----

----

| Delaware                                |   | 66-0323724          |
|-----------------------------------------|--------|---------------------|
| (State or other jurisdiction of         |   | (I.R.S. Employer    |
| incorporation or organization)          |   | Identification No.) |
|                                    |   |                |
| 1695 South River Road                   |   |                |
| Des Plaines, Illinois                   |   | 60018               |
| (Address of principal executive office) |   | (Zip Code)          |

| Title of Each Class                   | Name of Exchange on Which Registered |
|---------------------------------------|--------------------------------------|
| Class A Common Stock, $.008 par value | New York Stock Exchange              |

----

|       |                                                                                                               | Page   |
|------------|--------------------------------------------------------------------------------------------------------------------|--------|
|       | PART I                                                                                                             |   |
| Item 1.    | Business                                                                                                           | 3      |
| Item 1A.   | Risk Factors                                                                                                       | 12     |
| Item 1B.   | Unresolved Staff Comments                                                                                          | 20     |
| Item 2.    | Properties                                                                                                         | 20     |
| Item 3.    | Legal Proceedings                                                                                                  | 21     |
| Item 4.    | [Removed and Reserved]                                                                                             | 21     |
|       |                                                                                                               |   |
|       | PART II                                                                                                            |   |
|       |                                                                                                               |   |
| Item 5.    | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 21     |
| Item 6.    | Selected Financial Data                                                                                            | 25     |
| Item 7.    | Management’s Discussion and Analysis of Financial Condition and Results of Operations                        | 25     |
| Item 7A.   | Quantitative and Qualitative Disclosure about Market Risk                                                          | 50     |
| Item 8.    | Financial Statements and Supplementary Data                                                                        | 51     |
| Item 9.    | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                               | 94     |
| Item 9A.   | Controls and Procedures                                                                                            | 94     |
| Item 9B.   | Other Information                                                                                                  | 96     |
|       |                                                                                                               |   |
|       | PART III                                                                                                           |   |
| Item 10.   | Directors, Executive Officers and Corporate Governance                                                             | 96     |
| Item 11.   | Executive Compensation                                                                                             | 96     |
| Item 12.   | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                     | 96     |
| Item 13.   | Certain Relationships and Related Transactions, and Director Independence                                          | 96     |
| Item 14.   | Principal Accountant Fees and Services                                                                             | 96     |
|       |                                                                                                               |   |
|       | PART IV                                                                                                            |   |
|       |                                                                                                               |   |
| Item 15.   | Exhibits and Financial Statement Schedules                                                                         | 97     |
| Signatures |                                                                                                               | 101    |

EX-21

EX-23

EX-31.1

EX-31.2

EX-32

----

PART I

Item 1. Business

----

| ·   | ability to service our clients’ graphic requirements throughout the world; |
|--------------------|----------------------------------------------------------------------------------|

| ·   | rapid turnaround and delivery times; |
|--------------------|--------------------------------------|

| ·   | comprehensive, up-to-date knowledge of the print specifications and capabilities of converters and printers located throughout the world; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | high quality design and creative capabilities with integrated production art expertise; |
|--------------------|-----------------------------------------------------------------------------------------|

| ·   | consistent reproduction of brand equity across multiple packaging and promotional media; |
|--------------------|------------------------------------------------------------------------------------------|

| ·   | digital imaging asset management; and |
|--------------------|---------------------------------------|

| ·   | efficient workflow management resulting in globally competitive overall cost to the client. |
|--------------------|---------------------------------------------------------------------------------------------|

----

----

----

----

| ·   | expanding its geographic reach to Europe, Australia and India, which benefits its existing clients as they seek to establish global brand consistency; and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | increasing and expanding the scope of its global service offerings, such as creative design and high-end retouching, enhanced capabilities in serving life-sciences industry clients, and entering into new markets, such as retail and media. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Effective November 10, 2010, the Company acquired Real Branding LLC., a United States-based digital marketing agency. Real Branding provides digital marketing services to consumer product and entertainment clients through its locations in Los Angeles and New York. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Effective September 17, 2010, the Company acquired the operating assets of Untitled London Limited, a United Kingdom-based agency that provides strategic, creative and technical services for digital marketing. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Effective December 31, 2008, the Company acquired Brandmark International Holding B.V., a Netherlands-based brand identity and creative design firm, which has historically done business as DJPA. Brandmark provides services to consumer products companies through its locations in Hilversum, The Netherlands and London, United Kingdom. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | On May 31, 2008, the Company acquired Marque Brand Consultants Pty Ltd, an Australian-based brand strategy and creative design firm that provides services to consumer product companies. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

