
be complementary to the Company's businesses.

<PAGE> 19

MULTIPURPOSE ROOM FURNITURE.  The Company's multipurpose room furniture line
consists of lightweight, durable, folding leg tables, stacking chairs, folding
chairs, lecterns, portable partitions, and other related products.  These
products are used in multipurpose rooms of educational, recreational, hotel
and hospitality, government, office, healthcare, religious and other public
assembly facilities.  Historically,  growth in this segment has come from an
expanding base of new customers, from increasing sales to existing customers
and from expansion of the Company's multipurpose room product line.  The
current and future growth of the Company's multipurpose room furniture
operations is largely dependent upon its ability to successfully introduce and
market new product lines of multipurpose room furniture and its ability to
profitably increase its market penetration into existing and new markets.

MULTIPURPOSE ROOM FURNITURE OUTLOOK.  The downturn in the domestic and
international economy, particularly the downturn in the furniture industry and
some of the Company's target markets such as education and recreation,
negatively impacted the Company's historical sales growth rates in fiscal 2003
and 2002.  Continued terror threats and military conflicts have also
negatively impacted many of the Company's markets, particularly travel-related
markets such as the hotel and hospitality, recreational and public assembly
markets.  Industry analysts reported a decline in the U.S. office furniture
market of 19 percent for calendar year 2002 and over 4 percent for calendar
year 2003.  The Company has also seen significant competitive pressure in its
multipurpose room table markets from lower-priced thermo-formed and
blow-molded tables and expects this pressure to continue.  The Company's
multipurpose room operations for the year ended March 31, 2004 performed
better than the industry as sales volumes increased 9 percent as compared to
the prior year.  This increase was particularly strong in the fourth quarter
with sales volumes increasing by 24 percent as compared to the fourth quarter
of the prior fiscal year.  For the current calendar year, industry analysts
recently revised their estimates of growth in the U.S. office furniture upward
from 2 percent to 6 percent, with the first quarter flat and improving as the
year progresses.  The Company is encouraged by these forecasts as well as the
strengthening of the economy in general, and is cautiously optimistic that the
industry will begin to rebound and that the Company's multipurpose room sales
volumes will likewise continue to grow.

The Company is preparing to launch its next generation of multipurpose room
tables.  During the past few years, the Company has been developing a table
that is stronger, lighter, more durable and better able to withstand outdoor
use than its current multipurpose room tables.  The Company believes that it
has developed a product that will meet most if not all of these requirements.
During the quarter ended September 30, 2003, the Company shipped some initial
prototype tables to one of its customers.  Upon further consultation with this
customer as well as further internal testing, the Company initiated some
revisions in the design of the table requiring some rework of the initial
design and manufacturing process.  The Company has completed the redesign and
is beginning to create a repeatable manufacturing process to produce these
tables.  The Company also has completed the construction of a 63,000 square
foot facility that is now being used to manufacture its new generation tables.
The Company has started regular table shipments to certain customers, and
anticipates moving forward with a general product launch in the next six to
nine months.  The Company currently believes that its next generation table
will largely replace its existing table sales over a period of one to two
years.  The Company also believes that if all of the performance criteria are
met that it may be able to capture additional market share.

<PAGE> 20

During the past few years, chair sales have begun to make up a larger portion
of the sales of the Company's multipurpose room operations.  Although table
sales still predominate the volume of this operation, most of the increases in
sales can be attributed to increases in chair sales.  During the first quarter
of fiscal 2005, the Company launched a new line of stacking chairs to
complement its existing chair lines.  The Company anticipates developing
additional complementary chair lines to continue to grow this portion of its
business as well as further penetrating its existing marketplace with its
current line of chairs.  However, the Company cannot guarantee that it will be
able to successfully develop and launch such chair lines or further penetrate
its existing marketplace.

The Company has a 50 percent equity ownership interest in a separate startup
development company that is investigating the commercial development of a new
technology related to the manufacturing process the Company is using for its
next generation tables.  The Company believes that this technology may be used
for the internal development and/or licensing of new products which may be
outside of its current multipurpose room marketplace.  Pending the launch of
the Company's next generation table, the Company will continue to evaluate
potential applications of this process to determine which new products, if
any, would be best suited for the Company to start developing.  There is no
guarantee that the Company will be able to find other suitable applications
for this technology.

On April 1, 2004, the Company purchased the assets of Versipanel LLC, a
privately-owned designer, manufacturer and marketer of a variety of portable
partitions based in Phoenix, Arizona.  For the year ended December 31, 2003,
Versipanel generated sales of approximately $1.5 million.  The Company plans
to sell the Versipanel products through its existing sales system to current
customers.  The Company believes that this product will allow it to expand its
product line and better penetrate the institutional furniture market.

HEALTHCARE SEATING.  Through Broda, the Company markets a line of healthcare
seating products to customers in Canada and the United States.  Broda's
operations are based in Waterloo, Ontario, Canada.  Broda focuses on providing
products which assist long-term care patients with advanced needs due to a
debilitating condition or disease, and has developed a line of premium-priced
geriatric seating products.  Broda chairs are serving a very specific niche in
the healthcare market and thus are not competing in the commodity-oriented
general healthcare seating market.

HEALTHCARE SEATING OUTLOOK.  The Company believes that the specialty
healthcare seating market is less subject to economic pressures than the
Company's multipurpose room furniture operations.  During the year ended March
31, 2004, the Company's healthcare seating operations have not been
significantly impacted by the downturn in the U.S. and world economies.
However, the medical and healthcare industry is more subject to regulatory
changes that could affect the demand for Broda's products.  The Company is not
aware of any regulatory changes in the near future that would have a
substantial and negative impact on this business.  The Company's healthcare
seating operation's future growth depends largely upon increasing its market
penetration into the U.S. market and other foreign markets as well as its
ability to successfully introduce new product lines.

<PAGE> 21

GENERAL NEAR-TERM OUTLOOK.  Based on the reasons stated above, the Company
anticipates that sales volumes during the quarter ending June 30, 2004 will be
up to 10 percent higher as compared to the prior year's first quarter.
Despite these expectations, the Company, for a variety of reasons including
those described in "Risk Factors That May Affect Future Operations", may not
be successful in achieving this sales level in the first quarter.

DISCONTINUED OPERATIONS.   In November 2002, the Company completed its plan
for exiting and selling the assets of the specialty office seating and systems
segment of its business (the CenterCore and DO Group businesses).  This plan
was originally approved by the Company's Board of Directors on June 2001.
Since that time and in accordance with Accounting Principles Board (APB)
Opinion No. 30, Reporting the Results of Operations   Reporting the Effects of
Disposal of a Segment of a Business, and Extraordinary Unusual and
Infrequently Occurring Events and Transactions, the Company treated the DO
Group and CenterCore segment of its operations as a discontinued operation.
At the time that the plan was originally formulated, an estimated $3,256,000
loss was accrued for in the three months ended June 30, 2001 to account for
the expected losses on disposal and estimated operating losses through the
disposal date.  After the completion of the plan, the actual net loss, after
tax was determined to be $2,511,000.  Since the amount of loss that was
originally estimated and accrued for in the June 2001 quarter of $3,256,000
was higher than this amount, the Company recognized a gain, net of tax, of
$745,000, in the three month period ended December 31, 2002. The sale of the
assets of this segment was completed in three transactions.  The first two
transactions took place in September and October 2001.  The final transaction
occurred in November  2002.

In September  2001, the Company completed the sale of its JG auditorium
seating line, a product line of DO Group.  The Company sold its inventory,
intellectual property, tooling, and limited machinery and equipment related to
this product line for $88,000.  The book value of these assets at the time of
sale was approximately $20,000.

In October 2001, the Company completed the sale of its Domore seating line, a
product line of DO Group.  The Company sold inventory, intellectual property,
tooling, machinery and equipment, and limited furniture and fixtures related
to this product line and its Elkhart headquarters for $150,000 in cash and
$350,000 of notes from the buyer.  The first note, totaling $100,000, bore
interest at the prime rate (adjusted monthly) as published by the Wall Street
Journal, requires monthly payments of interest only.  The principal amount of
this note was due in April 2003.  The second note, totaling $250,000, which
also bears interest at the prime rate, required monthly payments of interest
only from November 2001 through January 2002 and has required monthly
principal and interest payments since February 2002.  This note is being
amortized over a five-year period with a balloon payment for the remaining
unpaid principal balance due at the end of three years in January 2005.  The
notes are secured by a subordinated security interest in all of the assets of
the buyer.  Both of these notes were discounted using a 20% interest rate and
valued on the balance sheet at $82,000 and $185,000 respectively.  Due to the
uncertainty of the collectability of the notes, the Company established a
reserve for the entire notes receivable balance and any accrued interest
receivable.  As of March 31, 2003, the buyer had paid off the first note and
is current on the second note.

<PAGE> 22

In November 2002, the Company completed the sale of its specialty office
systems line.  The Company sold inventory, property, plant, tooling,
machinery, equipment, and intellectual property related to the systems line
for a net $250,000 in cash.  The Company retained existing accounts
receivable, deferred tax assets and certain liabilities.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

This discussion and analysis of financial condition and results of operations
is based upon the Company's consolidated financial statements which have been
prepared in accordance with accounting principles generally accepted in the
United States.  These principles require the use of estimates and assumptions
that affect amounts reported and disclosed in the financial statements and
footnotes.  The critical accounting policies for the Company which require
management to make judgments and assumptions about matters that are uncertain
at the time of the estimate include the allowance for doubtful accounts
receivable, the reserve for obsolete inventory, accruals for warranty expense,
values for the discontinued operations, goodwill and other intangible assets,
notes receivable, income taxes, pension liability and wage dispute, and
revenue recognition.

ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLE: The Company exercises considerable
judgment in determining the ultimate collectability of its accounts
receivable.  Several factors are used in making these judgments including the
customer credit quality, historical write-off experience and current economic
trends.  The Company reviews these factors quarterly, and the allowance is
adjusted accordingly.  If the financial condition of the Company's customers
were to deteriorate, an additional allowance may be required.

RESERVE FOR OBSOLETE INVENTORY: Inventories are stated at the lower of cost,
on a first in, first out basis, or market.  Additionally, the Company
evaluates its inventory reserves in terms of excess and obsolete exposures.
This evaluation includes such factors as anticipated usage, inventory turnover
and ultimate product sales value.

ACCRUALS FOR WARRANTY EXPENSE:  The Company's warranty service costs for
fiscal years ended March 31, 2004, 2003, and 2002 totaled 1.4 percent of net
sales or $619,000, 1.0 percent of net sales or $417,000 and 1.4 percent of net
sales or $525,000, respectively.  The Company provides for the estimated cost
of product warranties at the time revenue is recognized.  This warranty
obligation is affected by failure rates, the introduction of new products, and
the costs of material and labor to repair or replace the product.  The Company
regularly assesses the adequacy of its accrual for warranty expense based upon
historical warranty rates and anticipated future warranty rates.

<PAGE> 23

VALUES FOR THE DISCONTINUED OPERATIONS: On November 8, 2002, the Company
completed its plan for exiting and selling the assets of the specialty office
seating and systems segment of its business.  This plan was originally
approved by the Company's Board of Directors on June 29, 2001.  During the
quarter ended June 30, 2001, the Company developed and approved a plan for
exiting and selling the specialty office seating and systems furniture segment
of its operations.  Since that time and in accordance with APB 30, the Company
has treated the DO Group and CenterCore segment of its operations as a
discontinued operation.  At the time that the plan was originally formulated,
an estimated $3,256,000 loss was accrued for in the three months ended June
30, 2001 to account for the expected losses on disposal and estimated
operating losses through the disposal date.  After the completion of the plan,
the actual net loss, after tax has been determined to be $2,511,000.  Since
the amount of loss that was originally estimated and accrued for in the June
2001 quarter of $3,256,000 was higher than this amount, the Company recognized
a gain, net of tax, of  $745,000, in the period ended December 31, 2002.  The
Company did retain certain assets and liabilities of the segment after
completion of the sales plan.  Considerable judgment was used to estimate the
value of these assets and liabilities based on many factors including the net
expected realizable value of the remaining accounts receivable, the
realization of tax benefits, and potential remaining expenses.

GOODWILL AND OTHER INTANGIBLE ASSETS: The Company reviews annually the
carrying value of its goodwill and other intangible assets.  The goodwill
arose from the Broda acquisition and the other intangible asset is
intellectual property related to the startup development company in which the
Company has invested.  This review is performed by calculating the present
value of estimated future cash flows.  If the carrying value of the intangible
asset is considered impaired, an impairment charge is recorded for the amount
by which the carrying value of the intangible asset exceeds its fair value.
No impairment charges have been recorded related to the Broda goodwill or the
intellectual property related to the startup development company.

NOTES RECEIVABLE: The Company reviews its notes receivable to determine likely
collectability.  Since the notes are with entities without a history of an
ability to create future cash flows, the Company bases its belief in their
collectability upon its understanding of the potential future success of the
products being developed or on the Company's belief of what the liquidation
value of the operation would be.  At this time, the Company has created
reserves on some of these notes receivable.  Due to the high level of
uncertainty in the success of these products, these notes receivable may not
be ultimately realized.

INVESTMENT IN AFFILIATE: The Company has an investment in the startup
development company of $132,000.  The Company consolidates this entity within
its financial statements and eliminates the other owner's 50 percent share in
the net profits or losses in the income statement.  For the year ended March
31, 2004, a net loss of $249,000 was realized by this entity of which 50
percent or $125,000 was allocated to the minority interest.

INCOME TAXES: The Company evaluates quarterly the realizability of its
deferred tax assets based upon expected future taxable income.  Management
believes that it is more likely than not that future earnings will be
sufficient to recover deferred tax assets.

