**U.S. SECURITIES AND EXCHANGECOMMISSION****Washington, D.C. 20549****Form 10 K/A****Amendment 1**

[X] ANNUAL REPORT PURSUANT TO SECTION 13OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 31, 2003

 OR

[  ] TRANSITION REPORTPURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from __________ to __________

Commission File No. 0 23242

**WEBCO INDUSTRIES, INC.**(Exact name of registrant as specified in its charter)

         Oklahoma                                                                              73 1097133       (State or other jurisdiction                                                               (I.R.S. Employerof incorporation or organization)                                                           Identification Number)

9101 West 21st StreetSand Springs, Oklahoma  74063(Address of principal executive offices, including zipcode)

Registrant's telephone number, includingarea code (918) 241 1000SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THEACT:  NoneSECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THEACT:

Common Stock, par value $.01(Title of class)

            Indicate by check mark whether the registrant (1) has filed all reports required tobe filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for the past 90days.  Yes [X]     No [    ]

             Indicateby check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S K(Sec. 229.405 of this chapter) is not contained herein, and will not be contained, to thebest of registrant's knowledge, in definitive proxy or information statements incorporatedby 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 definedin Rule 12b-2 of the Exchange Act).     [   ]Yes     [ X ] No

As of September 30, 2003, the aggregate marketvalue of the voting stock held by non-affiliates of the registrant was $8,431,000. 

On September 30, 2003, the number of sharesoutstanding of the registrant's common stock, $.01 par value, was 7,081,723 shares.

             **DOCUMENTS INCORPORATED BY REFERENCE:**  Portions of the Proxy Statement for theregistrant's 2003 Annual Meeting of Stockholders are incorporated by reference into Items10, 11, 12, 13 and 14 of Part III of this Form 10-K.

**EXPLANATORY NOTE**

           This Amendment No. 1 on Form 10-K/A amends Items 6, 7, 8 and 15 of the Annual Report onForm 10-K of Webco Industries, Inc. (the "Company") for the fiscal year endedJuly 31, 2003 as filed with the Securities and Exchange Commission on October 29, 2003(the "Annual Report").  This Form 10-K/A does not reflect events occurringafter the filing of the original Annual Report or modify or update those disclosuresaffected by subsequent events.

           As discussed in Note 1A, this Form 10-K/A restates the balance sheet classification ofoutstanding debt under the  Company's Senior Revolving Line of Credit("LOC") from long-term to current liabilities.  Accounting principlesrequire current classification of revolving lines of credit that permit borrowings on along-term basis when the line of credit contains both a lock-box arrangement, wherebyremittances to the lockbox automatically pay down the outstanding LOC, and loan terms thatallow the lender to declare the loan in default on a subjective basis.  Thisaccounting treatment is required regardless of the legal maturity date of the revolvingcredit arrangement.  The Company's LOC, which matures May 1, 2005, contains suchfeatures and accordingly, the accompanying financial statements have been restated toreclassify outstanding borrowings under the LOC to "Current portion of long-termdebt".  This change in balance sheet classification does not affect theConsolidated Statements of Operations or Consolidated Statements of Cash Flows.
| **WEBCO    INDUSTRIES, INC. AND SUBSIDIARY**      
**TABLE OF    CONTENTS**      
**PART II**      Item    6.     Selected Financial    Data          3Item    7.     Management's Discussion and Analysis of Financial                     Condition and Results of Operations4Item    8.     Financial Statements and Supplementary Data13    
**PART IV**      Item 15.      Exhibits, Financial Statement Schedules and                      Reports on Form 8 K34          
**WEBCO INDUSTRIES, INC. AND SUBSIDIARY**

**FORM 10 K**

**PART II**
 

**ITEM6.          SELECTED FINANCIAL DATA**

       The following table presents selected financial information for the Company as of the endof and for each of the five years in the period ended July 31, 2003, which has beenderived from the audited Financial Statements of the Company. 

       The selected financial data should be read in conjunction with the Financial Statements ofthe Company and notes thereto and "Management's Discussion and Analysis of FinancialCondition and Results of Operations" appearing elsewhere in this Form 10-K/A. 

**WEBCO INDUSTRIES, INC. AND SUBSIDIARY****Selected Financial Data****For the Years Ended July 31,**(Dollars in thousands, except per share data)            **Income Statement Data:**
**        2003**
**        2002**
**        2001**
**        2000**
**        1999**Net sales  
$ 175,769
$ 156,294
$ 148,279
$ 142,293
$ 135,058Gross profit
17,794
18,815
14,932
19,105
20,965Income from operations (2)
5,468
7,849
2,314 
4,822
7,084            Income (loss) from continuing    operations 
1,918
2,996
(1,494)
536
2,823Loss from discontinued    operation (1) 
-
(908)
(108)
(1,561)
(947)Net income (loss)
1,918
2,088
(1,602)
(1,025)
1,876            Diluted earnings (loss) per    share:             Income (loss)    from continuing operations 
.27
.42
(0.21)
.08
.40   Loss from    discontinued operation (1)
        -
(.13)
(0.02)
(0.22)
(.13)   Net income    (loss)
.27
.29
(0.23)
(0.14)
.27                        **Balance Sheet Data:**          Working capital (restated)
$   11,650
$    7,218
$     9,949
$  12,456
$   19,731Total assets
130,527
123,928
128,347
130,123
120,481 Long term debt (net of    current portion) (restated)
12,100
15,222
25,740
26,306
27,131Stockholders' equity
51,064
49,146
47,046
48,648
49,673
(1)           Theloss from the discontinued operation for all years relates to the operations of QuikWaterand the sale of that separate business segment in 2002.  See Note 4 to theconsolidated financial statements of this Form 10-K/A.

(2)           Fiscalyear 2002 includes a $1.58 million litigation award from an equipment vendor.

**ITEM7.          MANAGEMENT'S DISCUSSION ANDANALYSIS OF****                         FINANCIALCONDITION AND RESULTS OF OPERATIONS**

       The following discussion should be read in conjunction with the“Selected Financial Data” and the Financial Statements of the Company and notesthereto appearing elsewhere in this Form 10-K/A.

**Overview**        The Company'sphilosophy is to pursue growth and profitability through the identification of nichemarkets for tubular products where the Company can provide a high level of value-addedengineering and customer service in order to become the market leader.  The Companyuses its quality standards, information technology, customer service and manufacturingtechnology to achieve such market penetration.