Item 1A. Risk Factors

----

|   | · | difficulty in assimilating the operations and personnel of the acquired company with the Company’s existing operations and realizing anticipated synergies; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the loss of key employees or key clients of the acquired company; |
|--------|--------|-------------------------------------------------------------------|

|   | · | difficulty in maintaining uniform standards, controls, procedures and policies; and |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | unrecorded liabilities of acquired companies that the Company failed to discover during its due diligence investigations. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------|

----

----

|   | · | timing of the completion of particular projects or orders; |
|--------|--------|------------------------------------------------------------|

|   | · | material reduction, postponement or cancellation of major projects, or the loss of a major client; |
|--------|--------|----------------------------------------------------------------------------------------------------|

|   | · | timing and amount of new business; |
|--------|--------|------------------------------------|

|   | · | differences in order flows; |
|--------|--------|-----------------------------|

|   | · | sensitivity to the effects of changing economic conditions on its clients’ businesses; |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | · | the strength of the consumer products industry; |
|--------|--------|-------------------------------------------------|

|   | · | the relative mix of different types of work with differing margins; |
|--------|--------|---------------------------------------------------------------------|

|   | · | costs relating to expansion or reduction of operations, including costs to integrate current and any future acquisitions; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------|

|   | · | changes in interest costs, foreign currency exchange rates and tax rates; and |
|--------|--------|-------------------------------------------------------------------------------|

|   | · | costs associated with compliance with legal and regulatory requirements. |
|--------|--------|--------------------------------------------------------------------------|

----

----

|   | · | local economic and market conditions; |
|--------|--------|---------------------------------------|

|   | · | political, social and economic instability; |
|--------|--------|---------------------------------------------|

|   | · | war, civil disturbance or acts of terrorism; |
|--------|--------|----------------------------------------------|

|   | · | taking of property by nationalization or expropriation without fair compensation; |
|--------|--------|-----------------------------------------------------------------------------------|

|   | · | adverse or unexpected changes in government policies and regulations; |
|--------|--------|-----------------------------------------------------------------------|

|   | · | imposition of limitations on conversions of foreign currencies into U. S. dollars or remittance of dividends and other payments by foreign subsidiaries; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | imposition or increase of withholding and other taxes on remittances and other payments by foreign subsidiaries; |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | · | rapidly rising inflation in certain foreign countries; and |
|--------|--------|------------------------------------------------------------|

|   | · | impositions or increase of investment and other restrictions or requirements by foreign governments. |
|--------|--------|------------------------------------------------------------------------------------------------------|

----

----

| ·   | adverse information about, or the operating and stock price performance of, other companies in the Company’s industry or companies that comprise its client base, such as consumer products companies; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | deterioration or adverse changes in general economic conditions; |
|--------------------|------------------------------------------------------------------|

| ·   | continued high levels of volatility in the stock markets due to, among other things, disruptions in the capital and credit markets; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| ·   | announcements of new clients or service offerings by the Company’s competitors. |
|--------------------|---------------------------------------------------------------------------------------|