<PAGE> 24

PENSION LIABILITY AND WAGE DISPUTE: The Company has certain alleged
obligations of up to $2.3 million related to a defined benefit pension plan
and $0.2 million related to a wage dispute resulting from exiting and selling
its specialty office seating and systems business.  The Company does not
believe that it is liable for these amounts and plans to vigorously defend its
positions.  At this time, the Company is unable to determine what its
liability will be.

REVENUE RECOGNITION:  The Company recognizes revenue in accordance with Staff
Accounting Bulletin (SAB) No. 101, "Revenue Recognition," as revised by SAB
No. 104. Sales are recorded when title passes and collectability is reasonably
assured under its various shipping terms.  Revenue is normally recognized upon
shipment of goods to customers. In certain circumstances revenue is not
recognized until the goods are received by the customer based on the terms of
the sale agreement.  Discounts directly related to the sale are recorded as a
reduction to net sales.


RECENTLY ISSUED FINANCIAL ACCOUNTING STANDARDS

In November 2002, the FASB issued Interpretation No. 45, "Guarantor's
Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness to Others", ("FIN No. 45"), which addresses the
disclosure to be made by a guarantor in its interim and annual financial
statements about its obligations under guarantees.  FIN No. 45 also requires
the guarantor to recognize a liability for the non-contingent component of the
guarantee, which is the obligation to stand ready to perform in the event that
specified triggering events or conditions occur.  The recognition and
measurement provisions of FIN No. 45 are effective for all guarantees entered
into or modified after December 31, 2002.  The adoption of this standard did
not significantly impact the consolidated financial statements.

In January 2003, the FASB issued Interpretation No. 46, "Consolidation of
Variable Interest Entities", ("FIN No. 46") an interpretation of ARB No. 51.
FIN No. 46, as amended, addresses consolidation by business enterprises of
variable interest entities.  FIN No. 46 applies immediately to variable
interest entities created after January 31, 2003 and to variable interest
entities in which an enterprise obtains an interest after that date.  FIN No.
46 applies in the first year or interim period ending after December 15, 2003
to variable interest entities in which an enterprise holds a variable interest
that it acquired before February 1, 2003.  The Company does not have an
interest in any variable interest entity and therefore the adoption of FIN No.
46 did not impact our consolidated financial statements.

In April 2003, the FASB issued SFAS No. 149, "Amendment of Statement 133 on
Derivative Instruments and Hedging Activities", which amends and clarifies
accounting for derivative instruments, including certain derivative
instruments embedded in other contracts, and for hedging activities under SFAS
No. 133.  SFAS No. 149 is effective for contracts entered into or modified
after June 30, 2003 and for hedging relationships designated after June 30,
2003.  The adoption of SFAS No. 149 did not have an impact on our consolidated
financial statements.

<PAGE> 25

In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain Financial
Instruments with Characteristics of both Liability and Equity", which
establishes standards for how an issuer classifies and measures certain
financial instruments with characteristics of both liability and equity in its
statement of financial position.  SFAS No. 150 is effective for new or
modified financial instruments beginning June 1, 2003, and for existing
instruments beginning August 1, 2003.  The adoption of SFAS No. 150 did not
have an impact on our consolidated financial statements.


RESULTS OF OPERATIONS

The following table sets forth, for the periods indicated, the percentage of
net sales represented by items included in or derived from the Company's
Statements of Income.

Year Ended March 31,             2004      2003      2002      2001      2000
                               -------   -------   -------   -------   -------
  Net sales                     100.0%    100.0%    100.0%    100.0%    100.0%
  Cost of products sold          61.3      58.9      59.2      60.4      59.6
                               -------   -------   -------   -------   -------
  Gross profit                   38.7      41.1      40.8      39.6      40.4
  Operating expenses:
    Selling                      14.5      15.4      15.8      15.6      14.8
    General and administrative    4.0       6.3       5.1       4.7       4.8
    Research and development      3.2       3.8       2.9       2.1       2.1
                               -------   -------   -------   -------   -------
  Income from continuing
   operations                    17.0      15.6      17.0      17.2      18.7
  Interest and other, net        (0.2)      0.4       0.9       0.3       0.6
                               -------   -------   -------   -------   -------
  Income before tax              16.8      16.0      17.9      17.5      19.3
  Provision for income taxes      6.1       5.9       6.9       6.7       7.1
                               -------   -------   -------   -------   -------
  Net income from continuing
   operations                    10.7%     10.1%     11.0%     10.8%     12.2%
                               =======   =======   =======   =======   =======


COMPARISON OF FISCAL YEARS 2004, 2003 AND 2002

NET SALES

The Company's fiscal 2004 net sales of $44.3 million were up 10 percent or
$4.1 million as compared to net sales in fiscal 2003.  The increase in sales
in the current year resulted primarily from increased sales in both the
Company's healthcare seating segment and the Company's multipurpose room
furniture segment.  For fiscal 2004, the multipurpose room furniture segment
experienced a sales increase of almost 9 percent and the healthcare seating
segment experienced sales growth of over 22 percent.  Within the multipurpose
room furniture segment, chair sales accounted for most of the increase, as
sales of this product line were 28 percent higher than the prior year.  Table
sales also increased by 3 percent.  International sales for all product lines
represented 13 percent and 11 percent of net sales for fiscal 2004 and 2003,
respectively.

<PAGE> 26

The Company's fiscal 2003 net sales of $40.2 million were up $116,000 as
compared to net sales in fiscal 2002.  The small increase in sales in fiscal
2003 resulted primarily from increased sales in the Company's healthcare
seating segment as well as the Company's multipurpose room chair markets.
This increase was offset by decreased sales in the Company's multipurpose room
table markets due largely to a continued downturn in the domestic and
international economy and significant competitive pressures.  For fiscal 2003,
the multipurpose room furniture segment experienced a sales decrease of less
than 1 percent and the healthcare seating segment experienced sales growth of
almost 7 percent.  International sales for all product lines represented 11
percent and 13 percent of net sales for fiscal 2003 and 2002, respectively.

GROSS PROFIT

Fiscal 2004 gross profit as a percentage of net sales decreased to 39 percent
from 41 percent in the prior fiscal year.  This decrease was due to higher
labor and overhead costs associated with the startup of the manufacturing
operation for the Company's next generation table, and higher overhead costs
in the healthcare seating operations.  This decrease was partially offset by
lower material costs in both the multipurpose room operations and the
Company's healthcare seating operations.

Fiscal 2003 gross profit as a percentage of net sales stayed relatively flat
at 41 percent, as compared to the prior year.  The gross profit margin on
multipurpose room furniture sales was relatively flat.  Material costs were
lower by one percentage point due primarily to improved pricing and
efficiencies related to the Company's  multipurpose room chair operations,
which were offset by higher overhead costs.  The gross profit margin on
healthcare seating and accessories sales also stayed relatively flat as lower
labor costs were offset by slightly higher material and overhead costs.

OPERATING EXPENSES

For fiscal 2004, selling expenses were relatively flat at 15 percent of net
sales, the same as the prior year.  Actual expenses increased by $0.28
million, or 5 percent. Virtually all of this increase was attributable to
increases in expenses in the healthcare seating operation.  Selling expenses
in the healthcare seating operations increased by $0.28 million compared to
the prior fiscal year due primarily to higher personnel and commission costs
on the increased sales volume and higher travel and vehicle expenses.
Multipurpose room furniture selling costs were essentially unchanged compared
to the prior fiscal year.  Higher commission costs on the increased sales
volume were offset by lower advertising, literature, and trade show costs.

For fiscal 2003, selling expenses were 15 percent of net sales as compared to
16 percent in the prior year.  Actual expenses decreased by $0.19 million, or
3 percent.   Multipurpose room furniture selling costs decreased by $0.38
million compared to the prior fiscal year.  This decrease resulted primarily
from decreased personnel and commission costs and lower trade show costs.
Selling expenses in the healthcare seating operations increased by $0.19
million compared to the prior fiscal year due primarily to increased personnel
costs.

<PAGE> 27

General and administrative expenses were 4 percent of net sales in fiscal 2004
compared to 6 percent in fiscal 2003 and 5 percent in 2002.  Actual expenses
decreased by 29 percent, or $0.72 million in fiscal 2004 over fiscal 2003.
The decrease was primarily due to a charge in the prior fiscal year of $0.74
million fully reserving a note receivable to a startup development company.
The decrease was also due to the receipt of a settlement in a law suit as well
as lower professional fees.

Actual expenses increased by 23 percent, or $0.48 million in fiscal 2003 over
fiscal 2002 mainly due to the charge of $0.74 million fully reserving a note
receivable to a startup development company as well as higher professional
fees.  The reserve was made due to concerns about the collectability of the
note.  This increase was partially offset by lower personnel costs as well as
the collection of the first note receivable from the sale of the Company's
discontinued specialty seating operations which had previously been fully
reserved.

Research and development expenses were 3 percent of sales in fiscal 2004, 4
percent of sales in fiscal 2003, and 3 percent of sales in fiscal 2002.  For
fiscal 2004, actual spending decreased by 10 percent, or $0.15 million, as
compared to fiscal 2003.  This decrease resulted mainly from lower costs for
personnel, outside services and production supplies at the Company's
multipurpose room operations.  This decrease was partially offset by increased
spending at the Company's healthcare seating operations related to new
products.

For fiscal 2003, actual spending increased by 33 percent, or $0.38 million, as
compared to fiscal 2002.  This increase in actual spending resulted mainly
from higher expenditures for personnel, outside services, and supplies related
to the Company's development of a new generation of multipurpose room tables
as well as increased research and development expenses related to new products
at the Company's healthcare seating segment.

OTHER INCOME/EXPENSE

Other income and expenses netted to $0.10 million in expenses in fiscal 2004.
Investment income was $0.08 million, a decrease of $0.15 million from the
prior fiscal year due to a lower average balance of cash and cash equivalents
and available-for-sale securities in the current fiscal year as well as lower
rates of return.  Other expenses in fiscal 2004, which totaled $0.18 million,
consisted of $0.07 million in realized foreign currency exchange losses and
$0.11 million in net losses on asset disposals.

Other income and expenses netted to $0.13 million in fiscal 2003.  Investment
income was $0.23 million, a decrease of $0.12 million from the prior fiscal
year due to a lower average balance of cash and cash equivalents and
available-for-sale securities in the current fiscal year as well as lower
rates of return.  Other expenses in fiscal 2003, which totaled $0.09 million,
consisted of $0.08 million in realized foreign currency exchange losses and
$0.03 million in net losses on asset disposals which were partially offset by
$0.02 million in other income.

<PAGE> 28

MINORITY INTEREST

For the year ended March 31, 2004, the startup development company realized a
net loss of $249,000.  Upon consolidation, 50 percent of the loss, or
$125,000, was allocated to the minority interest.  Tax effected, this amount
nets to $79,000 and compares with $7,000 reported in the prior fiscal year.

NET INCOME FROM CONTINUING OPERATIONS

For reasons stated above, the Company's net income from continuing operations
for fiscal 2004 was $4.75 million, an increase of $0.69 million or 17 percent
compared to fiscal 2003.  For fiscal 2003, net income from continuing
operations was $4.06 million, a decrease of $0.34 million or 8 percent
compared to net income in fiscal 2002.

QUARTERLY RESULTS OF OPERATIONS

The following table sets forth selected unaudited quarterly financial data for
the most recent twelve quarters.  This quarterly financial data reflects, in
the opinion of management, all adjustments necessary to present fairly the
results of operations for such periods.   The operating results for any
quarter are not necessarily indicative of results for any future period.   The
Company anticipates that operating results may fluctuate on a quarterly basis
depending upon a number of factors including those described in "Risk Factors
That May Affect Future Operations."  Earnings per share information may not
add to match annual earnings per share information due to rounding.


UNAUDITED QUARTERLY FINANCIAL INFORMATION:
(in thousands, except per share amounts)

                                 Q1 2002   Q2 2002   Q3 2002   Q4 2002
                                 -------   -------   -------   -------
Net sales                        $11,050   $10,132   $10,094   $ 8,818
Gross profit                       4,623     4,072     4,131     3,530
Income before provision for
 income tax                        2,079     1,762     1,812     1,522
Net income from continuing
 operations                        1,275     1,087     1,108       933
Basic earnings per share*           0.25      0.21      0.22      0.19
Diluted earnings per share*         0.24      0.21      0.21      0.18


                                 Q1 2003   Q2 2003   Q3 2003   Q4 2003
                                 -------   -------   -------   -------
Net sales                        $10,559   $10,777   $10,375   $ 8,499
Gross profit                       4,491     4,505     4,243     3,269
Income before provision for
 income tax                        1,649     1,978     1,627     1,169
Net income from continuing
 operations                        1,005     1,203     1,004       851
Basic earnings per share*           0.20      0.25      0.24      0.21
Diluted earnings per share*         0.19      0.24      0.23      0.20

<PAGE> 29

                                 Q1 2004   Q2 2004   Q3 2004   Q4 2004
                                 -------   -------   -------   -------
Net sales                        $11,357   $11,277   $10,976   $10,738
Gross profit                       4,441     4,489     4,212     4,031
Income before provision for
 income tax                        2,026     2,070     1,836     1,508
Net income from continuing
 operations                        1,262     1,303     1,146     1,042
Basic earnings per share            0.31      0.32      0.28      0.25
Diluted earnings per share          0.29      0.30      0.26      0.23

*Basic and diluted earnings per share information are for earnings from
continuing operations.