       The Company continues to make significant technology investments and develop its revenuebase in selected niche markets.  The Company experienced continued revenue growthduring the year ended July 31, 2003, primarily due to improved volumes across allfacilities, despite the difficult economy.

        InMay 2002, the Company sold substantially all of the assets of its QuikWater Division andtreated the disposal as a discontinued operation.  The readershould refer to Note 4 - Discontinued Operation, in the footnotes to the consolidatedfinancial statements of this Form 10-K/A for additional information regarding this matter.  

**Results ofOperations**        The followingtable sets forth certain income statement data for each of the three years in the periodended July 31, 2003 (certain amounts may not calculate due to rounding):
  
**2003**
**2002**
**2001**  
DollarAmount
% of Net Sales
DollarAmount
% of Net Sales
DollarAmount
% of Net Sales    
(Dollars    in Millions)                Net sales 
$175.8
100.0%
$156.3
100.0%
$148.3
100.0%Gross profit
17.8
10.1
18.8
12.0
14.9
10.0Selling, general and    administrative expenses
12.3
7.0
12.5
8.0
12.6
8.5Income from operations (1)
5.5
3.1
           7.9
5.1
2.3
1.6
(1) - Fiscal 2002 income fromoperations was positively impacted by the previously disclosed litigation award of$1,580,000.

**Fiscal 2003 Compared with Fiscal2002**        Pressure andSpecialty Tubing Product sales increased $19.5 million, or 12.5 percent, to $175.8 millionin 2003 from $156.3 million in 2002.  The increase in net sales is primarily theresult of improved specialty tubing volumes across all facilities driven by new marketopportunities and the development of the Oil City, Pennsylvania, expansion capacity. Shipped tonnages improved 2.8% over fiscal 2002 mostly due to new market opportunities inthe specialty tubing markets.  Tonnage improvements over the prior year wereprimarily driven by the specialty OEM market.  Although the overall price per ton forthe Company’s products increased during the year, the change in sales-mix towardslower margin products resulted in a reduction in gross profit margin for the year as seenbelow.  Pricing pressure continues to depress the specialty tubing markets, which isreflected in the Company’s gross profit margin percentages for fiscal 2003.  

       Gross profit for Pressure and Specialty Tubing Products decreased to $17.8 million, or10.1 percent of net sales, in 2003 from $18.8 million, or 12.0 percent of net sales, in2002.  The decrease is primarily a function of the increase in volume in thespecialty OEM market, which historically has significant competition and pricingpressure.  Excess capacity and over-supply conditions continueto exist among most of the Company’s product lines.  Although increased production at the Oil City facility helpeddrive the increase in sales for the year, production problems and related operatinginefficiencies depressed margins at that location during the last half of the year.Shutdowns for repair and maintenance projects at the Company’s Sand Springs,Oklahoma, facility during the third quarter further reduced gross profit for the year. Margins were also adversely impacted by higher carbon steel raw material pricesduring fiscal 2003.

       Selling, general and administrative expenses were $12.3 million in fiscal 2003 comparedwith $12.5 million in fiscal 2002.  The second quarter of thecurrent year includes an insurance recoveryto the Company of $299,000 from a January 2001 fire at the Company’s Oil Cityfacility.  The Company had a reduction of$489,000 in employee incentive payments and executive bonus accruals in fiscal 2003 as a result of failing to achievebudgeted profitability levels.  These decreases were offset by an increase of$259,000 in enterprise resource planning expenses primarily due to a computer hardwaremigration project and a $311,000 increase in sales and marketing expenses driven by newmarket opportunities and increased sales volumes.

        In January2002, the Company recorded a litigation award from a previously disclosed lawsuit againstan equipment vendor.  The total judgment of $1.58 million has been collected, and theCompany does not anticipate any further action by either party in the case.

       Interest expense for fiscal 2003 decreased to $2,216,000 from $2,998,000 in fiscal2002.  The decrease in interest is primarily the result of the average interest ratedecreasing to 4.56 percent in 2003 from 5.96 percent in 2002.  The average level ofdebt under the bank Loan and Security Agreement decreased only slightly to $41.7 millionfor 2003 from $41.8 million for 2002.  The Company has historically elected for itsterm debt and a significant portion of its outstanding revolver to bear interest at afloating rate based on LIBOR.  Borrowing levels remained relatively flat as freeoperating cash flow was used to fund higher inventory levels and capital expendituresduring 2003.  A significant increase in interest rates could have a material impacton the Company's results of operations and cash flows.  Thereader should refer to Part II, Item 7A: "Quantitative and Qualitative Disclosuresabout Market Risk" of this Form 10-K for additional information regarding thismatter.

        The recordedincome tax provision is based upon the estimated annual combined effective federal andstate income tax rates.  The effective income tax rate for fiscal 2003 was 41.0percent compared to 38.4 percent in the priorfiscal year.  The highereffective tax rate resulted from the Company cashing in two key-man, whole-life insurancepolicies during the second quarter of fiscal 2003 and realizing a taxable gain on thetransaction.

        The steelindustry is characterized by changing customer demands, foreign competition, governmentinfluence on raw material and finished good import prices, as evidenced by trade tariffs,and financial instability among domestic steel producers.  Due to tariffs on carbonsteel coils and the rationalization of some domestic steel production, the Company's costof carbon steel coils increased in fiscal 2003.  The Company’s ability to passthese increased costs on to its customers is often not as related to the change in thecost of its steel coil raw materials as it is to the intense competition that exists inthe markets into which the tubing is being sold.    

        On March 31,2002, the Board of Directors approved a plan of divestiture for the Company's QuikWaterDivision and on May 10, 2002, the Company sold substantially all of the assets of thissegment to a group of independent investors and members of management of QuikWater, whichincluded Ashley Weber, daughter of F. William Weber, Chairman and Chief Executive Officerof the Company.  The purchase price for the assets was $100,000 paid in cash atclosing and an additional $300,000 that could be realized based on future earnings of thenew entity over a three year period.  None of theadditional $300,000 has been recorded on the sale due tomanagement's assessment of the contingent nature of the amount.  The sale of theQuikWater Division represents a disposal of a business segment under Statement ofFinancial Accounting Standards No. 144, "Accounting for the Impairment or Disposal ofLong-Lived Assets" (FAS 144).  Accordingly, prior period results of theQuikWater segment have been classified as discontinued.  A loss of $914,000 wasrecorded on the disposal of the business segment, net of realized proceeds, which includes$80,000 of related disposal costs.  The reader should refer to Part II, Item 8: Note4 - Discontinued Operation, in the footnotes to the consolidated financial statements ofthis Form 10-K/A for additional information regarding thismatter.