----

tem 1B. Unresolved Staff Comments

Item 2. Properties

| Location                   | Square Feet | Owned/Leased | Purpose     | LeaseExpiration Date | OperatingSegment |
|----------------------------|------------------|--------------|---------------------------------|----------------------|------------------|
| Addison, Texas             | 3,150            | Leased       | Operating Facility              | October, 2011        | North America    |
| Atlanta, Georgia           | 28,700           | Leased       | Operating Facility              | March, 2017          | North America    |
| Antwerp, Belgium           | 39,000           | Owned        | Operating Facility              | N/A                  | Europe           |
| Battle Creek, Michigan     | 7,300            | Leased       | Operating Facility              | January, 2014        | North America    |
| Bristol, U.K.              | 7,700            | Leased       | Vacant                          | September, 2014      | Europe           |
| Carlstadt, New Jersey      | 46,000           | Leased       | Subletting                      | February, 2011       | North America    |
| Chennai, India             | 37,000           | Leased       | Operating Facility              | October, 2011        | Asia Pacific     |
| Chicago, Illinois          | 68,100           | Leased       | Operating Facility              | June, 2012           | North America    |
| Chicago, Illinois          | 42,000           | Leased       | Vacant                          | June, 2019           | North America    |
| Chicago, Illinois          | 58,800           | Leased       | Operating Facility              | September, 2015      | North America    |
| Cincinnati, Ohio           | 74,200           | Leased       | Operating Facility              | August, 2014         | North America    |
| Cincinnati, Ohio           | 32,600           | Leased       | Operating Facility              | June, 2015           | North America    |
| Crystal Lake, Illinois     | 5,900            | Owned        | Vacant                          | N/A                  | North America    |
| Des Plaines, Illinois      | 18,200           | Owned        | Executive Offices               | N/A                  | North America    |
| Des Plaines, Illinois      | 54,800           | Leased       | Operating Facility              | March, 2014          | North America    |
| Dusseldorf, Germany        | 2,300            | Leased       | Operating Facility              | October, 2012        | Europe           |
| Hilversum, Netherlands     | 5,300            | Leased       | Operating Facility              | October, 2016        | Europe           |
| Kalamazoo, Michigan        | 67,000           | Owned        | Operating Facility              | N/A                  | North America    |
| Leeds, U.K.                | 4,400            | Leased       | Operating Facility              | December, 2013       | Europe           |
| London, U.K.               | 42,700           | Leased       | Operating Facility              | March, 2015          | Europe           |
| Los Angeles, California    | 100,500          | Owned        | Operating Facility              | N/A                  | North America    |
| Manchester, U.K.           | 45,200           | Leased       | Operating Facility              | September, 2023      | Europe           |
| Meerhout, Belgium          | 5,900            | Leased       | Operating Facility              | July, 2011           | Europe           |
| Minneapolis, Minnesota     | 31,000           | Owned        | Operating Facility              | N/A                  | North America    |
| Mississauga, Canada        | 58,000           | Leased       | Operating Facility              | December, 2014       | North America    |
| Mt. Olive, New Jersey      | 12,900           | Leased       | Operating Facility              | August, 2012         | North America    |
| North Ryde, Australia      | 13,900           | Leased       | Operating Facility              | May, 2011            | Asia Pacific     |
| New Berlin, Wisconsin      | 43,000           | Leased       | Operating Facility              | June, 2013           | North America    |
| New York, New York         | 52,500           | Leased       | Subletting                      | December, 2012       | North America    |
| New York, New York         | 8,000            | Leased       | Subletting                      | January, 2011        | North America    |
| New York, New York         | 15,000           | Leased       | Operating Facility              | Month-to-month       | North America    |
| New York, New York         | 5,000            | Leased       | Operating Facility              | April, 2015          | North America    |
| Newcastle, U.K.            | 17,800           | Leased       | Operating Facility              | September, 2015      | Europe           |
| Penang, Malaysia           | 38,000           | Owned        | Operating Facility              | N/A                  | Asia Pacific     |
| Plano, Texas               | 12,300           | Leased       | Subletting                      | November, 2011       | North America    |
| Queretaro, Mexico          | 18,000           | Owned        | Operating Facility              | N/A                  | North America    |
| Redmond, Washington        | 24,200           | Leased       | Operating Facility              | April, 2017          | North America    |
| Roseville, Minnesota       | 28,000           | Leased       | Operating Facility              | May, 2011            | North America    |
| San Francisco, California  | 20,100           | Leased       | Operating Facility              | August, 2013         | North America    |
| San Francisco, California  | 13,500           | Leased       | Operating Facility              | October, 2014        | North America    |
| San Francisco, California  | 17,000           | Leased       | Operating Facility              | Month-to-month       | North America    |
| São Paulo, Brazil     | 500              | Leased       | Operating Facility              | November, 2011       | North America    |
| Shanghai, China            | 22,100           | Leased       | Operating Facility              | August, 2015         | Asia Pacific     |
| Shenzhen, China            | 7,100            | Leased       | Operating Facility              | December, 2011       | Asia Pacific     |
| Shenzhen, China            | 11,300           | Leased       | Operating Facility              | December, 2011       | Asia Pacific     |
| Singapore                  | 7,700            | Leased       | Operating Facility              | November, 2013       | Asia Pacific     |
| Stamford, Connecticut      | 20,000           | Leased       | Operating Facility              | August, 2011         | North America    |
| Sterling Heights, Michigan | 26,400           | Leased       | Operating Facility              | December, 2012       | North America    |
| Surry Hills, Australia     | 3,900            | Leased       | Operating Facility              | June, 2011           | Asia Pacific     |
| Swindon, U.K.              | 39,000           | Leased       | Subletting                      | September, 2018      | Europe           |
| Tokyo, Japan               | 1,900            | Leased       | Operating Facility              | April, 2012          | Asia Pacific     |
| Toronto, Ontario, Canada   | 13,600           | Leased       | Operating Facility              | February, 2013       | North America    |
| York, U.K.                 | 8,400            | Leased       | Operating Facility              | Month-to-month       | Europe           |

----

Item 3. Legal Proceedings

Item 4. [Removed and Reserved]

PART II

Item 5
. Market 

| Quarter Ended |   |   | 2010 High /Low |   | 2009 High /Low |
|---------------|--------|--------|----------------|--------|----------------|
|          |   |   |           |   |           |
| March 31      |   | $      | 18.49-12.18    | $      | 11.75-5.18     |
| June 30       |   |   | 20.01-14.79    |   | 8.38-5.92      |
| September 30  |   |   | 18.74-13.96    |   | 12.82-6.44     |
| December 31   |   |   | 21.24-15.57    |   | 13.82-9.38     |
|          |   |   |           |   |           |

| Quarter Ended |   |   | 2010   |   | 2009   |
|---------------|--------|--------|--------|--------|--------|
|          |   |   |   |   |   |
| March 31      |   | $      | 0.0400 | $      | 0.0325 |
| June 30       |   |   | 0.0400 |   | 0.0100 |
| September 30  |   |   | 0.0400 |   | 0.0100 |
| December 31   |   |   | 0.0800 |   | 0.0100 |
|          |   |   |   |   |   |
| Total         |   | $      | 0.2000 | $      | 0.0625 |