The Company's quarterly operating results can fluctuate significantly
depending on factors such as timing of new product introductions, market
acceptance of new products, increased competitive pressures, growth in the
institutional furniture market, acquisitions, expansion of international
operations, timing and expansion into complementary products such as chairs,
changes in raw material sources and costs, and adverse changes in general
economic conditions in any of the countries in which the Company does
business.   The Company may experience quarterly variations in operating
results in the future.

LIQUIDITY AND CAPITAL RESOURCES

Cash and cash equivalents, which consist primarily of high-quality commercial
paper and repurchase agreements collateralized with U.S. Treasury securities,
totaled $6.38 million at March 31, 2004 which compared to $2.20 million at
March 31, 2003.   In addition, the Company held available-for-sale securities
which totaled $1.05 million at March 31, 2004  as compared to $2.34 million at
March 31, 2003.

The following table highlights certain key cash flow and capital information
pertinent to the discussion that follows:


YEAR ENDED MARCH 31,                                2004           2003
                                                -----------    -----------
Net cash provided by continuing operations      $ 5,294,000    $ 5,177,000
Net cash provided by  discontinued operations          -         2,902,000
Net sales of available-for-sale securities        1,287,000      2,273,000
Purchases of property and equipment              (3,270,000)    (6,577,000)
Decrease in notes receivable                         87,000        232,000
Net cash provided by discontinued operations
  investing activities                                 -           250,000
Net proceeds from exercise of stock options
  and issuance of shares to the 401(k) plan       1,181,000        379,000
Purchase and retirement of common stock            (336,000)   (11,302,000)

<PAGE> 30

The increase in cash and cash equivalents for fiscal 2004 as compared to
fiscal 2003 was due primarily to cash of $5.29 million generated from
continuing operations, net sales of available-for-sale securities for $1.29
million, net proceeds related to the exercise of stock options of $1.18
million, and a decrease in notes receivable of $0.09 million.  This increase
was partially offset by $3.27 million of cash used in the purchases of
property, plant and equipment, and $0.34 million of cash used to buy back
shares of the Company's common stock.

The decrease in cash and cash equivalents for fiscal 2003 as compared to
fiscal 2002 was due primarily to $6.58 million of cash used in the purchases
of property, plant and equipment, and $11.30 million of cash used to buy back
shares of the Company's common stock.  This decrease was partially offset by
cash of $5.18 million generated from continuing operations, cash of $2.90
million generated from discontinued operations, net sales of
available-for-sale securities for $2.27 million, a decrease in notes
receivable of $0.23 million, net cash provided by discontinued operations in
investing activities of $0.25 million, and net proceeds related to the
exercise of stock options of $0.38 million.

Historically, the Company has financed its growth primarily through cash from
operations.  The Company's subsidiary, Broda Enterprises, has a line of
credit.  The limit on this facility is $0.76 million.  As of March 31, 2004,
no amount was drawn under this facility.  Among other restrictions, this
credit facility requires the maintenance of certain financial ratios and
levels of working capital.  As of March 31, 2004, the Company was in full
compliance with the loan covenants related to this credit facility.

The Company's material cash commitments at March 31, 2004 consisted primarily
of current liabilities of $4.12 million to be paid from funds generated from
operations.  Current liabilities consisted of the following:







YEAR ENDED MARCH 31,                                2004           2003
                                                -----------    -----------
Accounts payable                                 $2,088,000     $2,184,000
Accrued payroll and payroll taxes                 1,236,000        931,000
Accrued warranty                                    416,000        365,000
Other                                               383,000        343,000
                                                -----------    -----------
Total current liabilities                        $4,123,000     $3,823,000
                                                ===========    ===========

The Company has entered into two lease agreements for Broda's production and
office facilities under which it is obligated to pay $16,000 Canadian
(approximately US $12,000) per month through August 2004.  As of March 31,
2004, the Company had no operating leases with terms in excess of one year.

At March 31, 2004, the Company has committed to purchasing $352,000 in raw
material inventory.

<PAGE> 31

During the quarter ended March 31, 2002, the Company paid $50,000 as a good
faith deposit for technology to be used in a separate startup development
company to investigate the commercial development of a new technology.  During
the quarter ended December 31, 2002, the Company paid an additional $82,000.
This technology investment of $132,000 was contributed to the startup
development company for a 50 percent equity ownership in this company.  The
other 50 percent interest in the technology was contributed by the other 50
percent owner.  The Company has entered into a royalty agreement with the
shareholder owning the other 50 percent share of the startup development
company on some of the materials sold by the startup company.  The Company has
also extended a line of credit of $125,000 to the shareholder owning the other
50 percent share of the startup development company which is secured by the
shareholder's ownership in the company and future royalty payments.  The line
of credit, which bears interest at the prime rate (adjusted monthly) as
published by the Wall Street Journal, requires an initial payment of the
accrued interest six months after the line was extended.  Thereafter, monthly
payments of interest only are required from June 1, 2003 until November 30,
2004 at which time, the full amount of the outstanding line is due and
payable.  Currently, interest payments due are being offset by royalty amounts
due.  As of March 31, 2004, the full credit line of $125,000 was outstanding.

The Company is in the process of developing new products and is currently
planning to launch a new generation of multipurpose room tables.  During the
fiscal year ended March 31, 2004, the Company invested approximately $2.2
million for building and capital equipment to be used in producing the new
generation of multipurpose room tables.  The Company anticipates that capital
expenditures of  approximately $2.1 million will be required during the next
fiscal year for the new generation of multipurpose room tables and an
additional $1.2 million for other capital purchases.  The Company currently
anticipates funding these capital expenditures using existing capital reserves
as well as  cash from operations.

On April 1, 2004, the Company acquired the assets of Versipanel, LLC, a
privately-owned designer, manufacturer and marketer of a variety of portable
partitions based in Phoenix, Arizona for an initial payment of $1.2 million on
April 1, 2004.  The Company will pay up to an additional $0.3 million (for a
total of $1.5 million), depending upon meeting sales targets over the next
year.

The Company currently believes that cash flow from its current operations
together with existing cash reserves and available lines of credit will be
sufficient to support its working capital requirements for its existing
operations for at least the next 12 months.  The Company cannot guarantee that
its working capital will be sufficient to support the Company's operations.
If the existing cash reserves, cash flow from operations and debt financing
are insufficient or if working capital requirements are greater than currently
estimated, the Company could be required to raise additional capital.  The
Company may not be capable of raising additional capital or the terms upon
which such capital may be available to the Company may not be acceptable.
Additional sources of equity capital are available to the Company through the
exercise by holders of outstanding options.  At March 31, 2004, the proceeds
which would have been received by the Company upon exercise of outstanding
options which were exercisable on that date were approximately $3.57 million.
There is no assurance that such options will be exercised.

<PAGE> 32

IMPACT OF INFLATION AND ENVIRONMENTAL REGULATIONS

The Company believes that inflation has not materially affected its operating
results.   However, significant increases in the price of raw materials could
have a material adverse impact on the Company's results of operations.   In
addition, compliance with environmental laws or regulations has not materially
affected the Company's operations.

FORWARD-LOOKING STATEMENTS AND FACTORS THAT MAY AFFECT FUTURE RESULTS OF
OPERATIONS

Certain statements made above in this filing that are not historical facts are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 (the "Reform Act").  In addition, when used in
this filing, the words or phrases "may," "will," "Management believes,"
"Company believes," "Company intends," "estimates," "projects," "anticipates,"
"expects" and similar expressions are intended to identify "forward-looking
statements" within the meaning of the Reform Act.

Forward-looking statements contained in this Annual Report on Form 10-K
include plans and objectives of management for future operations, including
plans and objectives relating to the products, marketing, customers, product
line expansions, liquidity and capital resources, and cost reductions to
preserve margins.  These forward-looking statements involve risks and
uncertainties and are based on certain assumptions that may not be realized.
Actual results and outcomes may differ materially from those discussed or
anticipated.  These forward-looking statements relate to:

  - references to predicted increases in the institutional
furniture and U.S. office furniture markets and the Company's belief of a
rebound in the office furniture business;
  - statements that the Company anticipates that its sales
volumes during the first quarter of fiscal 2005 may increase by up to 10
percent higher as compared to the sales levels of the prior year's first
quarter;
  - references to anticipated continued competitive pressure in
multipurpose room table markets;
  - statements that the Company is getting ready to generally
launch in the next six to nine months its next generation table product that
is stronger, lighter, more durable and more able to withstand outdoor use than
its current table products;
  - statements that the Company believes that it has a
repeatable manufacturing process for its next generation table, and its belief
that this table will largely replace its existing table over the next one to
two years as well as its belief that it may be able to capture additional
market share;
  - statements that the Company anticipates developing
additional complementary chair lines and further penetrating its existing
marketplace with its current line of chairs;
  - statements about the Company's belief that the startup
development company's technology may be used to develop and/or license the
development of new products outside of the Company's current multipurpose room
marketplace;
  - the statement that the Company's healthcare seating
operations are less subject to economic pressures than its multipurpose room
furniture operations but more subject to changes in the regulatory environment
and factors affecting the future growth of the healthcare seating business;

<PAGE> 33

  - statements related to the Company's expectation that
capital expenditures related to the development of the Company's next
generation table will be approximately $2.1 million during the next fiscal
year with an additional $1.2 million for other capital purchases;
  - statements that the Company plans to sell Versipanel
products through its existing sales system to current customers and that such
products will allow the Company to expand its product line and better
penetrate the institutional furniture markets;
  - statements related to the Company's belief that if efforts to
develop a new generation of multipurpose room table is successful that it will
help to relieve some of the pricing and profit margin pressures;
  - statements relating to the Company's belief that cash flow
from its current operations, existing cash reserves, and available line of
credit will be sufficient to support its working capital requirements to fund
existing operations for at least the next 12 months;
  - statements relating to the Company's possible need to raise
additional capital if its cash flow from operations and debt financing are
insufficient to fund the Company's working capital requirements; and
  - statements related to anticipated capital expenditures.

All forward-looking statements involve predictions and are subject to known
and unknown risks and uncertainties, that could cause actual results to differ
materially from historical results and those presently anticipated or
projected.  Readers should not place undue reliance on any such
forward-looking statements, which speak only as of the date made.  The
considerations listed below and elsewhere in this filing could affect the
Company's financial performance and could cause the Company's actual results
for future periods to differ materially from any views or statements expressed
with respect to future periods.  Important factors and risks that might cause
such differences, include, but are not limited to:

  - a repeated downturn in domestic and international economies
and business conditions specifically in the institutional furniture industry;
  - war, terrorist acts, and threats of war and terrorist acts;
  - increased competition in the Company's core businesses;
  - loss of important customer contracts through increased
price-based and product quality competition especially in the Company's
multipurpose room furniture segment;
  - limited management and key employee resources;
  - declines in sales volumes and profit margins in the
Company's core businesses;
  - lower than expected revenue, revenue growth, cash flow and
gross margins from the multipurpose room and healthcare seating operations,
higher materials and labor costs, or the Company's inability, for any reason,
to profitably introduce new products or implement its marketing strategies in
the healthcare seating and multipurpose room markets;
  - the Company's inability for any reason to develop new
products and expand successfully into new markets;
  - the Company's ability to effectively produce and sell its
next generation multipurpose room table products;
  - the Company's ability to effectively address any
unanticipated design challenges with respect to its next generation table
products and generally launch such table products by the anticipated launch
date;
  - the market's acceptance of products currently being
developed by the Company including its next generation multipurpose room table
product;

<PAGE> 34

  - the Company's ability to manufacture and market at current
margins high quality, high performance products at competitive prices;
  - import restrictions and economic conditions in the Company's
foreign markets and foreign currency risks associated therewith;
  - the Company's ability to maintain relatively low cost labor
rates;
  - the Company's ability to source a sufficient volume of
acceptable raw materials at current prices;
  - increased product warranty service costs if warranty claims
increase as a result of the Company's new product introductions or
acquisitions or for any other reason;
  - the Company's ability to refine and enhance the quality and
productivity of its manufacturing process;
  - the Company's ability to locate and successfully consummate
and integrate acquisitions, if any, of complementary product lines or
companies on terms acceptable to the Company;
  - the Company's ability to retain and maintain relationships
with key customers;
  - the availability of insurance funding for the Company's
healthcare seating products;
  - the risk that the Company may become liable for certain
alleged obligations of up to $2.3 million related to a defined benefit pension
plan and $0.2 million related to a wage dispute resulting from exiting and
selling its specialty office seating and systems business;
  - regulatory developments that adversely affect demand for the
Company's products, particularly the Company's healthcare seating products;
and
  - other factors noted in "Item 1.  Business-Risk Factors That
May Affect Future Results of Operations."

In light of the significant uncertainties inherent in forward-looking
statements, the inclusion of any such statement should not be regarded as a
representation by the Company or any other person that the objectives or plans
of the Company will be achieved.  The Company disclaims any obligation or
intent to update any such factors or forward-looking statements to reflect
future events or developments.

<PAGE> 35

ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company manufactures its products in the United States and Canada and
sells its products in those markets as well as in other countries.  The
majority of the Company's sales and expenses are transacted in U.S. dollars
with limited transactions occurring in Canadian dollars or other foreign
currencies.  For the year ended March 31, 2004, approximately 5.2 percent of
the Company's net sales, 7.1 percent of the Company's cost of products sold,
and 14.1 percent of the Company's operating expenses were denominated in
currencies other than the U.S. dollar.  For the year ended March 31, 2003,
approximately 5.2 percent of the Company's net sales, 7.1 percent of the
Company's cost of products sold, and 13.9 percent of the Company's operating
expenses were denominated in currencies other than the U.S. dollar.  For the
year ended March 31, 2002, approximately 5.9 percent of the Company's net
sales, 6.8 percent of the Company's cost of products sold, and 10.4 percent of
the Company's operating expenses were denominated in currencies other than the
U.S. dollar.  Foreign currency exchange rate fluctuations did not have a
material impact on the financial results of the Company during fiscal 2004.
The Company's healthcare chair operations have occasionally entered into
forward contracts for specific US dollar denominated accounts receivable.  As
of March 31, 2004, 2003, and 2002, no forward contracts were outstanding.