**Fiscal 2002 Compared with Fiscal2001**        Pressure andSpecialty Tubing Product sales increased $8.0 million, or 5.4 percent, to $156.3 millionin 2002 from $148.3 million in 2001.  The increase in net sales is primarily theresult of the additional production gained from the Oil City, Pennsylvania expansion, newmarket opportunities and improved pressure tubing volumes.  Pricing pressure remainedstrong throughout the specialty stainless tubing markets.  Tonnages were depressed inthe prior year due to the disruptions to the operations at the Oil City plant as a resultof the expansion construction at that location for much of the year.  

       Gross profit for Pressure and Specialty Tubing Products increased to $18.8 million, or12.0 percent of net sales, in 2002 from $14.9 million, or 10.1 percent of net sales, in2001.  The increase is a function of Oil City being fully operational after the majorexpansion was completed during the third quarter of fiscal 2001.  Shipped tonnagesimproved 5.5% over fiscal 2001 mostly due to new market opportunities, productionefficiencies and improved pressure tubing volumes.  In fiscal 2001, a one-weeksuspension at the Sand Springs facility in August and higher operating expenses at the OilCity facility due to the on-going plant construction negatively impacted margins. Margins were further reduced by higher natural gas prices at all facilities during fiscal2001.

       Selling, general and administrative expenses were basically unchanged at $12.5 million infiscal 2002 compared with $12.6 million in fiscal 2001.  The Company did realize areduction of $499,000 in information technology expenses during fiscal 2002 as a result ofcost saving measures implemented during fiscal 2001.  This decrease was partiallyoffset by a decline in sales commission income of $180,000.  The Company alsorealized a $236,000 gain on the sale of real estate that was included as part of selling,general and administrative expenses in 2001.

        In January2002, the Company recorded a litigation award from a previously disclosed lawsuit againstan equipment vendor.  The total judgment of $1.58 million has been collected, and theCompany does not anticipate any further action by either party in the case.

       Interest expense for fiscal 2002 decreased to $2,988,000 (net of $35,000 capitalized) from$4,731,000 (net of $375,000 capitalized) in fiscal 2001.  The decrease in interestprior to interest capitalization is the result of the average level of debt under the bankLoan and Security Agreement decreasing $6.7 million to $41.8 million for 2002 as comparedwith $48.5 million for 2001.  In addition, the average interest rate decreased to5.96 percent in 2002 from 8.87 percent in 2001.  The Company has historically electedfor its term debt and a significant portion of its outstanding revolver to bear interestat a floating rate based on LIBOR.  Lower borrowing levels resulted from improvedoperating cash flow and the Company's focus on debt reduction and working capitalmanagement.  LIBOR, much like the prime rate, experienced significant decreasesduring calendar year 2001, which led to the reduction in the average interest rate. However, a significant increase in interest rates could have a material impact on theCompany's results of operations and cash flows.  The readershould refer to Part II, Item 7A: "Quantitative and Qualitative Disclosures aboutMarket Risk" of this Form 10-K for additional information regarding this matter.

**Liquidity and Capital Resources**        Net cash (usedin) provided by operations was $(1.3) million, $12.0 million and $3.2 million in fiscal2003, 2002 and 2001, respectively.  Inventories increased in 2003 and 2002 whiledecreasing in 2001.  The $6.5 million inventory increase in 2003 is largely theresult of increased business levels in the specialty tubing markets and higher carbonsteel raw material prices.  The increase in inventory in 2002 was the result ofoverall increases in raw material prices and the Company’s decision to make strategicvolume purchases in anticipation of rising prices.  Inventories decreased in 2001primarily due to management's efforts to reduce raw material inventory levels at themanufacturing facilities, which was partially offset by increases in finished goodslevels.  Accounts receivable increased $3.0 million in 2003 as a result of increasedsales volumes.  Accounts payable decreased in 2003, but was largely offset by anincrease in book overdrafts included in financing activities.  Accounts Payableincreased in 2002 primarily as a result of the increase in inventory.  Over the pastthree years, the Company has on average turned its steel inventories approximately 4 timesper year.

       Net cash used in investing activities was $2.6 million, $2.7 million and $5.4 million infiscal 2003, 2002 and 2001, respectively.  Fiscal 2003 includes the cash valueproceeds of $822,000 from cashing in two key-man, whole life insurance policies on F.William Weber, Chairman of the Board and Chief Executive Officer.  Capital spendingin 2003 was primarily focused on information technology and the continued investment instainless tube making capabilities.  Capital spending in 2002 was limited toupgrading existing equipment with improved technology and mill additions at the Company'sstainless plant.  During the third quarter of fiscal 2001, the Company completed theexpansion of the Oil City facility, which included the installation of a new mill alongwith other supporting equipment and plant construction.

       The Company’s capital requirements have historically been to fund equipment purchasesand for general working capital needs resulting from the growth that the Company hasexperienced.  The Company has followed an aggressive capital expenditure plan as partof its growth strategy and to enable it to continue to be a leader in tubularmanufacturing technologies.  Capital spending in 2004 willfocus on the continued expansion and deployment of technology investments for stainlesstube-making, development of value-added capabilities for our increased carbon capacity,and normal facility maintenance spending.  Capitalspending for 2004 is expected to be in the range of $3.5 to $5.5 million for theyear.  The Company currently intends to retain earnings to support this strategy anddoes not anticipate paying dividends in the foreseeable future.