----

----

|   |
|--------|
|   |
|   |
|--------|

| *Assumes $100 invested at the close of trading 12/05 in Schawk, Inc. common stock, Russell 2000 Index, and Morgan Stanley Consumer Index . Cumulative total return assumes reinvestment of dividends. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                       |

----

| Plan Category                                              |   | Number of securities to be issued upon exercise of outstanding options, warrants and rights |   |     | Weighted-average exercise price of outstanding options, warrants and rights |   | Number of securities remaining available for future issuance under equity compensation plans (excluding shares reflected in the first column) |
|------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|--------|----------|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|                                                       |   |                                                                                        |   |     |                                                                        |   |                                                                                                                                          |
| Equity compensation plans approved by security holders     |   |   2,054                                                                                |   |   $ |   13.77                                                                |   |   1,193                                                                                                                                  |
|                                                       |   |                                                                                        |   |     |                                                                        |   |                                                                                                                                          |
| Equity compensation plans not approved by security holders |   |   --                                                                                   |   |     |   --                                                                   |   |   --                                                                                                                                     |
|                                                       |   |                                                                                        |   |     |                                                                        |   |                                                                                                                                          |
| Total                                                      |   | 2,054                                                                                       |   | $        | 13.77                                                                       |   | 1,193                                                                                                                                         |

----

Item 6.

|                                                         |   | Year Ended December 31, |
|--------------------------------------------------------------|--------|-------------------------|
| (in thousands, except per share amounts)                     |   | 2010                    |   | 2009 |   | 2008 |   | 2007 |   | 2006 |
|                                                         |   |                    |
| Consolidated Statement of Operations                         |   |                    |   |   |   |   |   |   |   |   |
| Information                                                  |   |                    |   |   |   |   |   |   |   |   |
| Net sales                                                    | $      | 460,626                 | $ | 452,446 | $ | 494,184 | $ | 544,409 | $ | 546,118 |
| Operating income (loss)                                      | $      | 49,566                  | $ | 35,784 | $ | (56,555) | $ | 60,173 | $ | 54,912 |
| Net income (loss) from continuing operations                 | $      | 32,420                  | $ | 19,497 | $ | (60,006) | $ | 30,598 | $ | 25,949 |
| Earnings (loss) per common share from continuing operations: |   |                    |   |   |   |   |   |   |   |   |
| Basic                                                        | $      | 1.27                    | $ | 0.78 | $ | (2.24) | $ | 1.14 | $ | 0.98 |
| Diluted                                                      | $      | 1.25                    | $ | 0.78 | $ | (2.24) | $ | 1.10 | $ | 0.95 |
|                                                         |   |                    |   |   |   |   |   |   |   |   |
| Consolidated Balance Sheet Information                       |   |                    |   |   |   |   |   |   |   |   |
| Total assets                                                 | $      | 449,859                 | $ | 416,219 | $ | 440,353 | $ | 534,987 | $ | 530,760 |
| Long-term debt                                               | $      | 37,080                  | $ | 64,707 | $ | 112,264 | $ | 105,942 | $ | 140,763 |
|                                                         |   |                    |   |   |   |   |   |   |   |   |
| Other Data                                                   |   |                    |   |   |   |   |   |   |   |   |
| Cash dividends per common share                              | $      | 0.20                    | $ | 0.0625 | $ | 0.13 | $ | 0.13 | $ | 0.13 |

Item 7. 
Management’s 

----

| ·   | Strategic Analysis |
|--------------------|--------------------|

| ·   | Planning and Messaging |
|--------------------|------------------------|

| ·   | Conceptual Design |
|--------------------|-------------------|

| ·   | Content Creation |
|--------------------|------------------|

| ·   | File Building |
|--------------------|---------------|

| ·   | Retouching |
|--------------------|------------|

| ·   | Art Production |
|--------------------|----------------|

| ·   | Pre-Media |
|--------------------|-----------|

----

----

----

|                               |   | North   |   |   |   | Asia    |   |      |   |   |
|------------------------------------|--------|---------|--------|--------|--------|---------|--------|-----------|--------|--------|
| (in millions)                      |   | America |   | Europe |   | Pacific |   | Corporate |   | Total  |
|                               |   |    |   |   |   |    |   |      |   |   |
| Year ended December 31, 2010       | $      | 1.3     | $      | 0.5    | $      | --      | $      | 0.2       | $      | 2.0    |
| Year ended December 31, 2009       |   | 3.6     |   | 1.4    |   | 1.0     |   | 0.4       |   | 6.4    |
| Year ended December 31, 2008       |   | 5.7     |   | 3.6    |   | 0.2     |   | 0.9       |   | 10.4   |
|                               |   |    |   |   |   |    |   |      |   |   |
| Cumulative since program inception | $      | 10.6    | $      | 5.5    | $      | 1.2     | $      | 1.5       | $      | 18.8   |