The economic impact of foreign exchange rate movements on the Company is
complex because such changes are often linked to variability in real growth,
inflation, interest rates, governmental actions and other factors.  The
Company estimates that a 10 percent adverse change in foreign exchange rates
could have reduced operating profit by as much as $96,000, $101,000 and
$30,000 for the fiscal years ended March 31, 2004, 2003 and 2002.  As
mentioned above, this quantitative measure has inherent limitations and the
sensitivity analysis disregards the possibility of other effects that may
offset such adverse change.

<PAGE> 36


MANAGEMENT'S STATEMENT

The Company's financial statements were prepared by management.  Management is
responsible for the integrity and objectivity of the financial information
presented, including amounts that must necessarily be based on judgments and
estimates.  The Company's financial statements were prepared in accordance
with accounting principles generally accepted in the United States of America.

The Company's independent auditors, Deloitte & Touche LLP, have audited these
financial statements in accordance with auditing standards generally accepted
in the United States of America.

The Audit Committee of the Board of Directors is composed of directors who are
free of any relationship or personal interest that, in the opinion of the
Board of Directors, would interfere with their ability to exercise sound
judgment as a committee member.  The purpose of the Audit Committee is to
provide assistance to the overall Board of Directors in fulfilling the Board's
responsibility to the shareholders, potential shareholders, and investment
community relating to corporate accounting, reporting practices of the
corporation, and the quality and integrity of the financial reports of the
corporation.  In so doing, it is the responsibility of the Audit Committee to
establish and maintain free and open means of communication between the
directors, the independent auditor, and the financial management of the
Company.

Based on a review and discussions of the Company's 2004 audited consolidated
financial statements with management and discussions with the independent
auditors, the Audit Committee recommended to the Board of Directors that the
Company's fiscal 2004 audited financial statements be included in the
Company's annual report on Form 10-K.  The Board of Directors concurred.

<PAGE> 37

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

                       INDEX TO FINANCIAL STATEMENTS

Independent Auditors' Report

Consolidated Balance Sheets as of March 31, 2004 and 2003

Consolidated Statements of Income for the fiscal years ended March 31,
     2004, 2003, and 2002

Consolidated Statements of Stockholders' Equity for the fiscal years ended
     March 31, 2004, 2003, and 2002

Consolidated Statements of Cash Flows for the fiscal years ended March
     31, 2004, 2003, and 2002

Notes to Consolidated Financial Statements



<PAGE) 38



INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Stockholders of MITY Enterprises, Inc.:

We have audited the accompanying consolidated balance sheets of MITY
Enterprises, Inc. and subsidiaries as of March 31, 2004 and 2003, and the
related consolidated statements of income, stockholders' equity, and cash
flows for each of the three years in the period ended March 31, 2004.  These
financial statements are the responsibility of MITY Enterprises' management.
Our responsibility is to express an opinion on these financial statements
based on our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States of America.   Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.   An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, such consolidated financial statements present fairly, in all
material respects, the financial position of MITY Enterprises, Inc. and
subsidiaries as of March 31, 2004 and 2003, and the results of their
operations and their cash flows for each of the three years in the period
ended March 31, 2004 in conformity with accounting principles generally
accepted in the United States of America.



DELOITTE & TOUCHE LLP

Salt Lake City, Utah
May 19, 2004

<PAGE> 39


CONSOLIDATED BALANCE SHEETS


March 31,                                         2004            2003
                                             ------------    ------------
ASSETS
Current assets:
     Cash and cash equivalents               $  6,382,000    $  2,203,000
     Available for sale securities              1,050,000       2,336,000
     Accounts receivable, less allowances
       of $339,000 at March 31, 2004 and
       $235,000 at March 31, 2003               5,586,000       3,792,000
     Inventories, net                           2,339,000       1,368,000
     Tax receivable                               781,000       1,284,000
     Prepaid expenses and other current assets    477,000         274,000
     Deferred income tax assets                   568,000         635,000
                                             ------------    ------------
Total current assets                           17,183,000      11,892,000
Property and equipment, net                    13,230,000      11,656,000
Deferred income tax assets                         63,000         376,000
Goodwill, net                                   1,136,000       1,010,000
Other intangible assets, net                      264,000         264,000
Notes receivable, net                              80,000         204,000
                                             ------------    ------------
                                             $ 31,956,000    $ 25,402,000
                                             ============    ============
LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
     Accounts payable                        $  2,088,000    $  2,184,000
     Accrued expenses and other current
       liabilities                              2,035,000       1,639,000
                                             ------------    ------------
Total current liabilities                       4,123,000       3,823,000
Minority interest                                  34,000         125,000
                                             ------------    ------------
Total liabilities                               4,157,000       3,948,000
                                             ------------    ------------
Commitments and contingencies (Note 11)
Stockholders' equity:
  Preferred stock, par value $.10 per share;
   authorized 3,000,000 shares; no shares
   issued and outstanding                            -               -
  Common stock, par value $.01 per share;
   authorized 10,000,000 shares; issued and
   outstanding 4,258,590 shares at March 31,
   2004 and 4,115,181 shares at March 31, 2003     43,000          41,000
  Additional paid-in capital                   11,469,000       9,925,000
  Retained earnings                            15,868,000      11,376,000
  Accumulated other comprehensive income          419,000         112,000
                                             ------------    ------------
Total stockholders' equity                     27,799,000      21,454,000
                                             ------------    ------------
                                             $ 31,956,000    $ 25,402,000
                                             ============    ============
      (See accompanying notes to consolidated financial statements)

<PAGE> 40

CONSOLIDATED STATEMENTS OF INCOME


Year Ended March 31,                      2004          2003          2002
                                     ------------  ------------  ------------
Net sales                            $ 44,348,000  $ 40,210,000  $ 40,094,000
Cost of products sold                  27,175,000    23,702,000    23,738,000
                                     ------------  ------------  ------------
Gross profit                           17,173,000    16,508,000    16,356,000
Operating expenses:
     Selling                            6,452,000     6,172,000     6,363,000
     General and administrative         1,787,000     2,504,000     2,028,000
     Research and development           1,393,000     1,541,000     1,158,000
                                     ------------  ------------  ------------
Total operating expenses                9,632,000    10,217,000     9,549,000
Income from continuing operations       7,541,000     6,291,000     6,807,000
Other income (expense):
     Investment income                     79,000       229,000       348,000
     Other                               (180,000)      (97,000)       20,000
                                     ------------  ------------  ------------
Total other income (expense), net        (101,000)      132,000       368,000
Income before provision for income
  taxes and minority interest           7,440,000     6,423,000     7,175,000
Provision for income taxes              2,766,000     2,367,000     2,772,000
                                     ------------  ------------  ------------
Net income before minority interest     4,674,000     4,056,000     4,403,000
Minority interest                          79,000         7,000          -
                                     ------------  ------------  ------------
Net income from continuing operations   4,753,000     4,063,000     4,403,000
Discontinued operations (Note 4):
 Loss from discontinued operations
  (net of applicable income tax
   benefit of $166,000)                      -             -         (271,000)
 Gain (loss) on disposal (net of
  applicable income tax expense
  (benefit) of $457,000 and
  ($1,545,000), respectively)                -          745,000    (3,256,000)
                                     ------------  ------------  ------------
Net income                           $  4,753,000  $  4,808,000  $    876,000
                                     ============  ============  ============
Basic earnings per share from
  continuing operations                     $1.14         $0.90         $0.86
Basic loss per share from discontinued
  operations                                 -             -            (0.05)
Basic gain (loss) per share on
  disposal of discontinued operations        -             0.17         (0.64)
                                     ------------  ------------  ------------
Basic earnings per share                    $1.14         $1.07         $0.17
                                     ============  ============  ============
Weighted average number of common
  shares - basic                        4,157,081     4,501,342     5,071,125
                                     ============  ============  ============

<PAGE> 41

Diluted earnings per share from
  continuing operations                     $1.09         $0.86         $0.85
Diluted loss per share from
  discontinued operations                    -             -            (0.05)
Diluted gain (loss) per share on
  disposal of discontinued operations        -             0.16         (0.63)
                                     ------------  ------------  ------------
Diluted earnings per share                  $1.09         $1.02         $0.17
                                     ============  ============  ============
Weighted average number of common and
  common equivalent shares - diluted    4,364,683     4,711,420     5,208,924
                                     ============  ============  ============

      (See accompanying notes to consolidated financial statements)

<PAGE> 42
<TABLE>
<CAPTION)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

                                                                            Accumulated
                                                  Additional                      Other        Total
                                        Common       Paid-In     Retained Comprehensive Stockholders'
                                         Stock       Capital     Earnings Income (Loss)       Equity
                                       -------   -----------   -----------  -----------  -----------
<S>                                    <C>       <C>           <C>         <C>          <C>
Balance at April 1, 2001               $51,000   $11,686,000   $15,796,000    ($64,000)  $27,469,000

Comprehensive income:
     Net income                                                    876,000
     Unrealized losses on available-
          for-sale securities                                                  (19,000)
     Foreign currency translation                                              (18,000)
                                                                                          ----------
Total comprehensive income                                                                   839,000
Issuance of 32,192 shares of common
  stock from the exercise of options                 195,000                                 195,000
Issuance of 38,955 shares of common
  stock to the Company's 401(k) plan                 223,000                                 223,000
Purchase and retirement of 154,600
  shares of common stock                (1,000)     (361,000)   (1,057,000)               (1,419,000)
Tax benefit of employee stock options                 12,000                                  12,000
                                       -------   -----------   -----------  -----------  -----------
Balance at March 31, 2002               50,000    11,755,000    15,615,000     (101,000)  27,319,000

Comprehensive income:
     Net income                                                  4,808,000
     Unrealized gains on available-
          for-sale securities                                                    16,000
     Foreign currency translation                                               197,000
                                                                                          ----------
Total comprehensive income                                                                 5,021,000
Issuance of 42,698 shares of common
  stock from the exercise of options                 227,000                                 227,000
Issuance of 17,913 shares of common
  stock to the Company's 401(k) plan                 152,000                                 152,000
Purchase and retirement of 945,773
  shares of common stock                (9,000)   (2,246,000)   (9,047,000)              (11,302,000)
Tax benefit of employee stock options                 37,000                                  37,000
                                       -------   -----------   -----------  -----------  -----------
Balance at March 31, 2003               41,000     9,925,000    11,376,000      112,000   21,454,000

<PAGE> 43
Comprehensive income:
     Net income                                                  4,753,000
     Unrealized gains on available-
          for-sale securities                                                     2,000
     Foreign currency translation                                               305,000
                                                                                          ----------
Total comprehensive income                                                                 5,060,000
Issuance of 166,493 shares of common
  stock from the exercise of options     2,000     1,076,000                               1,078,000
Issuance of 7,916 shares of common
  stock to the Company's 401(k) plan                 103,000                                 103,000
Purchase and retirement of 31,000
  shares of common stock                             (75,000)     (261,000)                 (336,000)
Tax benefit of employee stock options                440,000                                 440,000
                                       -------   -----------   -----------  -----------  -----------
Balance at March 31, 2004              $43,000   $11,469,000   $15,868,000     $419,000  $27,799,000
                                       =======   ===========   ===========  ===========  ===========


                    (See accompanying notes to consolidated financial statements)
</TABLE>

<PAGE> 44

CONSOLIDATED STATEMENTS OF CASH FLOWS


Year Ended March 31,                      2004          2003          2002
                                     ------------  ------------  ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                            $ 4,753,000   $ 4,808,000   $   876,000
Adjustments to reconcile net income
  to net cash provided by operating
  activities:
   Net loss (earnings) from
    discontinued operations                  -         (745,000)    3,527,000
   Depreciation and amortization        1,634,000     1,191,000     1,178,000
   Deferred taxes                         383,000     2,511,000    (1,234,000)
   Loss on disposal of property and
    equipment                             114,000        27,000         4,000
   Tax benefit from exercise of
    stock options                         440,000        37,000        12,000
   Changes in assets and liabilities:
      Accounts receivable              (1,667,000)      666,000       469,000
      Inventories                        (913,000)      (99,000)      285,000
      Tax receivable                      508,000    (1,120,000)      865,000
      Prepaid expenses and other
       current assets                    (194,000)      165,000      (221,000)
      Accounts payable                   (137,000)      511,000      (768,000)
      Accrued expenses and other
       current liabilities                373,000    (2,775,000)    2,007,000
                                     ------------  ------------  ------------
Net cash provided by continuing
  operations                            5,294,000     5,177,000     7,000,000
Net cash provided by discontinued
  operations                                 -        2,902,000     3,217,000
                                     ------------  ------------  ------------
Net cash provided by operating
  activities                            5,294,000     8,079,000    10,217,000
                                     ------------  ------------  ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale
  securities                           (1,463,000)   (2,787,000)  (10,673,000)
Sales and maturities of available-
  for-sale securities                   2,750,000     5,060,000     7,241,000
Proceeds from sale of property and
  equipment                                 1,000        14,000         4,000
Purchases of property and equipment    (3,270,000)   (6,577,000)   (1,198,000)
Decrease (increase) in notes receivable    87,000       232,000      (436,000)
Purchase of intellectual property            -          (82,000)      (50,000)
                                     ------------  ------------  ------------
Net cash used in continuing operations (1,895,000)   (4,140,000)   (5,112,000)
Net cash provided by (used in)
  discontinued operations                    -          250,000       (36,000)
                                     ------------  ------------  ------------
Net cash used in investing activities  (1,895,000)   (3,890,000)   (5,148,000)
                                     ------------  ------------  ------------
<PAGE> 45

CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from exercise of stock
  options and issuance of shares to
  the 401(k) plan                       1,181,000       379,000       418,000
Minority interest                         (91,000)       (7,000)         -
Purchase and retirement of common stock  (336,000)  (11,302,000)   (1,419,000)
                                     ------------  ------------  ------------
Net cash provided by (used in)
  financing activities                    754,000   (10,930,000)   (1,001,000)
                                     ------------  ------------  ------------
Effect of exchange rate changes on cash    26,000        18,000         1,000
                                     ------------  ------------  ------------
Net increase (decrease) in cash and
  cash equivalents                      4,179,000    (6,723,000)    4,069,000
Cash and cash equivalents at
  beginning of year                     2,203,000     8,926,000     4,857,000
                                     ------------  ------------  ------------
Cash and cash equivalents at end
  of year                             $ 6,382,000   $ 2,203,000   $ 8,926,000
                                     ============  ============   ===========

                                                                  (continued)
      (See accompanying notes to consolidated financial statements)

<PAGE> 46

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION


Year Ended March 31,                      2004          2003          2002
                                     ------------  ------------  ------------
Cash paid during the year for income
  taxes                                $1,701,000    $1,395,000    $1,693,000


SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES

During the quarter ended March 31, 2002, the Company paid $50,000 as a good
faith deposit for technology to be used in a separate startup development
company to investigate the commercial development of a new technology.  During
the quarter ended December 31, 2002, the Company paid an additional $82,000.
This technology investment of $132,000 was contributed to a startup
development company for a 50 percent equity ownership in this company (see
Footnote 5).