       The Company's senior debt facilities with its primary lender provide for a term loan of$15.5 million, and arevolving lineof credit of $32 million ($38 million as amended on September 16, 2003).  As of July31, 2003, the Company had $12.2 million outstanding on the senior debt facility term loanand $28.8 million on the related revolving line of credit.  Thematurity date of both the term loan and the revolver is May 1, 2005and the loans are collateralized by substantially all of the Company’s assets. The Company may have borrowings and outstanding letters of credit under the revolvingcredit facility up to the lesser of $38 million or an amount determined by a formula basedon the amount of eligible inventories and accounts receivable.  At July 31, 2003,$2.1 million ($5.7 million at September 30, 2003) was available for borrowing on the lineof credit under the terms of the note agreement.  Principal payments on the term loanof $184,500, plus interest, are due each month until maturity.  Along with thescheduled principal payments, the Company is required to make additional principalpayments on the term loan based on 50 percent of excess cashflow not to exceed $221,500 per quarter, or $2,658,000 on a cumulative basis over the termof the debt facility.  As of July 31, 2003, the Company has made $886,000 ofadditional principal payments.  An additional payment of $199,500 will be made duringthe second quarter of 2004 based on the Company's performance in the fourth quarter of2003.

        Accounting principles require currentclassification of revolving lines of credit that permit borrowings on a long-term basiswhen the line of credit contains both a lock-box arrangement, whereby remittances to thelockbox automatically pay down the outstanding LOC, and loan terms that allow the lenderto declare the loan in default on a subjective basis.  This accounting treatment isrequired regardless of the legal maturity date of the revolving credit arrangement. The Company's LOC, which matures May 1, 2005, contains such features andaccordingly, the accompanying financial statements have been restated to reclassifyoutstanding borrowings under the LOC to "Current portion of long-termdebt".

       The Company is subject to various restrictivecovenants, including requirements to maintain a minimum debt coverage ratio.  Thecovenants also limit capital expenditures and dividends and require the Company tomaintain a minimum borrowing base availability.  As of July 31, 2003 the Company was incompliance with all such covenants under the existing facility.

       The Company has arranged financing with various public agencies related to the Oil Cityfacility, of which, $2.2 million is outstanding at July 31, 2003.  The agency loansare collateralized by the underlying real estate and certain equipment.  The notesmature over a 2 to 8 year period and bear interest at rates ranging from 3 to 5 percent.

       The Company has various equipment loans with its primary lender and other financingcompanies, of which, $592,000 is outstanding at July 31, 2003.  The loans arecollateralized by the underlying equipment and mature over a 1 to 5 year period and bearinterest at rates ranging up to 6 percent.

        P&J has aline of credit agreement for $2,000,000 and a term loan of $500,000 with its primarylender.  As of July 31, 2003, P&J had $87,000 outstanding on the term loan and noamounts under the line of credit.  The line of credit matures on November 30, 2003,and the term loan matures in April 2004.  Both loans are collateralized byP&J’s assets.  At July 31, 2003, $2.0 million was available for borrowingunder the line of credit.

        In additionto the above debt arrangements, the Company leases certain buildings and machinery andequipment under non-cancelable operating leases.  Under certain of these leases theCompany is obligated to pay property taxes, insurance, repairs and other costs related tothe leased property.

       The following table sets forth the future minimum payments required under the above debtand lease agreements at July 31, 2003:
  
**Payments Due    by Fiscal Year**Contractual Obligations
2004
2005
2006
2007
2008
Thereafter
TotalSenior Long-Term Debt
$   2,436
$   9,779
$             -
$             -
$             -
$             -
$  12,215Senior Line of Credit(1)
  28,848
-
  -
  -
  -
  -
28,848Public Agency Long-Term Debt
342
301
299
307
308
669
 2,226P&J Long-Term Debt
   87
-
-
-
-
-
87P&J Line of Credit
-
-
-
-
-
-
-Operating Leases
1,754
1,668
1,369
1,132
895
1,439
8,257Other
         155
         151
         134
           75
           72
             5
         592   Total Cash Obligations
$ 33,622=====
$ 11,899=====
$  1,802=====
$   1,514=====
$   1,275=====
$   2,113=====
$ 52,225=====
(1) - Accountingprinciples require current classification of revolving lines of credit that permitborrowings on a long-term basis when the line of credit contains both a lock-boxarrangement, whereby remittances to the lockbox automatically pay down the outstandingLOC, and loan terms that allow the lender to declare the loan in default on a subjectivebasis.  This accounting treatment is required regardless of the legal maturity dateof the revolving credit arrangement.  The Company's LOC, which matures May 1, 2005,contains such features and accordingly, the accompanying financial statements have beenrestated to reclassify outstanding borrowings under the LOC to "Current portionof long-term debt".

       In the past, the Company has funded its capital growth expenditures with a combination ofcash flow from operations and debt.  Capital spending plans forfiscal year 2004 primarily consist of furtheradditions at the stainless plant and minor projects and normalmaintenance spending, which is expected to be in the range of $3.5 to $5.5 million for theyear.  Management believes its current capital structure is adequate for currentoperations and to allow for planned capital additions and improvements.  Interestrate increases or lack of capital availability could limit capital spending or the workingcapital necessary to take advantage of growth opportunities.

        The Companyenters into purchase commitments with steel vendors as part of the ordinary course ofbusiness.  The Company is currently committed on outstanding purchase orders forinventory approximating $21.7 million.

**Related Party Transactions**        The reader should refer to PartII, Item 8: Note 12 - Related Party Transactions, in the footnotes to the consolidatedfinancial statements of this Form 10-K/A for informationregarding such transactions during 2003 and 2002. 

**Critical Accounting Policies**        The Company's consolidatedfinancial statements are prepared in conformity with accounting principles generallyaccepted in the United States of America.  Critical accounting policies require theapplication of significant judgment by management in selecting the appropriate assumptionsfor calculating financial estimates that are believed to be reasonable based on theinformation available.  By their nature, these judgments are subject to an inherentdegree of uncertainty and financial estimates, and related assumptions, do affect thereported amounts of assets, liabilities, revenues and expenses for the periods presented.There can be no assurances that actual results will not differ from thoseestimates. These judgments are based on historical experience, terms of existingpurchase arrangements, observance of trends in the industry, information provided bycustomers and information provided from outside sources, as appropriate. The Companybelieves its’ most critical accounting policies are as follows: 

*Revenue Recognition* — The Company recognizesrevenue in accordance with SEC Staff AccountingBulletin No. 101, Revenue Recognition in Financial Statements (SAB 101), as amended by SAB101A and 101B.  SAB 101 requires that four basic criteria must be met before revenuecan be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery hasoccurred or services rendered; (3) the fee is fixed and determinable; and (4)collectibility is reasonably assured.  Company product is made to customer orindustry specifications at an agreed upon price that is typically specified in thecustomer’s purchase order.  Title to the product passes to the customer at thetime of shipment along with all the risks and rewards of ownership.  Customer ordersare not released for shipment unless the customer is in good credit standing with theCompany, which is internally evaluated by the Company's credit manager on an on-goingbasis.  Should changes in conditions cause management to determine these criteria arenot met for certain future transactions, revenue recognition would be delayed until suchtime as the transactions become realizable and fully earned.