----

|                                   |   | Year Ended December 31, |
|----------------------------------------|--------|-------------------------|
| (in millions)                          |   | 2010                    |   |   | 2009 |   |   | 2008 |
|                                   |   |
| Land and buildings                     | $      | --                      |   | $ | 1.3 |   | $ | 3.5 |
| Internal use software                  |   | --                      |   |   | -- |   |   | 2.3 |
| Other fixed assets                     |   | 0.7                     |   |   | -- |   |   | 0.6 |
| Intangible assets, other than goodwill |   | --                      |   |   | 0.1 |   |   | 0.2 |
|                                   |   |                    |   |   |   |   |   |   |
| Total                                  | $      | 0.7                     |   | $ | 1.4 |   | $ | 6.6 |

----

|                                               | Comparative Consolidated Statements of OperationsYears ended December 31, 2010 and 2009 |
|----------------------------------------------------|-----------------------------------------------------------------------------------------|
|                                               |                                                                                    |   |   |   |   |   |   |   |   |
|                                               |                                                                                    |   |   |   |   | $ |   | % |   |
| (in thousands)                                     |                                                                                    | 2010 |   | 2009 |   | Change |   | Change |   |
|                                               |                                                                                    |   |   |   |   |   |   |   |   |
| Net sales                                          | $                                                                                       | 460,626 | $ | 452,446 | $ | 8,180 |   | 1.8 | % |
| Cost of sales                                      |                                                                                    | 282,070 |   | 281,372 |   | 698 |   | 0.2 | % |
| Gross profit                                       |                                                                                    | 178,556 |   | 171,074 |   | 7,482 |   | 4.4 | % |
| Gross profit percentage                            |                                                                                    | 38.8 | % | 37.8 | % |   |   |   |   |
|                                               |                                                                                    |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses       |                                                                                    | 124,222 |   | 131,118 |   | (6,896) |   | (5.3) | % |
| Acquisition integration and restructuring expenses |                                                                                    | 1,974 |   | 6,459 |   | (4,485) |   | (69.4) | % |
| Foreign exchange loss (gain)                       |                                                                                    | 2,306 |   | (542) |   | 2,848 |   | nm |   |
| Impairment of long-lived assets                    |                                                                                    | 688 |   | 1,441 |   | (753) |   | (52.3) | % |
| Multiemployer pension withdrawal (income) expense  |                                                                                    | (200) |   | 1,800 |   | (2,000) |   | nm |   |
| Indemnity settlement income                        |                                                                                    | -- |   | (4,986) |   | 4,986 |   | nm |   |
| Operating income                                   |                                                                                    | 49,566 |   | 35,784 |   | 13,782 |   | 38.5 | % |
| Operating margin percentage                        |                                                                                    | 10.8 | % | 7.9 | % |   |   |   |   |
|                                               |                                                                                    |   |   |   |   |   |   |   |   |
| Other income (expense):                            |                                                                                    |   |   |   |   |   |   |   |   |
| Interest income                                    |                                                                                    | 39 |   | 535 |   | (496) |   | (92.7) | % |
| Interest expense                                   |                                                                                    | (7,201) |   | (9,225) |   | 2,024 |   | (21.9) | % |
|                                               |                                                                                    |   |   |   |   |   |   |   |   |
| Income before income taxes                         |                                                                                    | 42,404 |   | 27,094 |   | 15,310 |   | 56.5 | % |
| Income tax provision                               |                                                                                    | 9,984 |   | 7,597 |   | 2,387 |   | 31.4 | % |
|                                               |                                                                                    |   |   |   |   |   |   |   |   |
| Net income                                         | $                                                                                       | 32,420 | $ | 19,497 | $ | 12,923 |   | 66.3 | % |
|                                               |                                                                                    |   |   |   |   |   |   |   |   |
| Effective income tax rate                          |                                                                                    | 23.5 | % | 28.0 | % |   |   |   |   |
|                                               |                                                                                    |   |   |   |   |   |   |   |   |

| Gross margin                                       | 38.8 | % | 37.8  | % | 100   | bp |   |
|----------------------------------------------------|------|---|-------|---|-------|----|--------|
| Selling, general and administrative expense        | 27.0 | % | 29.0  | % | (200) | bp |   |
| Acquisition integration and restructuring expenses | 0.4  | % | 1.4   | % | (100) | bp |   |
| Foreign exchange loss (gain)                       | 0.5  | % | (0.1) | % | 60    | bp |   |
| Impairment of long-lived assets                    | 0.1  | % | 0.3   | % | (20)  | bp |   |
| Multiemployer pension withdrawal expense           | --   | % | 0.4   | % | (40)  | bp |   |
| Indemnity settlement                               | --   | % | (1.1) | % | 110   | bp |   |
| Operating margin                                   | 10.8 | % | 7.9   | % | 290   | bp |   |