                                                              (concluded)

      (See accompanying notes to consolidated financial statements)

<PAGE> 47

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For each of the three years in the period ended March 31, 2004


1.  DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

MITY Enterprises, Inc. (the Company) designs and manufactures multipurpose
room furniture and healthcare seating and markets these products in niche
markets.  In addition, the Company continues to pursue acquisitions of product
lines or companies that will be complementary to the Company's businesses.
The Company markets its products throughout the United States, Canada and in
certain foreign countries.

DISCONTINUED OPERATIONS
During the quarter ended June 30, 2001, the Company developed and approved a
plan for exiting and selling the specialty office seating and systems
furniture segment of its operations.  This segment consists of the CenterCore
and DO Group businesses.  As a result of these actions, the Company has
treated DO Group and CenterCore as a discontinued operation.  On November 8,
2002, the Company completed the sale of the assets of the specialty office
seating and systems furniture segment of its operations (See Note 4.
Discontinued Operations).

PRINCIPLES OF CONSOLIDATION
The consolidated financial statements of the Company include the accounts of
MITY Enterprises, Inc. and all wholly owned and partially owned subsidiaries
for which the Company exercises control.  All significant intercompany
accounts and transactions have been eliminated in consolidation.

CASH AND CASH EQUIVALENTS
Cash and cash equivalents include highly liquid investments which have an
original maturity not greater than three months.

AVAILABLE-FOR-SALE SECURITIES
Debt securities, which consist of corporate bonds and government agency
securities, are classified as available-for-sale and are recorded at their
fair value.  When the fair value of available-for-sale securities differs from
the amortized cost, the resulting unrealized gain or loss is recorded as a
component of comprehensive income.  The amortization of premiums and discounts
on debt securities in this category are included in investment income and
reflected in the amortized cost of the debt securities.  The cost of
securities sold during the period is based on the specific identification
method.  Interest on securities in this category are included in investment
income.  For the year ended March 31, 2004, there were no unrealized holding
gains or losses on available-for-sale securities.  For the year ended March
31, 2003 the Company had unrealized holding losses on available-for-sale
securities of $3,000.

The contractual maturities of the available-for-sale securities held at March
31, 2004 and 2003 are summarized below:

<PAGE> 48

Fiscal Year Ended March 31,             2004                   2003
                                ----------------------  ----------------------
                                Amortized      Fair     Amortized     Fair
                                   Cost       Value        Cost      Value
                                -----------  ---------  ----------  ----------
Due in one year or less              -            -     $  570,000  $  558,000

Due after one through two years  $1,050,000 $1,050,000   1,769,000   1,778,000
                                -----------  ---------  ----------  ----------
                                 $1,050,000 $1,050,000  $2,339,000  $2,336,000
                                =========== ==========  ==========  ==========

INVENTORIES
Inventories are stated at the lower of cost, on a first in, first out basis,
or market.  The Company has established a reserve on this inventory of $31,000
and $28,000 as of March 31, 2004 and 2003, respectively.

PROPERTY AND EQUIPMENT
Property and equipment are stated at cost.  Maintenance and repairs are
charged to operations as incurred, whereas major replacements and improvements
are capitalized and subsequently depreciated.  Leasehold improvements are
amortized over the shorter of the useful life of the asset or the lease term.
Depreciation and amortization on the Company's property and equipment are
provided on a straight-line basis over the estimated useful lives of the
related assets as follows:



                                               Estimated Useful
                                                Life (in years)
                                               ----------------

Machinery and equipment                              3 to 10

Furniture and fixtures                                3 to 5

Leasehold improvements                               5 to 15

Buildings and improvements                                30


GOODWILL AND OTHER INTANGIBLE ASSETS
Statement of Financial Accounting Standards (SFAS) No. 142, "Goodwill and
Other Intangible Assets," was issued in June 2001.  SFAS No. 142 addresses,
among other things, the financial accounting and reporting for goodwill
subsequent to an acquisition.  According to the new standard, amortization of
goodwill was replaced by a requirement to test goodwill for impairment at
least yearly or sooner if a specific triggering event occurs.  Other
intangible assets will continue to be amortized over their useful lives.  The
Company adopted the provisions of SFAS No. 142 as of April 1, 2002, and
performed transitional impairment tests as of that date.  This transitional
impairment test resulted in no impairment of goodwill as of April 1, 2002.
The Company has elected to perform its annual impairment test for goodwill
during the first quarter of each fiscal year.  Additionally, the Company
reviews goodwill and identifiable intangible assets for impairment whenever
events or changes in circumstances indicate that the carrying amount of an
asset may not be recoverable.

<PAGE> 49

The Company's reported net income and earnings per share information,
exclusive of amortization expense related to goodwill required under previous
accounting standards on an after-tax basis is as follows:



Year Ended March 31,                   2004        2003        2002
                                    ----------  ----------  ----------

Reported net income                 $4,753,000  $4,808,000  $  876,000
Goodwill amortization                     -           -         42,000
                                    ----------  ----------  ----------
Adjusted net income                 $4,753,000  $4,808,000  $  918,000

Basic earnings per share:
     Reported:                           $1.14       $1.07       $0.17
     Adjusted:                           $1.14       $1.07       $0.18

Diluted earnings per share
     Reported:                           $1.09       $1.02       $0.17
     Adjusted:                           $1.09       $1.02       $0.18

The intangible asset of $264,000 in intellectual property relates to a startup
development company in which the Company has invested.  The startup
development company is investigating the commercial development of a new
technology.  At this time, the Company does not believe that this $264,000 is
impaired.  The Company will begin amortizing this intangible asset upon
completion of the development phase.

REVENUE RECOGNITION
The Company recognizes revenue in accordance with Staff Accounting Bulletin
(SAB) No. 101, "Revenue Recognition," as revised by SAB No. 104. Sales are
recorded when title passes and collectability is reasonably assured under its
various shipping terms.  Revenue is normally recognized upon shipment of goods
to customers. In certain circumstances revenue is not recognized until the
goods are received by the customer based on the terms of the sale agreement.
Discounts directly related to the sale are recorded as a reduction to net
sales.

CONCENTRATION OF CREDIT RISK
Financial instruments which potentially subject the Company to concentrations
of credit risk consist primarily of trade receivables and cash equivalents.
In the normal course of business, the Company provides credit terms to its
customers.  Accordingly, the Company performs ongoing credit evaluations of
its customers and maintains allowances for possible losses which, when
realized, have been within the range of management's expectations.

FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair value of the notes receivable approximate their book value at March
31, 2004 and 2003.  The amortized cost of available-for-sale securities
equaled fair value as of March 31, 2004.  The amortized cost of
available-for-sale securities exceeded fair value by $3,000 as of March 31,
2003.  The carrying amount reported in the balance sheets for cash and cash
equivalents, accounts receivable, and accounts payable approximates fair value
because of the immediate or short-term maturity of these financial
instruments.

<PAGE> 50

INCOME TAXES
The Company uses an asset and liability approach for financial accounting and
reporting for income taxes.  Deferred income taxes are provided for temporary
differences in the bases of assets and liabilities as reported for financial
statement purposes and income tax purposes.

STOCK-BASED COMPENSATION
In December 2002, the Financial Accounting Standards Board (FASB) issued SFAS
No. 148, "Accounting for Stock-Based Compensation - Transition and Disclosure
- an amendment of FASB Statement No. 123" which provides alternative methods
of transition for a voluntary change to the fair value based method of
accounting for stock-based employee compensation.  In addition, this Statement
amends the disclosure requirements of Statement 123 to require prominent
disclosures in both annual and interim financial statements about the method
of accounting for stock-based employee compensation and the effect of the
method used on reported results.  SFAS No. 148 is effective for fiscal years
ending after December 15, 2002 and for financial reports containing financial
statements for interim periods beginning after December 15, 2002.  The Company
has decided to continue applying Accounting Principle Board (APB) Statement
No. 25 (as permitted by SFAS No. 123 and SFAS no. 148).  The required
disclosure of the effects of SFAS No. 123 and SFAS No. 148 are included in the
notes to the consolidated financial statements.  Accordingly, no compensation
cost has been recognized for its stock option plans.  Had compensation cost of
the Company's two stock-based compensation plans been determined based on the
fair value at the grant dates for awards under those plans consistent with
SFAS No. 123, the Company's net income and earnings per share would have
changed to the pro forma amounts indicated below:


Year Ended March 31,                   2004        2003        2002
                                    ----------  ----------  ----------
          Net income:
               As reported       $ 4,753,000    $ 4,808,000 $  876,000
               Pro forma           4,597,000      4,590,000    624,000

          Earnings per share - basic:
               As reported             $1.14        $1.07        $0.17
               Pro forma               $1.11        $1.02        $0.12

          Earnings per share - diluted:
               As reported             $1.09        $1.02        $0.17
               Pro forma               $1.05        $0.98        $0.12

Use of Estimates
The preparation of these consolidated financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period.  Significant estimates
subject to change include the allowance for doubtful accounts receivable, the
reserve for obsolete inventory, accruals for warranty expense, goodwill and
intangible assets, reserve on notes receivable, litigation reserves, and
valuation of the discontinued operations.  Actual results could differ from
these estimates.

<PAGE> 51

Long-Lived Assets
On April 1, 2002, the Company adopted SFAS No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets."  SFAS No. 144 supersedes SFAS
No. 121, "Accounting for the Impairment of Long-Lived Assets and for
Long-Lived Assets to be Disposed of," but retains its fundamental provision
for recognizing and measuring impairment of long-lived assets to be held and
used.  This Statement requires that all long-lived assets to be disposed of by
sale be carried at the lower of carrying amount or fair value less cost to
sell, and that depreciation cease to be recorded on such assets.  Fair market
value is determined primarily using the anticipated cash flows discounted at a
rate commensurate with the risk involved.  Long-lived assets to be disposed of
other than by sale are considered held and used until disposed of.  SFAS No.
144 standardizes the accounting and presentation requirements for all
long-lived assets to be disposed of by sale, and supersedes previous guidance
for discontinued operations of business segments. There were no long-lived
assets which were considered impaired as of March 31, 2004 and 2003.

Comprehensive Income
The Company's comprehensive income consists of foreign currency adjustments
and unrealized holding gains and losses on available-for-sale securities and
net income.

Accrued Warranty
The Company provides for the estimated cost of product warranties at the time
revenue is recognized.  This warranty obligation is affected by failure rates,
the introduction of new products, and the costs of material and labor to
repair or replace the product.  The Company regularly assesses the adequacy of
its accrual for warranty expense based upon historical warranty rates and
anticipated future warranty rates.  Activity associated with the accrued
warranty is as follows:

Year Ended March 31,                        2004              2003
                                         ----------        ----------
Balance at beginning of period            $365,000          $375,000
Accruals for warranties issued
  during the period                        669,000           407,000
Settlements made during the period        (619,000)         (417,000)
                                         ----------        ----------
Balance at end of period                  $415,000          $365,000
                                         ==========        ==========

FOREIGN CURRENCY TRANSLATION ADJUSTMENT
The financial statements of the Company's foreign subsidiary is measured using
the Canadian dollar as the functional currency.  Assets and liabilities are
translated into U.S. dollars at year-end rates of exchange and results of
operations are translated at average rates for the year.  Gains and losses
resulting from these translations are included in accumulated other
comprehensive income as a separate component of stockholders' equity.

RESEARCH AND DEVELOPMENT
Research and development costs are expensed as incurred.