*Inventories* — The Company values inventoryat the lower of the actual cost to purchase and/or manufacture or the current estimatedmarket value of the inventory.  Cost for raw materials, work-in-process, finishedgoods and maintenance parts and supplies are determined on the weighted average costmethod.  The Company regularly reviews inventory quantities on hand and reduces thecarrying value of the numbers by recording a provision for excess and obsolete inventorybased primarily on inventory aging and forecasts of product demand and pricing.  Thesteel industry is characterized by changing customer demands, government influence on rawmaterial and finished good import prices, as evidenced by current steel tariffs, andfinancial instability among domestic steel producers that could result in significantincreases or decreases in inventory pricing or increases in excess or obsolete inventoryquantities on hand.  The Company's estimates of future product demand may prove to beinaccurate, in which case the provision required for excess and obsolete inventory mayhave been understated or overstated.  Although every effort is made to ensure theaccuracy of internal forecasting, any significant changes in demand or finished good andraw material prices could have a significant impact on the carrying value of the Company'sinventory and reported operating results.

*Self-Insurance Reserves* — The Companyself-insures both a medical coverage program and an Oklahoma workers' compensation programfor its employees.  The determination of reserves and expenses for these benefits isdependent on claims experience and the selection of certain assumptions used by actuariesin evaluating incurred, but not yet reported, amounts.  Reserves for claims underboth programs are accrued based upon the Company's estimate of the aggregate liability forclaims (including claims incurred, but not yet reported).  Significant changes inactual experience under either program or significant changes in assumptions maymaterially affect self-insured medical or workers' compensation reserves and futureexpense. 

*Accounting for Certain Long-Lived Assets*—The Company evaluates its assets for impairment in accordance with Statement of FinancialAccounting Standards No. 144, "Accounting for the Impairment or Disposal ofLong-Lived Assets" (FAS 144).  When recoverability is in question, the Companyreviews its long-lived assets for impairment based on estimated future non-discounted cashflows attributable to the assets.  In the event such cash flows are not expected tobe sufficient to recover the recorded value of the assets, the assets are written down totheir estimated fair values.  While the Company believes its estimates of future cashflows are reasonable, different assumptions regarding such cash flows could materiallyaffect the evaluations.

*Deferred Taxes* — The Company recognizesdeferred tax assets and liabilities based on the differences between the financialstatement carrying amounts and the tax basis of assets and liabilities.  Deferred taxassets are regularly reviewed for recoverability and, if deemed necessary, an appropriatevaluation allowance is established based on historical taxable income, projected futuretaxable income, and the expected timing of the reversals of existing temporarydifferences.  If the Company were unable to generate sufficient future taxableincome, or if there is a material change in the actual effective tax rates or time periodwithin which the underlying temporary differences become taxable or deductible, theCompany could be required to establish a valuation allowance against all or a significantportion of the deferred tax assets, thus resulting in a substantial increase in theeffective tax rate and a material adverse impact on net income.

**New Accounting Pronouncements**        In December 2002, the FASBissued Statement of Financial Accounting Standards No. 148, "Accounting forStock-Based Compensation – Transition and Disclosure, an amendment of FASB StatementNo. 123" (FAS 148).  FAS 148 is effective for fiscal years ending after December15, 2002.  This statement amends Statement of Financial Accounting Standards No. 123"Accounting for Stock-Based Compensation" and amends Accounting Principles BoardOpinion No. 28 “Interim Financial Reporting”.  FAS 148 does not change theprovisions of FAS 123 that permit entities to continue applying the intrinsic value methodof APB 25, "Accounting for Stock Issued to Employees" ("APB 25"). Since the Company applies APB 25, the Company’s accounting for stock-basedcompensation will not change as a result of FAS 148.  FAS 148 does require certainnew disclosures in both annual and interim financial statements, which are effective forthe fiscal year ending July 31, 2003 and are included in Note 1 of these financialstatements.  The new interim disclosure provisions were effective beginning with theCompany’s third quarter ended April 30, 2003.

        In April2003, the FASB issued Statement of Financial Accounting Standards No. 149, "Amendmentof Statement 133 on Derivative Instruments and Hedging Activities" (FAS 149). FAS 149 amends and clarifies financial accounting and reporting for derivativeinstruments, including certain derivative instruments embedded in other contracts(collectively referred to as derivatives) and for hedging activities under FAS No. 133,“Accounting for Derivative Instruments and Hedging Activities”.  Thisstatement is effective for the fiscal year ending July 31, 2003.  The Company doesnot expect FAS 149 to have a significant impact on its consolidated financial statements.

        In May 2003,the FASB issued Statement of Financial Accounting Standards No. 150, "Accounting ForCertain Financial Instruments with Characteristics of both Liabilities and Equity"(FAS 150).  FAS 150 requires financial statement issuers’ to classify financialinstruments that require a transfer of assets, and that meet the definition of liabilitiesin FASB Concepts Statement No. 6 (CON 6) and other recognition criteria in FASB ConceptsStatement No. 5 (CON 5), as liabilities.  The Statement also requires that certainobligations that could be settled by issuance of an entity’s equity but lack othercharacteristics of equity be reported as liabilities even though the obligation does notmeet the definition of liabilities in CON 6.  This Statement is effective forfinancial instruments entered into or modified after May 31, 2003, and otherwise iseffective for interim periods beginning after June 15, 2003.  The Company does notexpect FAS 150 to have a significant impact on its consolidated financial statements.