----

----

----

| Comparative Consolidated Statements of OperationsYears Ended December 31, 2009 and 2008 |
|-----------------------------------------------------------------------------------------|
|                                                                                    |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   | $ |   | % |   |
| (in thousands)                                                                          |   | 2009 |   | 2008 |   | Change |   | Change |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |
| Net sales                                                                               | $ | 452,446 | $ | 494,184 | $ | (41,738) |   | (8.4) | % |
| Cost of sales                                                                           |   | 281,372 |   | 329,814 |   | (48,442) |   | (14.7) | % |
| Gross profit                                                                            |   | 171,074 |   | 164,370 |   | 6,704 |   | 4.1 | % |
| Gross profit percentage                                                                 |   | 37.8 | % | 33.3 | % |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses                                            |   | 131,118 |   | 144,328 |   | (13,210) |   | (9.2) | % |
| Acquisition integration and restructuring expenses                                      |   | 6,459 |   | 10,390 |   | (3,931) |   | (37.8) | % |
| Indemnity settlement income                                                             |   | (4,986) |   | -- |   | (4,986) |   | nm |   |
| Multiemployer pension withdrawal expense                                                |   | 1,800 |   | 7,254 |   | (5,454) |   | (75.2) | % |
| Impairment of long-lived assets                                                         |   | 1,441 |   | 6,644 |   | (5,203) |   | (78.3) | % |
| Foreign exchange (gain) loss                                                            |   | (542) |   | 4,268 |   | (4,810) |   | nm |   |
| Impairment of goodwill                                                                  |   | -- |   | 48,041 |   | (48,041) |   | nm |   |
| Operating income (loss)                                                                 |   | 35,784 |   | (56,555) |   | 92,339 |   | nm |   |
| Operating margin percentage                                                             |   | 7.9 | % | (11.4) | % |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |
| Other income (expense):                                                                 |   |   |   |   |   |   |   |   |   |
| Interest income                                                                         |   | 535 |   | 291 |   | 244 |   | 83.8 | % |
| Interest expense                                                                        |   | (9,225) |   | (6,852) |   | (2,373) |   | (34.6) | % |
|                                                                                    |   |   |   |   |   |   |   |   |   |
| Income (loss) before income taxes                                                       |   | 27,094 |   | (63,116) |   | 90,210 |   | nm |   |
| Income tax provision (benefit)                                                          |   | 7,597 |   | (3,110) |   | 10,707 |   | nm |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                                       | $ | 19,497 | $ | (60,006) | $ | 79,503 |   | nm |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |
| Effective income tax rate                                                               |   | 28.0 | % | 4.9 | % |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |

| Expressed as a percentage of Net Sales:            |   |   |   |   |   |   |   |
|----------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| Gross margin                                       | 37.8   | %      | 33.3   | %      | 450    | bp     |   |
| Selling, general and administrative expense        | 29.0   | %      | 29.2   | %      | (20)   | bp     |   |
| Acquisition integration and restructuring expenses | 1.4    | %      | 2.1    | %      | (70)   | bp     |   |
| Indemnity settlement                               | (1.1)  | %      | --     | %      | (110)  | bp     |   |
| Multiemployer pension withdrawal expense           | 0.4    | %      | 1.5    | %      | (110)  | bp     |   |
| Impairment of long-lived assets                    | 0.3    | %      | 1.3    | %      | (100)  | bp     |   |
| Foreign exchange (gain) loss                       | (0.1)  | %      | 0.9    | %      | (100)  | bp     |   |
| Impairment of goodwill                             | --     | %      | 9.7    | %      | (970)  | bp     |   |
| Operating margin (loss)                            | 7.9    | %      | (11.4) | %      | 1,930  | bp     |   |