<PAGE> 52

EARNINGS PER SHARE
Basic earnings per share is based on the weighted effect of all common shares
issued and outstanding, and is calculated by dividing net income by the
weighted average shares outstanding during the period.  Diluted earnings per
share is calculated by dividing net income by the weighted average number of
common shares used in the basic earnings per share calculation plus the number
of common shares that would be issued assuming exercise or conversion of all
potentially dilutive common shares outstanding.  The Company excludes equity
instruments from the calculation of diluted weighted average shares
outstanding if the effect of including such instruments is antidilutive to
earnings per share.  The following table sets forth the computation of basic
and diluted earnings per share for each of the past three fiscal years:


Year Ended March 31,                  2004           2003           2002
                                  -----------    -----------    -----------
Numerator:
     Net income                   $ 4,753,000    $ 4,808,000    $   876,000
                                  ===========    ===========    ===========
Denominator:
     Weighted average shares
       outstanding:
        Basic                       4,157,081      4,501,342      5,071,125
        Employee stock options
          and other                   207,602        210,078        137,799
                                  -----------    -----------    -----------
        Diluted                     4,364,683      4,711,420      5,208,924
                                  ===========    ===========    ===========
Earnings per common share:
        Basic                          $1.14           $1.07          $0.17
        Diluted                        $1.09           $1.02          $0.17



RECENTLY ISSUED FINANCIAL ACCOUNTING STANDARDS
In November 2002, the FASB issued Interpretation No. 45, "Guarantor's
Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness to Others", ("FIN No. 45"), which addresses the
disclosure to be made by a guarantor in its interim and annual financial
statements about its obligations under guarantees.  FIN No. 45 also requires
the guarantor to recognize a liability for the non-contingent component of the
guarantee, which is the obligation to stand ready to perform in the event that
specified triggering events or conditions occur.  The recognition and
measurement provisions of FIN No. 45 are effective for all guarantees entered
into or modified after December 31, 2002.  The adoption of this standard did
not significantly impact the consolidated financial statements.

<PAGE> 53

In January 2003, the FASB issued Interpretation No. 46, "Consolidation of
Variable Interest Entities", ("FIN No. 46") an interpretation of ARB No. 51.
FIN No. 46, as amended addresses consolidation by business enterprises of
variable interest entities.  FIN No. 46 applies immediately to variable
interest entities created after January 31, 2003 and to variable interest
entities in which an enterprise obtains an interest after that date.  FIN No.
46 applies in the first year or interim period ending after December 15, 2003
to variable interest entities in which an enterprise holds a variable interest
that it acquired before February 1, 2003.  The Company does not have an
interest in any variable interest entity and therefore the adoption of FIN No.
46 did not impact our consolidated financial statements.

In April 2003, the FASB issued SFAS No. 149, "Amendment of Statement 133 on
Derivative Instruments and Hedging Activities", which amends and clarifies
accounting for derivative instruments, including certain derivative
instruments embedded in other contracts, and for hedging activities under SFAS
No. 133.  SFAS No. 149 is effective for contracts entered into or modified
after June 30, 2003 and for hedging relationships designated after June 30,
2003.  The adoption of SFAS No. 149 did not have an impact on our consolidated
financial statements.

In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain Financial
Instruments with Characteristics of both Liability and Equity", which
establishes standards for how an issuer classifies and measures certain
financial instruments with characteristics of both liability and equity in its
statement of financial position.  SFAS No. 150 is effective for new or
modified financial instruments beginning June 1, 2003, and for existing
instruments beginning August 1, 2003.  The adoption of SFAS No. 150 did not
have an impact on our consolidated financial statements.

2.  INVENTORIES

Inventories consisted of the following:


March 31,                                    2004            2003
                                        ------------    ------------
   Materials and supplies               $  1,486,000    $    980,000
   Work-in-progress                          265,000         268,000
   Finished goods                            588,000         120,000
                                        ------------    ------------
                                        $  2,339,000    $  1,368,000
                                        ============    ============
<PAGE> 54

3.   PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

March 31,                                    2004            2003
                                        ------------    ------------
   Land and improvements                $  2,179,000    $  2,156,000
   Machinery and equipment                 8,115,000       6,717,000
   Furniture and fixtures                  2,187,000       1,925,000
   Leasehold improvements                    775,000         731,000
   Building and improvements               6,818,000       3,702,000
   Construction in progress                     -          1,844,000
                                        ------------    ------------
                                        $ 20,074,000    $ 17,075,000
Less accumulated depreciation and
  amortization                            (6,844,000)     (5,419,000)
                                        $ 13,230,000    $ 11,656,000
                                        ============    ============

4.  DISCONTINUED OPERATIONS

In November 2002, the Company completed its plan for exiting and selling the
assets of the specialty office seating and systems segment of its business
(the CenterCore and DO Group businesses).  This plan was originally approved
by the Company's Board of Directors in June 2001.  Since that time and in
accordance with Accounting Principles Board (APB) Opinion No. 30, Reporting
the Results of Operations   Reporting the Effects of Disposal of a Segment of
a Business, and Extraordinary Unusual and Infrequently Occurring Events and
Transactions, the Company treated the DO Group and CenterCore segment of its
operations as a discontinued operation.  At the time that the plan was
originally formulated, an estimated $3,256,000 loss was accrued for in the
three months ended June 30, 2001 to account for the expected losses on
disposal and estimated operating losses through the disposal date.  After the
completion of the plan, the actual net loss, after tax was determined to be
$2,511,000.  Since the amount of loss that was originally estimated and
accrued for in the June 2001 quarter of $3,256,000 was higher than this
amount, the Company recognized a gain, net of tax, of  $745,000, in the three
month period ended December 31, 2002. The sale of the assets of this segment
was completed in three transactions.  The first two transactions took place in
September and October  2001.  The final transaction occurred in November 2002.

In September 2001, the Company completed the sale of its JG auditorium seating
line, a product line of DO Group.  The Company sold its inventory,
intellectual property, tooling, and limited machinery and equipment related to
this product line for $88,000.  The book value of these assets at the time of
sale was approximately $20,000.

In October 2001, the Company completed the sale of its Domore seating line, a
product line of DO Group.  The Company sold inventory, intellectual property,
tooling, machinery and equipment, and limited furniture and fixtures related
to this product line and its Elkhart headquarters for $150,000 in cash and
$350,000 of notes from the buyer.  The first note, totaling $100,000, bore
interest at the prime rate (adjusted monthly) as published by the Wall Street
Journal, requires monthly payments of interest only.  The principal amount of
this note was due in April 2003.  The second note, totaling $250,000, which
also bears interest at the prime rate, required monthly payments of interest

<PAGE> 55

only from November 2001 through January 2002 and has required monthly
principal and interest payments since February 2002.  This note is being
amortized over a five-year period with a balloon payment for the remaining
unpaid principal balance due at the end of three years in January 2005.  The
notes are secured by a subordinated security interest in all of the assets of
the buyer.  Both of these notes were discounted using a 20% interest rate and
valued on the balance sheet at $82,000 and $185,000 respectively.  Due to the
uncertainty of the collectability of the notes, the Company established a
reserve for the entire notes receivable balance and any accrued interest
receivable.  As of March 31, 2004, the buyer had paid off the first note and
is current on the second note.

In November 2002, the Company completed the sale of its specialty office
systems line.  The Company sold inventory, property, plant, tooling,
machinery, equipment, and intellectual property related to the systems line
for a net $250,000 in cash.  The Company retained existing accounts
receivable, deferred tax assets and certain liabilities.

5.  NOTES RECEIVABLE AND INVESTMENT IN SUBSIDIARY

During the quarter ended March 31, 2002, the Company paid $50,000 as a good
faith deposit for technology to be used in a separate startup development
company to investigate the commercial development of a new technology.  During
the quarter ended December 31, 2002, the Company paid an additional $82,000.
This technology investment of $132,000 was contributed to a startup
development company for a 50 percent equity ownership in this company.  The
other 50 percent interest in the technology was contributed by the other 50
percent owner.  The Company has entered into a royalty agreement with the
shareholder owning the other 50 percent share of the startup development
company on some of the materials sold by the startup company.  The Company has
also extended a line of credit of $125,000 to the shareholder owning the other
50 percent share of the startup development company which is secured by the
shareholder's ownership in the company and future royalty payments.  The line
of credit, which bears interest at the prime rate (adjusted monthly) as
published by the Wall Street Journal, requires an initial payment of the
accrued interest six months after the line was extended.  Thereafter, monthly
payments of interest only are required from June 1, 2003 until November 30,
2004 at which time, the full amount of the outstanding line is due and
payable.  Currently, interest payments due are being offset by royalty amounts
due.  As of March 31, 2004, the full credit line of $125,000 was outstanding
and included in prepaid and other current assets.

During the quarter ended March 31, 2002, the Company entered into an agreement
with a dealer for the Company's multipurpose room furniture in Australia and
created a note receivable for $365,000.  This note, which bears interest at
the prime rate, requires monthly payments of interest and principal in the
amount of $6,000 and is being amortized over a six and one half year period.
The note is secured by all of the assets of the dealership and by personal
guarantees from the principals of the dealership.  The Company has created a
reserve of $150,000 for this note receivable.  At March 31, 2004, the gross
value of this note receivable was $248,000.  At March 31, 2004, $54,000 was
the current portion of this note receivable, which is included in prepaid
expenses and other current assets.  As of March 31, 2004, the dealer was
current on payments on this note receivable.

<PAGE> 56

6.  LINE OF CREDIT

The Company's wholly-owned subsidiary, Broda Enterprises had a line of credit,
bearing interest at Canadian prime (4.25 percent at March 31, 2004) which is
secured by a General Security Agreement, an assignment of insurance and
guarantees by the Company.  The limit on this loan is $765,000.  At March 31,
2004 and 2003, no balance was outstanding.  Among other restrictions, this
credit facility requires the maintenance of certain financial ratios and
levels of working capital.  As of March 31, 2004, the Company was in full
compliance with the loan covenants related to this credit facility.


7.  ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:


March 31,                                    2004            2003
                                        ------------    ------------
  Accrued payroll and payroll taxes     $  1,236,000    $    931,000
  Accrued warranty                           416,000         365,000
  Other                                      383,000         343,000
                                        ------------    ------------
                                        $  2,035,000    $  1,639,000
                                        ============    ============


8.  COMMON STOCK OPTIONS

At March 31, 2004, the Company has two stock incentive plans, the 1990 Stock
Option Plan (the "1990 Plan") and the 1997 Stock Incentive Plan (the "1997
Plan").  The Company authorized and reserved 750,000 shares of common stock
for issuance under the 1990 Plan and 900,000 shares of common stock for
issuance under the 1997 Plan. The purchase price for the shares under the
Plans is equal to the fair value of the common stock at the date the options
are granted as determined by the closing price listed on The Nasdaq Stock
Exchange except for shareholders holding more than ten percent of the
outstanding stock, whose options are issued at a ten percent premium to the
then current market value.  A table of stock option activity is shown below:

<PAGE> 57

                                   Number           Weighted Average
                                 of Options          Exercise Price
                                 ----------          --------------
Outstanding at April 1, 2001       689,142                $ 8.10
     Granted                       122,850                  8.62
     Exercised                     (32,192)                 6.07
     Forfeited                     (50,227)                10.72
                                 ----------          --------------
Outstanding at March 31, 2002      729,573                  8.09
     Granted                        36,025                 12.14
     Exercised                     (42,698)                 5.33
     Forfeited                     (94,152)                 8.63
                                 ----------          --------------
Outstanding at March 31, 2003      628,748                  8.43
     Granted                       115,000                 17.02
     Exercised                    (166,493)                 6.47
     Forfeited                     (13,893)                11.23
                                 ----------          --------------
Outstanding at March 31, 2004      563,362                $10.70
                                 ==========          ==============

Options exercisable at March 31, 2004, 2003 and 2002 were 387,138, 484,170,
and 432,053, respectively.  Options vest over a one- to four-year period and
are generally exercisable over ten-years.

The following table summarizes the combined information from the 1990 and 1997
Plans' options outstanding at March 31, 2004:


              Options  Outstanding                      Options Exercisable
    -------------------------------------------------   --------------------
                                Weighted
                                 Average
     Range of                  Remaining    Weighted                Weighted
     Exercise       Number    Contractual    Average       Number    Average
     Prices      Outstanding      Life      Exercise     Exercis-   Exercise
                              (in years)       Price         able      Price
 -------------   -----------  -----------   --------     --------   --------
 $4.08 - $5.75        60,000      1.90        $ 4.92       60,000     $ 4.92
  6.78 -  8.20       124,521      6.60          6.95       90,103       6.98
  9.70 - 11.75       209,890      5.35         10.30      189,862      10.33
 12.10 - 12.15        32,601      8.92         12.13        9,323      12.14
 12.96 - 15.50        47,850      7.59         15.14       37,850      15.14
         17.90        88,500     10.05         17.90            0        N/A
 -------------   -----------  -----------   --------     --------   --------
 $4.08 -$17.90       563,362      6.39       $ 10.70      387,138     $ 9.23
 =============   ===========  ===========   ========     ========   ========

The fair value of each option grant is estimated on the date of grant using
the Black-Scholes option-pricing model with the following weighted-average
assumptions used for grants in 2004, 2003 and 2002, respectively: expected
volatility of 44 percent, 45 percent, and 44 percent, risk free interest rates
of 2.24 percent, 2.29 percent and 3.62 percent, and expected lives of one to
four years.  Under SFAS No. 148, the weighted average fair value per share of
options issued during the years ended March 31, 2004, 2003 and 2002 was $6.00,
$4.21, and $2.96, respectively.

<PAGE> 58

9.  EMPLOYEE BENEFIT PLANS

In January 1995, the Company established a defined contribution plan which
qualifies under Section 401(k) of the Internal Revenue Code.  The plan
provides retirement benefits for employees meeting minimum age and service
requirements.  Participants may contribute up to 20 percent of their gross
wages, subject to certain limitations.  The plan provides for discretionary
matching contributions by the Company, as determined by the Board of
Directors.  The discretionary amounts contributed to the plan for the years
ended March 31, 2004, 2003 and 2002 were $107,000, $86,000, and $88,000,
respectively.