        On November25, 2002, the FASB issued FASB Interpretation No. 45, "Guarantor's Accounting andDisclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness ofOthers, an interpretation of FASB Statements No. 5, 57, and 107 and Rescission of FASBInterpretation No. 34" ("FIN 45").  FIN 45 clarifies the requirementsof FASB Statement No. 5, “Accounting for Contingencies” (FAS 5), relating to theguarantor's accounting for, and disclosure of, the issuance of certain types ofguarantees.  For guarantees that fall within the scope of FIN 45, the Interpretationrequires that guarantors recognize a liability equal to the fair value of the guaranteeupon its issuance.  The Interpretation's provisions for initial recognition andmeasurement should be applied on a prospective basis to guarantees issued or modifiedafter December 31, 2002, irrespective of the guarantor's fiscal year-end.  Theguarantor's previous accounting for guarantees that were issued before the date of FIN45's initial application may not be revised or restated to reflect the effect of therecognition and measurement provisions of the Interpretation.  The disclosurerequirements are effective for financial statements of both interim and annual periodsthat end after December 15, 2002.  The Company does not believe FIN 45 will bematerial to its consolidated financial statements as the Company is currently not aGuarantor under any guarantee arrangements.

        On January17, 2003, the FASB issued FASB Interpretation No. 46, “Consolidation of VariableInterest Entities, An Interpretation of Accounting Research Bulletin No. 51”(“FIN 46”).  FIN 46 provides guidance on identifying entities controlled bymeans other than through voting rights and how to determine when and which business entityshould consolidate the variable interest entities (“VIE”).  Consolidationapplies to entities in which the equity investor does not have a controlling financialinterest or the equity investment at risk is insufficient to finance that entity’sactivities in the absence other subordinated financial support from other parties. The Company does not believe FIN 46 will be material to its consolidated financialstatements as the Company is currently not a party to any variable interest entities.

**Outstanding Litigation**        The Company is party to variouslawsuits and claims arising in the ordinary course of business.  Management, afterreview and consultation with legal counsel, believes that any liability resulting fromthese matters would not materially affect the results of operations or the financialposition of the Company.  The Company maintains liability insurance against risksarising out of the normal course of business.
 

**ITEM 8.    FINANCIALSTATEMENTS AND SUPPLEMENTARY DATA**

**REPORT OF INDEPENDENT AUDITORS**

To the Board of Directors andShareholders of

Webco Industries, Inc.

In our opinion, the accompanyingconsolidated balance sheets and the related consolidated statements of operations,stockholders' equity and cash flows present fairly, in all material respects, thefinancial position of Webco Industries, Inc. and subsidiary at July 31, 2003 and 2002, andthe results of their operations and their cash flows for each of the three years in theperiod ended July 31, 2003, in conformity with accounting principles generally accepted inthe United States of America.  In addition, in our opinion, the financial statementschedule listed in the index appearing under item 15(a)(2), presents fairly, in allmaterial respects, the information set forth therein when read in conjunction with therelated consolidated financial statements. These financial statements and financialstatement schedule are the responsibility of the Company's management; our responsibilityis to express an opinion on these financial statements and financial statement schedulebased on our audits.  We conducted our audits of these statements in accordance withauditing standards generally accepted in the United States of America which require thatwe plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement.  An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financial statements,assessing the accounting principles used and significant estimates made by management, andevaluating the overall financial statement presentation.  We believe that our auditsprovide a reasonable basis for our opinion.

As discussed in Note 1Ato the consolidated financial statements, the Company has revised its Consolidated BalanceSheets at July 31, 2003 and 2002, to reclassify its debt outstanding under the Company'sSenior Revolving Line of Credit from long-term to current liabilities.

*PricewaterhouseCoopers LLP*

Tulsa, OklahomaSeptember 25, 2003, except for theinformation in Note 1A, as to which the date is March 1, 2004.

 

**WEBCO    INDUSTRIES, INC. AND SUBSIDIARY**
**CONSOLIDATED    BALANCE SHEETS**
** July    31, 2003 and 2002**
(Dollars in    thousands, except share amounts and par value)              
**  2003 **
**  2002 **
**ASSETS**
                 (Restated,    Note 1A)      Current assets:         Cash
$            189
$            212     Accounts receivable,    net
21,781
18,564     Inventories, net
40,794
34,307     Prepaid expenses
328
281     Deferred income tax    asset
        3,318
        2,553                 Total current assets          
   66,410
   55,917      Property, plant and equipment,    net                      
60,018
62,974      Notes receivable from related parties
2,560
2,508Other assets, net                    
         1,539
         2,529                 Total    assets                     
$  130,527======
$  123,928======            
**LIABILITIES AND    STOCKHOLDERS' EQUITY**          Current liabilities:         Accounts payable
$    17,216
$    17,673     Accrued liabilities
5,676
5,788     Current portion of    long term debt(Restated, Note 1A)
    31,868
       25,238                 Total current liabilities
54,760
48,699      Long term debt(Restated, Note 1A)
12,100
15,222      Deferred income tax liability
12,603
10,861      Commitments and contingencies (Note    7)                                           Stockholders' equity:          Common stock, $.01    par value, 12,000,000 shares                authorized, 7,081,723 outstanding
71
71     Additional paid in    capital 
35,744
35,744     Retained    earnings                              
   15,249
   13,331                 Total stockholders'    equity                             
   51,064
   49,146                 Total liabilities and stockholders'    equity                    
$  130,527======
$  123,928======
The accompanying notes are an integral part of theconsolidated financial statements.

 

**WEBCO    INDUSTRIES, INC. AND SUBSIDIARY**
**CONSOLIDATED    STATEMENTS OF OPERATIONS**
**For the Years    Ended July 31, 2003, 2002 and 2001**
** **(Dollars    and shares in thousands, except per share amounts)                        
**     2003 **
**     2002 **
**  2001**        Net Sales
$      175,769
$      156,294
$      148,279Cost of Sales
      157,975
      137,479
      133,347        Gross Profit
17,794
18,815
14,932        Selling, general and    administrative expenses       
        12,326
        12,546
        12,618Litigation award
                  -
         1,580
                  -        Income from operations
5,468
7,849
2,314        Interest expense
          2,216
          2,988
          4,731        Income (loss) before income    taxes                      
3,252
4,861
            (2,417)        Provision (benefit) for income    taxes
          1,334
          1,865
               (923)        Income (loss) from continuing    operations
1,918
2,996
           (1,494)        Loss on discontinued operation,    net of tax
                  -
         (908)
            (108)        Net income (loss)
$          1,918======
$          2,088======
 $         (1,602)======        Net income (loss) per common share    - basic:              Continuing operations
$              .27
$              .42
 $             (.21)        Discontinued operation
                -
          (.13)
          (.02)     Net    income (loss)
$              .27======
$              .29======
 $             (.23)======         Net income (loss) per common share    - diluted:              Continuing operations
$              .27
$              .42
 $             (.21)        Discontinued operation
              -
          (.13)
          (.02)     Net    income (loss)
$              .27======
$              .29======
 $             (.23)======         Weighted average common shares    outstanding:           Basic
          7,082======
          7,077======
          7,074======     Diluted
          7,147======
          7,151======
          7,074======        
The accompanying notes are an integral part of theconsolidated financial statements.