----

----

|                                               |   |    |   |    |   |    |   | 2010 vs. 2009Increase (Decrease) |   | 2009 vs. 2008Increase (Decrease) |      |
|----------------------------------------------------|--------|---------|--------|---------|--------|---------|--------|----------------------------------|--------|----------------------------------|-----------|
|                                               |   |    |   |    |   |    |   |
| (in thousands)                                     |   | 2010    |   | 2009    |   | 2008    |   | $                                |   | %                                |      |   | $ |   | % |   |
|                                               |   |    |   |    |   |    |   |                             |   |                             |      |   |   |   |   |   |
| Net Sales                                          | $      | 399,658 | $      | 390,713 | $      | 425,055 | $      | 8,945                            |   | 2.3                              | %         | $ | (34,342) |   |  (8.1) | % |
| Acquisition integration and restructuring expenses | $      | 1,266   | $      | 3,614   | $      | 5,701   | $      | (2,348)                          |   | (65.0)                           | %         | $ | (2,087) |   | (36.6) | % |
| Foreign exchange (gain) loss                       | $      | 120     | $      | 149     | $      | (35)    | $      | (29)                             |   | (19.5)                           | %         | $ | 184 |   | nm |   |
| Impairment of long-lived assets                    | $      | 688     | $      | 1,366   | $      | 4,308   | $      | (678)                            |   | (49.6)                           | %         | $ | (2,942) |   | (68.3) | % |
| Goodwill impairment charges                        | $      | --      | $      | --      | $      | 14,334  | $      | --                               |   | --                               | %         | $ | (14,334) |   | nm |   |
| Depreciation and amortization                      | $      | 10,931  | $      | 11,601  | $      | 12,783  | $      | (670)                            |   |  (5.8)                      | %         | $ | (1,182) |   |  (9.2) | % |
| Operating income                                   | $      | 68,428  | $      | 56,734  | $      | 23,848  | $      | 11,694                           |   | 20.6                             | %         | $ | 32,886 |   | nm |   |
| Operating margin                                   |   | 17.1    | %      | 14.5    | %      | 5.6     | %      |                             |   | 260                              |   bp |   |   |   | 890 | bp |
| Capital expenditure                                | $      | 5,464   | $      | 3,653   | $      | 10,404  | $      | 1,811                            |   | 49.6                             | %         | $ | (6,751) |   | (64.9) | % |
| Total assets                                       | $      | 348,440 | $      | 320,655 | $      | 328,494 | $      | 27,785                           |   |   8.7                       | %         | $ | (7,839) |   |   (2.4) | % |

----

----

|                                               |   |   |   |   |   |     |   | 2010 vs. 2009Increase (Decrease) |   | 2009 vs. 2008Increase (Decrease) |   |
|----------------------------------------------------|--------|--------|--------|--------|--------|----------|--------|----------------------------------|--------|----------------------------------|--------|
|                                               |   |   |   |   |   |     |   |
| (in thousands)                                     |   | 2010   |   | 2009   |   | 2008     |   | $                                |   | %                                |   |   | $ |   | % |   |
|                                               |   |   |   |   |   |     |   |                             |   |                             |   |   |   |   |   |   |
| Net Sales                                          | $      | 66,238 | $      | 67,409 | $      | 71,040   | $      | (1,171)                          |   | (1.7)                            | %      | $ | (3,631) |   | (5.1) | % |
| Acquisition integration and restructuring expenses | $      | 555    | $      | 1,400  | $      | 3,552    | $      | (845)                            |   | (60.4)                           | %      | $ | (2,152) |   | (60.6) | % |
| Foreign exchange (gain) loss                       | $      | 242    | $      | 270    | $      | 3,268    | $      | (28)                             |   | (10.4)                           | %      | $ | (2,999) |   | (91.8) |   |
| Impairment of long-lived assets                    | $      | --     | $      | 75     | $      | --       | $      | (75)                             |   | nm                               | %      | $ | 75 |   | nm | % |
| Goodwill impairment charges                        | $      | --     | $      | --     | $      | 32,703   | $      | --                               |   | --                               | %      | $ | (32,703) |   | nm |   |
| Depreciation and amortization                      | $      | 2,760  | $      | 3,075  | $      | 3,344    | $      | (315)                            |   | (10.2)                           | %      | $ | (269) |   |   (8.0) | % |
| Operating income                                   | $      | 3,812  | $      | 3,836  | $      | (37,324) | $      | (24)                             |   |    (0.6)               | %      | $ | 41,160 |   | nm |   |
| Operating margin                                   |   | 5.8    | %      | 5.7    | %      | (52.5)   | %      |                             |   | 10                               | bp     |   |   |   | 5,820 | bp |
| Capital expenditure                                | $      | 1,712  | $      | 618    | $      | 2,233    | $      | 1,094                            |   | nm                               | %      | $ | (1,615) |   | (72.3) | % |
| Total assets                                       | $      | 74,319 | $      | 44,508 | $      | 46,554   | $      | 29,811                           |   | 67.0                             | %      | $ | (2,046) |   |   (4.4) | % |