In October 1996, the Board of Directors reserved up to 37,500 shares of MITY
Enterprises common stock to be issued under the provisions of the 401(k) plan.
An additional 50,000 shares of common stock were reserved in January 2000 and
an additional 100,000 shares of common stock were reserved in March 2002.
Shares are issued to the plan on a quarterly basis.  The amounts issued to the
plan in MITY Enterprises common stock for the years ended March 31, 2004, 2003
and 2002 were $103,000, $152,000, and $223,000, respectively.  As of March 31,
2004, 119,889 shares had been issued under the provisions of the plan.


10.  INCOME TAXES

Income tax expense (benefit) from continuing operations consisted of the
following components:


Year Ended March 31,        2004           2003            2002
                       ------------   ------------    ------------
  Current:
    Federal            $  1,708,000   $   (455,000)   $  2,121,000
    State                   244,000        (29,000)        330,000
    Foreign                 431,000        340,000         460,000
                       ------------   ------------    ------------
  Total current           2,383,000       (144,000)      2,911,000

  Deferred:
    Federal                 359,000      2,295,000        (101,000)
    State                    35,000        204,000         (10,000)
    Foreign                 (11,000)        12,000         (28,000)
                       ------------   ------------    ------------
  Total deferred            383,000      2,511,000        (139,000)
                       ------------   ------------    ------------
                       $  2,766,000   $  2,367,000    $  2,772,000
                       ============   ============    ============

The tax provisions for continuing operations were at effective rates as
follows:

<PAGE> 59

Year Ended March 31,              2004           2003            2002
                             ------------   ------------    ------------

Federal statutory tax rates       34.0%          34.0%          34.0%
State / provincial income
 taxes, net of federal benefit     3.3            3.3            3.3
Foreign tax                         -              -             0.6
Goodwill amortization               -              -             0.6
Meals and entertainment            0.2            0.2            0.2
Foreign sales                     (0.5)          (0.8)          (0.7)
Other                              0.2            0.2            0.6
                             ------------   ------------    ------------
                                  37.2%          36.9%          38.6%
                             ============   ============    ============

The tax effects of temporary differences that give rise to significant
portions of deferred tax assets and deferred tax liabilities are as follows:



March 31,                                 2004                  2003
                                  -------------------    --------------------
                                  Current   Long Term    Current    Long Term
                                  --------- ---------    ---------- ---------
Deferred tax assets:
  Allowance for doubtful accounts   $94,000               $98,000
  Inventory                           2,000                 2,000
  Vacation accrual                   47,000                47,000
  Warranty reserve and accrual      217,000               165,000
  Discontinued operations            69,000               201,000
  Net operating loss carryforward   121,000  $105,000     121,000    $347,000
  AMT credit                                   30,000                  30,000
  Reserve on notes receivable                  56,000                  72,000
  Other accruals                     18,000                 1,000
                                  --------- ---------    ---------- ---------
Total                               568,000   191,000     635,000     449,000

Deferred tax liabilities:
  Depreciation and amortization              (128,000)                (73,000)
                                  --------- ---------    ---------- ---------
Net deferred tax asset             $568,000  $ 63,000    $635,000    $376,000
                                  ========= =========    ========== =========

At March 31, 2004, the Company had $605,000 of consolidated net operating loss
carryforwards for federal income tax purposes which expire through 2011.  The
utilization of tax net operating losses may be subject to specified
limitation.

11.  COMMITMENTS AND CONTINGENCIES

The Company leases two buildings in its Waterloo, Ontario, Canada location
under an operating lease which expires in August 2004.  The current agreement
requires lease payments of $16,000 Canadian (approximately US $12,000) per
month through the end of the lease.

<PAGE> 60

As of March 31, 2004, the Company had no operating leases with terms in excess
of one year.

Total rent expense was $132,000, $148,000, and $477,000 for the years ended
March 31, 2004, 2003 and 2002, respectively.

At March 31, 2004, the Company has committed to purchasing $352 ,000 in raw
materials inventory.

The Company has certain alleged obligations of up to $2.3 million related to a
defined benefit pension plan and $0.2 million related to a wage dispute
resulting from exiting and selling its specialty office seating and systems
business.  The Company does not believe that it is liable for either of these
amounts and plans to vigorously defend its positions.  At this time, the
Company is unable to determine what its liability will be.

The Company has been named as defendant in certain lawsuits.  While the
Company cannot predict the results of these actions, management believes,
based in part on the advice of legal counsel, that the liability, if any,
resulting from such litigation and claims will not have a material affect on
the consolidated financial statements.

12.  BUSINESS SEGMENT INFORMATION

Management views the Company as being two business segments: multipurpose room
furniture and healthcare seating.  The multipurpose room furniture business
segment manufactures and markets lightweight, durable, folding leg tables,
folding chairs, stacking chairs, lecterns,  and other related products.  The
Company's healthcare seating segment manufactures and markets healthcare
chairs and related products.  The Company's healthcare seating segment
includes all of the Company's foreign-based sales.

Reportable segment data reconciled to the consolidated financial statements
for the fiscal year ended March 31, 2004, 2003 and 2002 are as follows:



Fiscal Year Ended March 31,               2004          2003          2002
                                      -----------   -----------   -----------
   Net sales:
       Multipurpose room furniture    $38,140,000   $35,140,000   $35,334,000
       Healthcare seating               6,208,000     5,070,000     4,760,000
                                      -----------   -----------   -----------
                                      $44,348,000   $40,210,000   $40,094,000
                                      ===========   ===========   ===========
   Income from continuing operations:
       Multipurpose room furniture    $ 6,238,000   $ 5,198,000   $ 5,708,000
       Healthcare seating               1,303,000     1,093,000     1,099,000
                                      -----------   -----------   -----------
                                      $ 7,541,000   $ 6,291,000   $ 6,807,000
                                      ===========   ===========   ===========
   Depreciation & amortization expense:
       Multipurpose room furniture    $ 1,502,000   $ 1,116,000   $ 1,027,000
       Healthcare seating                 132,000        75,000       151,000
                                      -----------   -----------   -----------
                                      $ 1,634,000   $ 1,191,000   $ 1,178,000
                                      ===========   ===========   ===========
<PAGE> 61

   Capital expenditures, net:
       Multipurpose room furniture    $ 3,101,000   $ 6,370,000   $ 1,070,000
       Healthcare seating                 169,000       207,000       128,000
                                      -----------   -----------   -----------
                                      $ 3,270,000   $ 6,577,000   $ 1,198,000
                                      ===========   ===========   ===========


March 31,                                           2004           2003
                                               ------------    ------------
     Total assets:
          Multipurpose room furniture          $ 28,042,000    $ 22,364,000
          Healthcare seating                      3,914,000       3,038,000
                                               ------------    ------------
                                               $ 31,956,000    $ 25,402,000
                                               ============    ============


13.  SUBSEQUENT EVENT

On April 1, 2004, the Company acquired the assets of Versipanel, LLC, a
privately-owned designer, manufacturer and marketer of a variety of portable
partitions based in Phoenix, Arizona for an initial payment of $1.2 million on
April 1, 2004.  The Company will pay up to an additional $0.3 million (for a
total of $1.5 million), depending upon meeting sales targets over the next
year.  The transaction will be treated for accounting purposes as a purchase.




ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

          None to report.


ITEM 9A.  CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures.  Under the supervision and
with the participation of our management, including our Chief Executive
Officer and Chief Financial Officer, we evaluated the effectiveness of the
design and operation of our disclosure controls and procedures (as defined in
Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the
"Exchange Act")).  Based upon that evaluation, the Chief Executive Officer and
Chief Financial Officer concluded that, as of the end of the period covered by
this report, our disclosure controls and procedures were adequately designed
to ensure that information required to be disclosed by us in the reports we
file or submit under the Exchange Act is recorded, processed, summarized and
reported within the time periods specified in applicable rules and forms.

Changes in internal control over financial reporting.  During the most recent
fiscal quarter ended March 31, 2004, there has been no change in our internal
control over financial reporting (as defined in Rule 13a(f) and 15d-15(f)
under the Exchange Act) that has materially affected, or is reasonably likely
to materially affect, our internal control over financial reporting.

<PAGE> 62

                                PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

The information required by this Item is incorporated by reference to the
sections of the Company's Proxy Statement filed in connection with its 2004
Annual Meeting of Stockholders entitled "Nominees" and "Directors and
Executive Officers."

AUDIT COMMITTEE FINANCIAL EXPERT

The Board of Directors of the Company has determined that each of Hal B.
Heaton, Chair of the Audit Committee, and Audit Committee member Ralph E.
Crump is an audit committee financial expert as defined by Item 401(h) of
Regulations S-K of the Securities Exchange Act of 1934, as amended (the
"Exchange Act") and is independent within the meaning of Item 7(d)(3)(iv) of
Schedule 14A of the Exchange Act.

CODE OF ETHICS

The Company has adopted a code of business conduct and ethics for directors,
officers and executives.  The Code of Ethics is available on the Company's
website at www.mityinc.com.  Shareholders may request a free copy of the Code
of Ethics from the Company at MITY Enterprises, Inc., Attn: Investor
Relations, 1301 West 400 North, Orem, UT 84057.



ITEM 11.  EXECUTIVE COMPENSATION

The information required by this item is incorporated by reference to the
section of the Company's Proxy Statement filed in connection with its 2004
Annual Meeting of Stockholders entitled "Executive Compensation."


ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The information required by this item is incorporated by reference to the
section of the Company's Proxy Statement filed in connection with its 2004
Annual Meeting of Stockholders entitled "Security Ownership of Management and
Others."


ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The information required by this item is incorporated by reference to the
sections of the Company's Proxy Statement filed in connection with its 2004
Annual Meeting of Stockholders entitled "Executive Compensation" and "Certain
Transactions."


ITEM 14.  PRINCIPAL ACCOUNTING FEES AND SERVICES

The information required by this item is incorporated by reference to the
sections of the Company's Proxy Statement filed in connection with its 2004
Annual Meeting of Stockholders entitled "Auditor's Fees."

<PAGE> 63


                                  PART IV

ITEM 15.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

               (A)  Exhibits



                           INDEX TO EXHIBITS

EXHIBIT NO.                 DESCRIPTION


2.1
Contribution Agreement dated as of March 24, 1997 by and among Estate of
Chester E. Dekko, David Kebrdle, Dennis and Mary M. Kebrdle, Domenic and
Martha S. Federico, ChiCol Group, Inc., DO Group, Inc., Sican Corp., Sican II
Corp., DO Group Holding, Inc. and Mity-Lite, Inc. incorporated by reference to
the referenced exhibit number to the Company's Form 8-K dated March 31, 1997.

2.2
Stock Purchase Agreement dated as of March 13, 1997 between Mity-Lite, Inc.
and Xaio, Inc. incorporated by reference to the referenced exhibit number to
the Company's Form 8-K dated March 31, 1997.

2.3
Stock Purchase Agreement dated as of March 13, 1997 between Mity-Lite, Inc.
and Ellman Equities, Inc. incorporated by reference to the referenced exhibit
number to the Company's Form 8-K dated March 31, 1997.

2.4
Stock Purchase Agreement dated as of March 13, 1997 between Mity-Lite, Inc.
and Key Equity Capital Corporation incorporated by reference to the referenced
exhibit number to the Company's Form 8-K dated March 31, 1997.

2.5
Stock Purchase Agreement dated as of March 13, 1997 between Mity-Lite, Inc.
and National City Capital Corporation incorporated by reference to the
referenced exhibit number to the Company's Form 8-K dated March 31, 1997.

2.6
Stock Purchase Agreement dated as of March 13, 1997 between Mity-Lite, Inc.
and Cardinal Development Capital Fund I incorporated by reference to the
referenced exhibit number to the Company's Form 8-K dated March 31, 1997.

2.7
Term Loan Agreement dated as of March 24, 1997 between Mity-Lite, Inc. and
Sican Corp. incorporated by reference to the referenced exhibit number to the
Company's Form 8-K dated March 31, 1997.

2.8
Put Agreement dated as of March 24, 1997 by and among Mity-Lite, Inc. and
Dennis Kebrdle, David Kebrdle, Domenic Federico, ChiCol Group, Inc., Sican II
Corp., and DO Group, Inc. incorporated by reference to the referenced exhibit
number to the Company's Form 8-K dated March 31, 1997.

<PAGE> 64

2.9
Stock Purchase Agreement dated as of November 20, 1998, by and among Mity-Lite
Acquisition Corp. and Stephen E. Brotherston, Glenn C. Brotherston, Ian D.
Brotherston, Margaret E. Brotherston and Sandra L. Brotherston incorporated by
reference to the referenced exhibit number to the Company's Form 8-K dated
November 25, 1998.

2.10
Asset Purchase Agreement dated as of April 9, 1999, by and among The
CenterCore Group, Inc., a Delaware Corporation, Fleet Capital Corporation, a
Rhode Island Corporation, and C Core, Inc., a Utah Corporation and wholly
owned subsidiary of Mity-Lite, Inc. incorporated by reference to the
referenced exhibit number to the Company's Form 8-K dated April 9, 1999.

2.11
Form of Assignment Agreement by and among BOCCC, Inc., a Utah Corporation and
wholly owned subsidiary of Mity-Lite, Inc., and various parties holding
subordinated debt instruments of The CenterCore Group, Inc.  This form of
Assignment Agreement is substantially the same agreement that was signed by
BOCCC, Inc. and nine different subordinated debt holders incorporated by
reference to the referenced exhibit number to the Company's Form 8-K dated
April 9, 1999.