**WEBCO    INDUSTRIES, INC. AND SUBSIDIARY****CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY****For the Years Ended July 31, 2003, 2002 and 2001**(Dollars in thousands)                                
CommonStock
Additional Paid-In  Capital
Retained Earnings
Total  Stockholders' Equity          Balances, July 31, 2000
$          71
$  35,732
$  12,845
$  48,648          Net loss
              -
               -
       (1,602)
      (1,602)          Balances, July 31, 2001    
71
35,732
11,243
47,046          Proceeds from stock options exercised
              -
            12
    -
    12Net Income
              -
               -
    2,088
    2,088          Balances, July 31, 2002    
71
35,744
13,331
49,146          Net Income
              -
               -
    1,918
    1,918          Balances, July 31, 2003
$           71======
$  35,744======
$  15,249======
$  51,064======
The accompanying notes are an integral part of theconsolidated financial statements.

**WEBCO INDUSTRIES, INC. AND SUBSIDIARY**
**CONSOLIDATED STATEMENTS OF CASH FLOWS**
** For the Years Ended July 31, 2003, 2002 and 2001**
** **(Dollars    in thousands)  
**  2003 **
**  2002 **
**  2001 **        Cash flows from operating    activities:           Net    income (loss)
$        1,918
$        2,088
$      (1,602)        Adjustments to reconcile net income (loss) to net                   Cash provided by (used in) operating activities:                        Loss on disposal of discontinued operation
-
914
                    -                  Depreciation and amortization
6,991
7,250
             6,140                  (Gain) loss on disposition of                             Property, plant and equipment        
                 (6)
7
(203)                  Deferred tax expense    (benefit)              
977
1,252
(1,070)                  (Increase) decrease in:                             Accounts receivable
          (3,010)
501
(1,871)                       Inventories
          (6,487)
          (1,728)
             2,299                       Prepaid expenses
               (99)
                 (1)
(279)                  Increase (decrease) in:                             Accounts payable
          (1,287)
1,053
(206)                       Accrued liabilities
              (149)
           636
            (305)                  Net change from discontinued operation
          (118)
             35
                317     Net cash    provided by (used in) operating activities
       (1,270)
       12,007
             3,220        Cash flows from investing    activities:      **    **Capital    expenditures
          (3,455)
          (3,210)
(6,478)     Proceeds    from sale of property, plant and equipment
13
8
            1,038     Repayment    of stockholder advances
-
50
                   -     Other
            810
            434
                12     Net    change from discontinued operation
               -
            (11)
              (9)     Net cash    used in investing activities
       (2,632)
       (2,729)
    (5,437)        Cash flows from financing    activities:           Proceeds    from long-term debt
166,650
147,508
        137,862     Principal    payments on long-term debt
   (163,357)
   (157,000)
(135,979)     Proceeds    from stock options exercised
-
12
-     Debt    issue costs
               (82)
             (690)
(140)     Increase    (decrease) in book overdrafts
            668
            115
          (170)     Net cash    provided by (used in) financing activities
         3,879
     (10,055)
          1,573             Net    increase (decrease) in cash
              (23)
             (777)
(644)             Cash,    beginning of period
             212
             989
          1,633             Cash, end    of period
$            189======
$            212======
     $         989======        Supplemental disclosure of cash    flow information: Interest paid, net of amount capitalized of $22, $35, and $375 in 2003,    2002 and 2001, respectively
$         2,236======
$         3,240======
     $      4,816======Income taxes paid
$              68======
$              10======
     $         150======
The accompanying notes are an integral part of theconsolidated financial statements.

**WEBCO INDUSTRIES, INC. AND SUBSIDIARY****NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1.   SUMMARY OFSIGNIFICANT ACCOUNTING POLICIES**

**NATURE OF OPERATIONS** - Webco isa full service manufacturer of high-quality carbon steel and stainless steel tubingproducts designed to industry and customer specifications.  Webco is also avalue-added distributor of these and other metal tubular products.  Webco's tubingproducts consist primarily of pressure tubing, including heat exchanger tubing, boilertubing and pipe, and specialty tubing for use in durable and capital goods markets. The Company's subsidiary, P&J, represents several manufacturers who produce variousspecialty tubular products made from copper, brass, aluminum, stainless and carbon steel,among others. This access to additional tubing products allows the Company to better serveits customers by offering a full range of tubular products.  The Company,headquartered in Sand Springs, Oklahoma, has three production facilities in Oklahoma andPennsylvania and five distribution facilities in Oklahoma, Texas, Illinois and Michigan,serving more than 1,000 customers throughout North America.

**PRINCIPLES OF CONSOLIDATION  -**Theconsolidated financial statements include the accounts of Webco Industries, Inc.(“Webco” or together with its subsidiary, the “Company”) and itswholly owned subsidiary Phillips & Johnston, Inc. ("P&J"), a Chicagobased sales organization and value-added processor of tubular products.  Allsignificant intercompany accounts and transactions have been eliminated in theaccompanying financial statements.  In May, 2002, the Companysold substantially all of the assets of its QuikWater Division and the disposal wastreated as a discontinued operation.  As a result, the following footnotes have beenadjusted to conform to the restated financial statements.  The reader should refer toNote 4 - Discontinued Operation for additional information regarding this matter.

**ACCOUNTING ESTIMATES -**Thepreparation of financial statements in conformity with generally accepted accountingprinciples requires management to make estimates and assumptions that affect the reportedamounts of assets and liabilities, disclosure of contingent assets and liabilities, andthe reported amounts of revenues and expenses during the reporting period.  Actualresults could differ from those estimates.