2.12
Stock Purchase Agreement, By and Among DO Group Holding, Inc., David Kebrdle,
Mary M. Kebrdle, Martha S. Federico, Estate of Chester E. Dekko, Dennis
Kebrdle, Domenic Federico and Mity-Lite, Inc. dated March 17, 2000
incorporated by reference to the referenced exhibit number to the Company's
Form 8-K dated April 1, 2000.

3.1
Amended and Restated Articles of Incorporation of the Registrant incorporated
by reference to the referenced exhibit number to the Company's Registration
Statement on Form SB-2, Reg. No. 33-76758-D.

3.2
Amended and Restated Bylaws of the Registrant incorporated by reference to the
referenced exhibit number to the Company's Registration Statement on Form
SB-2, Reg. No. 33-76758-D.

3.3
First Amendment to the Amended and Restated Bylaws of Registrant incorporated
by reference to the referenced exhibit number to the Company's Registration
Statement on Form SB-2, Reg. No. 33-76758-D.

4.1
Form of Stock Certificate incorporated by reference to the referenced exhibit
number to the Company's Registration Statement on Form SB-2, Reg. No.
33-76758-D.

10.1
Revolving Note dated March 16, 1992 and Revolving Loan Agreement dated March
16, 1992 between the Registrant and First Security Bank of Utah, N.A.
incorporated by reference to the referenced exhibit number to the Company's
Registration Statement on Form SB-2, Reg. No. 33-76758-D.

<PAGE> 65

10.2
Modification Agreement dated March 16, 1993 between the Registrant and First
Security Bank of Utah, N.A. incorporated by reference to the referenced
exhibit number to the Company's Registration Statement on Form SB-2, Reg. No.
33-76758-D.

10.3
Lease Agreement dated November 1, 1993 between the Registrant and the Walter
M. and Orpha M. Lewis Family Trust incorporated by reference to the referenced
exhibit number to the Company's Registration Statement on Form SB-2, Reg. No.
33-76758-D.

10.4
Trademark License dated November 23, 1993 between the Registrant and R.D.
Werner Co., Inc. incorporated by reference to the referenced exhibit number to
the Company's Registration Statement on Form SB-2, Reg. No. 33-76758-D.

10.5
Solicitation, Offer and Award Contract between the Registrant and the General
Services Administration Federal Supply Service dated January 27, 1992 (issued
March 6, 1990) and Amendments thereto dated January 27, 1992 (effective July
16, 1990), January 27, 1992 (effective December 1, 1990), January 27, 1992
(effective December 28, 1991) and the Revision of August 24, 1992 incorporated
by reference to the referenced exhibit number to the Company's Registration
Statement on Form SB-2, Reg. No. 33-76758-D.

10.6
Notice of Contract Award dated June 23, 1993 between the Registrant and the
Commonwealth of Virginia, Department of General Services Division of Purchases
and Supply incorporated by reference to the referenced exhibit number to the
Company's Registration Statement on Form SB-2, Reg. No. 33-76758-D.

10.7
Agreement dated July 26, 1990 between the Registrant and the State of Utah,
Department of Administrative Services and Revisions thereto dated March 8,
1991, June 5, 1991, and May 19, 1992 and March 10, 1993 incorporated by
reference to the referenced exhibit number to the Company's Registration
Statement on Form SB-2, Reg. No. 33-76758-D.

10.8
Agreement dated December 17, 1991 between the Registrant and the Air Force
Nonappropriated Fund Purchasing Office incorporated by reference to the
referenced exhibit number to the Company's Registration Statement on Form
SB-2, Reg. No. 33-76758-D.

10.9
Purchasing Contract effective October 1, 1993 between the Registrant and The
Corporation of the Presiding Bishop of The Church of Jesus Christ of
Latter-Day Saints incorporated by reference to the referenced exhibit number
to the Company's Registration Statement on Form SB-2, Reg. No. 33-76758-D.

10.10
Employment Agreement with attached Proprietary Information Agreement dated
effective as of May 21, 1993 between Registrant and Gregory L. Wilson
incorporated by reference to the referenced exhibit number to the Company's
Registration Statement on Form SB-2, Reg. No. 33-76758-D.

<PAGE> 66

10.11
Employment Agreement with attached Proprietary Information Agreement dated
effective as of May 21, 1993 between Registrant and Stanley L. Pool
incorporated by reference to the referenced exhibit number to the Company's
Registration Statement on Form SB-2, Reg. No. 33-76758-D.

10.12
Employment Agreement with attached Proprietary Information Agreement dated
effective as of May 21, 1993 between Registrant and Kenneth A. Law
incorporated by reference to the referenced exhibit number to the Company's
Registration Statement on Form SB-2, Reg. No. 33-76758-D.


10.13
Employment Agreement with attached Proprietary Information Agreement dated
effective as of February 16, 1994 between Registrant and Brent Bonham
incorporated by reference to the referenced exhibit number to the Company's
Registration Statement on Form SB-2, Reg. No. 33-76758-D.

10.14
Employment Agreement with attached Proprietary Information Agreement dated
effective as of February 16, 1994 between Registrant and Bradley T Nielson
incorporated by reference to the referenced exhibit number to the Company's
Registration Statement on Form SB-2, Reg. No. 33-76758-D.

10.15
1990 Stock Option Plan, as amended and Form of Stock Option Agreements
incorporated by reference to the referenced exhibit number to the Company's
Registration Statement on Form SB-2, Reg. No. 33-76758-D.

10.16
Form of Indemnification Agreements between Registrant and officers and
directors of Registrant incorporated by reference to the referenced exhibit
number to the Company's Registration Statement on Form SB-2, Reg. No.
33-76758-D.

10.17
Form of Lock-up Agreements with Shareholders incorporated by reference to the
referenced exhibit number to the Company's Registration Statement on Form
SB-2, Reg. No. 33-76758-D.

10.18
Form of Confidentiality Agreement entered into with employees of the
Registrant incorporated by reference to the referenced exhibit number to the
Company's Registration Statement on Form SB-2, Reg. No. 33-76758-D.

10.19
Key-Man Insurance Policy between the Company and Chubb Sovereign Life
Insurance Company incorporated by reference to the referenced exhibit number
to the Company's Registration Statement on Form SB-2, Reg. No. 33-76758-D.

10.20
Distributor Agreement between the Company and Sebel Furniture Limited dated
February 14, 1994 incorporated by reference to the referenced exhibit number
to the Company's Form 10-KSB for the year ended March 31, 1994.

<PAGE> 67

10.21
Lease Agreement dated March 31, 1995 between the Company and the Walter M. and
Orpha M. Lewis Family Trust incorporated by reference to the referenced
exhibit number to the Company's Form 10-KSB for the year ended March 31, 1995.

10.22
Exclusive Distributor Agreement between the Company and Mobilite International
Limited (aka Mity-Lite (Europe) Limited) incorporated by reference to the
referenced exhibit number to the Company's Form 10-KSB for the year ended
March 31, 1995.

10.23
Purchasing Contract effective October 1, 1995 between the Registrant and The
Corporation of the Presiding Bishop of The Church of Jesus Christ of
Latter-Day Saints incorporated by reference to the referenced exhibit number
to the Company's Form 10-QSB for the quarter ended December 31, 1995.

10.24

Promissory Note dated December 6, 1995 between the Registrant and Zions First
National Bank incorporated by reference to the referenced exhibit number to
the Company's Form 10-QSB for the quarter ended December 31, 1995.

10.25
Promissory Note dated October 27, 1995 between Registrant and First Security
Bank incorporated by reference to the referenced exhibit to the Company's Form
10-KSB for the year ended March 31, 1996.

10.26
Summary Plan Description and Basic Plan Document for the 1995 Mity-Lite,Inc.
Employee Retirement Plan incorporated by reference to the referenced exhibit
number to the Company's Form 10-KSB for the year ended March 31, 1996.

10.27
Promissory Note dated January 23, 1997  between the Registrant and Zions First
National Bank incorporated by reference to the referenced exhibit number to
the Company's Form 10-KSB for the year ended March 31, 1997.

10.28
Modification Agreement (dated October 27, 1996) to Promissory Note dated
October 27, 1995 between the Registrant and First Security Bank incorporated
by reference to the referenced exhibit number to the Company's Form 10-KSB for
the year ended March 31, 1997.

10.29
Lease Agreement Amendment dated October 31, 1996 between the Company and the
Walter M. and Orpha M. Lewis Family Trust incorporated by reference to the
referenced exhibit number to the Company's Form 10-KSB for the year ended
March 31, 1997.

10.30
Promissory Note dated December 15, 1997  between the Registrant and Zions
First National Bank incorporated by reference to the referenced exhibit number
to the Company's Form 10-KSB for the year ended March 31, 1998.

<PAGE> 68

10.31
Modification Agreement (dated October 25, 1997) to Promissory Note dated
October 27, 1995 between the Registrant and First Security Bank incorporated
by reference to the referenced exhibit number to the Company's Form 10-KSB for
the year ended March 31, 1998.

10.32
1997 Stock Incentive Plan and Form of Agreements incorporated by reference to
the referenced exhibit number to the Company's Form 10-KSB for the year ended
March 31, 1998.

10.33
Promissory Note dated November 18, 1998 between the Registrant and Zions First
National Bank incorporated by reference to the referenced exhibit number to
the Company's Form 10-K for the year ended March 31, 1999.

10.34
Promissory Note dated May 26, 2000 between the Registrant and Zions First
National Bank incorporated by reference to the referenced exhibit number to
the Company's Form 10-K for the year ended March 31, 2000.

10.35
Form of Employment Agreement between the Company and its Executive Officers
incorporated by reference to the referenced exhibit number to the Company's
Form 10-K for the year ended March 31, 2001.


11.1
Statement Regarding Computation of Per Share Earnings.

21
Subsidiaries of Registrant.

23.1
Consent of Deloitte & Touche LLP.

31.1
Certification of CEO Pursuant to Rule 13a-14(a) of the Exchange Act, as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2
Certification of CFO Pursuant to Rule 13a-14(a) of the Exchange Act, as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1
Certification of CEO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002

32.2
Certification of CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002

<PAGE> 69

     (B)  Reports on Form 8-K

          Form 8-K filed on January 28, 2004 to report Company's third
          quarter financial results.

          Form 8-K filed on April 1, 2004 to report the Company's purchase
          of Versipanel, LLC and increasing 4th quarter net sales growth
          estimate.

     (C)  Financial Statement Schedules

          Schedule II - Valuation and Qualifying Accounts

          All other schedules have been omitted because they are not
          required, not applicable, or the information is otherwise set forth
          in the financial statements or notes thereto.



INDEPENDENT AUDITORS' REPORT

To the Board of Directors and
  Shareholders of MITY Enterprises, Inc.:

We have audited the consolidated financial statements of MITY Enterprises,
Inc. and subsidiaries (the Company) as of March 31, 2004 and 2003, and for
each of the three years in the period ended March 31, 2004, and have issued
our report thereon dated May 19, 2004; such financial statements and report
are included elsewhere in this Form 10-K.  Our audits also included the
financial statement schedule of the Company, listed in Item 15.  This
financial statement schedule is the responsibility of the Company's
management.  Our responsibility is to express an opinion based on our audits.
In our opinion, such financial statement schedule, when considered in relation
to the basic consolidated financial statements taken as whole, presents fairly
in all material respects the information set forth therein.


Deloitte & Touche LLP

Salt Lake City, Utah
May 19, 2004


<PAGE> 70

                  MITY ENTERPRISES, INC. AND SUBSIDIARIES
              SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
             FOR THE YEARS ENDED MARCH 31, 2004, 2003 AND 2002



                                    Additions
                        Balance     Charged
                        at          to Costs      Deductions     Balance
                        Beginning   and           from           at End
                        of Period   Expenses      Reserves       of Period


ACCOUNTS RECEIVABLE ALLOWANCE:

Year ended:

     March 31, 2004    $ 235,000    $ 133,000      $  29,000    $ 339,000

     March 31, 2003      346,000       77,000        188,000      235,000

     March 31, 2002      302,000       73,000         29,000      346,000


INVENTORY RESERVES:

Year ended:

     March 31, 2004    $  28,000    $   3,000           -       $  31,000

     March 31, 2003       50,000         -         $  22,000       28,000

     March 31, 2002       25,000       25,000           -          50,000


RESERVES ON NOTES RECEIVABLE

Year Ended:

     March 31, 2004    $ 180,000    $ (30,000)          -       $ 150,000

     March 31, 2003      110,000      805,000      $ 735,000      180,000

     March 31, 2002         -         110,000           -         110,000

<PAGE> 71

                                      SIGNATURES

     In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Orem, State of Utah, on the 20th of
May, 2004.


                                         MITY ENTERPRISES, INC.

                                      By:/s/ Bradley T Nielson
                                         --------------------------------
                                         Bradley T Nielson, President, Chief
                                         Executive Officer


     In accordance with the Exchange Act, this report has been signed below
by the following persons on behalf of the registrant and in the capacities and
on the dates indicated:

    SIGNATURE                         TITLE                    DATE


/s/ Gregory L. Wilson       Chairman of the Board and        May 20, 2004
----------------------      Director
Gregory L. Wilson

/s/ Bradley T Nielson       President and Chief Executive    May 20, 2004
----------------------      Officer (Principal Executive
Bradley T Nielson           Officer)

/s/ Paul R. Killpack        Chief Financial Officer          May 20, 2004
----------------------      (Principal Financial and
Paul R. Killpack            Accounting Officer)

/s/ Ralph E. Crump          Director                         May 20, 2004
----------------------
Ralph E. Crump

/s/ Peter Najar             Director                         May 20, 2004
----------------------
Peter Najar

/s/ C. Lewis Wilson         Director                         May 20, 2004
----------------------
C. Lewis Wilson

/s/ Hal B. Heaton           Director                         May 20, 2004
----------------------
Hal B. Heaton