**CONCENTRATIONS -**The Companymaintains its cash in bank deposit accounts, which at times may exceed the federalinsurance limits.  As of July 31, 2003 and 2002, the Company had cash in bankstotaling $1,530,000 and $814,000, respectively, in excess of federal depository insurancelimits.  The Company has not experienced any losses on such accounts in the past.

**BOOK OVERDRAFTS** -  Includedin accounts payable at July 31, 2003 and 2002, are outstanding checks in excess ofbank deposits totaling $1,072,000 and $404,000, respectively.

**ACCOUNTS RECEIVABLE** - Accountsreceivable represent short term credit granted to the Company's customers for whichcollateral is generally not required.  Accounts receivable at July 31, 2003 and2002, are net of an allowance for uncollectible amounts of $636,000 and $663,000,respectively. 

**INVENTORIES** - The Company values inventory at the lower of the actual cost to purchase and/ormanufacture or the current estimated market value of the inventory.  Cost for rawmaterials, work-in-process, finished goods and maintenance parts and supplies aredetermined on the weighted average cost method.  The Company regularly reviewsinventory quantities on hand and records a provision for excess and obsolete inventorybased primarily on inventory aging and forecasts of product demand and pricing.  Inventories at July 31, 2003 and 2002 are net of reserves forobsolescence of $1,665,000 and $1,580,000, respectively.

**WEBCO INDUSTRIES, INC. AND SUBSIDIARY****NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -(Continued)**

**PROPERTY, PLANT AND EQUIPMENT** -  Property,plant and equipment is stated at historical cost and includes interest capitalized onmajor construction projects.  Gains or losses on sales and retirements of propertyare reflected in operations.  Depreciation is computed using the straight line methodover the following estimated useful lives: buildings and improvements - 10 to 40 years,machinery and equipment - 3 to 25 years, computer equipment and software – 3 to 7years, and furniture and fixtures - 3 to 10 years.  Repair and maintenance costs areexpensed as incurred.

           Depreciation expense for the years ended July 31, 2003, 2002 and 2001, amounted to$6,729,000, $6,998,000 and $6,140,000, respectively.  Fully depreciated assets stillin use at July 31, 2003 and 2002, amounted to $11,469,000 and $15,625,000,respectively.

**ACCOUNTING FOR CERTAIN LONG-LIVEDASSETS -** The Company evaluates its assets for impairment in accordance with Statementof Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposalof Long-Lived Assets”(“SFAS 144”).  The Company reviews its long-livedassets for impairment based on estimated future nondiscounted cash flows attributable tothe assets.  In the event such cash flows are not expected to be sufficient torecover the recorded value of the assets, the assets are written down to their estimatedfair values.  The Company adoptedthe provisions of FAS 144 in accounting for the discontinuedoperation in the period ended April 30, 2002 (Note 4).  In addition, the otherprovisions of FAS 144 regarding impairment did not have an impact on the financialposition and results of operations of the Company.

**SELF-INSURANCE RESERVES -** The Companyself-insures both a medical coverage program and an Oklahoma workers' compensation programfor its employees.  The determination of reserves and expenses for these benefits isdependent on claims experience and the selection of certain assumptions used by actuariesin evaluating incurred, but not yet reported, amounts.  Reserves for claims underboth programs are accrued based upon the Company's estimate of the aggregate liability forclaims (including claims incurred, but not yet reported).  Significant changes inactual experience under either program or significant changes in assumptions maymaterially affect self-insured medical or workers' compensation reserves and futureexpense.  The reader should refer to Note 7 in these financial statements foradditional information on this matter.

**REVENUE RECOGNITION -**The Company recognizes revenue inaccordance with SEC Staff Accounting Bulletin No. 101, Revenue Recognition in FinancialStatements (SAB 101), as amended by SAB 101A and 101B.  SAB 101 requires that fourbasic criteria must be met before revenue can be recognized: (1) persuasive evidence of anarrangement exists; (2) delivery has occurred or services rendered; (3) the fee is fixedand determinable; and (4) collectibility is reasonably assured.  Company product ismade to customer or industry specifications at an agreed upon price as typically specifiedin the customer purchase order.  Title passes to the customer at the point ofshipment along with all the risks and rewards of ownership.  Customer orders are notreleased for shipment unless the customer is in good credit standing with the Company,which is internally evaluated by the Company's credit manager on an on-going basis. Should changes in conditions cause management to determine these criteria are not met forcertain future transactions, revenue recognition would be delayed until such time thetransactions become realizable and fully earned.  In addition, the Company recognizesoutbound freight expense and shipping and handling costs as a component of cost of sales,while amounts charged to customers for such costs are included in revenue.

**WEBCO INDUSTRIES, INC. AND SUBSIDIARY****NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -(Continued)**

**EARNINGS PER SHARE** -  Earnings per share are calculated based on the number of weighted average common sharesoutstanding, including the effect of dilutive options when applicable, in accordance withthe computation, presentation and disclosure requirements of Financial AccountingStandards Board Statement No. 128, "Earnings Per Share" (“SFAS No.128”).

**STOCK-BASED COMPENSATION** - The Company accountsfor its 1994 Stock Incentive Plan (the “Plan”) under the recognition andmeasurement principles of APB Opinion No. 25, “Accounting for Stock Issued toEmployees”, and related interpretations.  No stock-based compensation cost isreflected in net income, as all options granted under the Plan had an exercise price atleast equal to the market value of the underlying common stock on the date of grant. For purposes of pro forma disclosures, the estimated fair value of the options calculatedusing the Black-Scholes option valuation model is amortized to expense over the vestingperiod (See Note 9 for additional information).  The following table illustrates theeffect on net income and earnings per share if the Company had applied the fair valuerecognition provisions of FASB Statement No. 123, “Accounting for Stock-BasedCompensation” and FASB Statement No. 148, "Accounting for Stock-BasedCompensation – Transition and Disclosure, an amendment of FASB Statement No.123", to stock-based employee compensation:
  
**For Years    Ended July 31,**  
(Dollars in    thousands, except per share amounts)  
**      2003   .**
**      2002   .**
**      2001   .**
Net income (loss), as    reported
$    1,918
$    2,088
 $       (1,602)
Less: Total stock-based    employee compensation expense determined under fair value based method for all awards
          (144)
         (160)
          (141) |
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