----

|                                               |   |   |   |    |   |   |   | 2010 vs. 2009Increase (Decrease) |   | 2009 vs. 2008Increase (Decrease) |   |
|----------------------------------------------------|--------|--------|--------|---------|--------|--------|--------|----------------------------------|--------|----------------------------------|--------|
|                                               |   |   |   |    |   |   |   |
| (in thousands)                                     |   | 2010   |   | 2009    |   | 2008   |   | $                                |   | %                                |   |   | $ |   | % |   |
|                                               |   |   |   |    |   |   |   |                             |   |                             |   |   |   |   |   |   |
| Net Sales                                          | $      | 31,393 | $      | 29,348  | $      | 28,630 | $      | 2,045                            |   | 7.0                              | %      | $ | 718 |   | 2.5 | % |
| Acquisition integration and restructuring expenses | $      | (70)   | $      | 992     | $      | 248    | $      | (1,062)                          |   | nm                               | %      | $ | 744 |   | nm | % |
| Foreign exchange (gain) loss                       | $      | 442    | $      | (1,504) | $      | 1,034  | $      | 1,946                            |   | nm                               | %      | $ | (2,538) |   | nm |   |
| Goodwill impairment charges                        | $      | --     | $      | --      | $      | 1,004  | $      | --                               |   | --                               | %      | $ | (1,004) |   | nm | % |
| Depreciation and amortization                      | $      | 1,208  | $      | 1,008   | $      | 935    | $      | 200                              |   | 19.8                             | %      | $ | 73 |   | 7.8 | % |
| Operating income                                   | $      | 4,855  | $      | 7,389   | $      | 1,366  | $      | (2,534)                          |   | (34.3)                           | %      | $ | 6,023 |   | nm |   |
| Operating margin                                   |   | 15.5   | %      | 25.2    | %      | 4.8    | %      |                             |   | (970)                            | bp     |   |   |   | 2,040 | bp |
| Capital expenditure                                | $      | 1,924  | $      | 898     | $      | 1,425  | $      | 1,026                            |   | nm                               | %      | $ | (527) |   | (37.0) | % |
| Total assets                                       | $      | 23,903 | $      | 21,839  | $      | 29,073 | $      | 2,064                            |   |  9.5                        | %      | $ | (7,234) |   | (24.9) | % |

----

----

----

| ·   | reduced the size of the Company’s revolving credit facility by $32.5 million from $115.0 million (expandable to $125.0 million) to $82.5 million; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | after the payment of $2.6 million in June 2009, the size of the Company’s revolving credit facility was further reduced to $80.0 million; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | increased the Company’s maximum permitted cash-flow leverage ratio from 3.25 to 5.00 for the first quarter of 2009, decreasing to 3.00 in the fourth quarter of 2009 and thereafter; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | amended the credit facility’s pricing terms, including increasing the interest rate margin applicable on the revolving credit facility indebtedness to a variable rate of LIBOR plus 300 to 450 basis points (“bpts”), depending on the cash flow leverage ratio, and set the minimum LIBOR at 2.0 percent; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | increased the unused revolver commitment fee rate to 50 bpts per year; |
|--------------------|------------------------------------------------------------------------|

| ·   | increased the interest rate on indebtedness outstanding under each of the notes outstanding under the Company’s note agreements by 400 bpts; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | reset the Company’s minimum quarterly fixed charge coverage ratio; |
|--------------------|--------------------------------------------------------------------------|

| ·   | prohibited the Company from repurchasing its shares without lender consent and restricted future dividend payments by the Company (beginning with the first dividend declared after March, 2009) to an aggregate $0.3 million per fiscal quarter, or approximately $0.01 per share based on the number of shares of common stock currently outstanding; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | required the Company to obtain lender approval of any acquisitions; |
|--------------------|---------------------------------------------------------------------|

| ·   | revised the Company’s minimum consolidated net worth covenant to be based on 90 percent of the Company’s consolidated net worth as of March 31, 2009; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | reduced the amount of the Company’s permitted capital expenditures to $17.5 million, from $25.0 million, during any fiscal year; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | provided a waiver for any noncompliance with certain financial and other covenants. |
|--------------------|-------------------------------------------------------------------------------------|

----

----

|                             |   | Payments Due by Period |
|----------------------------------|--------|------------------------|
| (in thousands)                   |   |                   |   | Less |   |   |   |   |   | More |
|                             |   |                   |   | than 1 |   | 1-3 |   | 3-5 |   | than 5 |
| Contractual Obligations          |   | Total                  |   | Year |   | years |   | years |   | years |
|                             |   |                   |   |   |   |   |   |   |   |   |
| Debt obligations                 | $      | 66,667                 | $ | 29,587 | $ | 35,851 | $ | 1,229 | $ | -- |
| Interest on debt (1)             |   | 4,226                  |   | 2,843 |   | 1,328 |   | 55 |   | -- |
| Operating lease obligations      |   | 46,723                 |   | 12,872 |   | 19,729 |   | 9,018 |   | 5,104 |
| Purchase obligations             |   | 7,371                  |   | 6,585 |   | 786 |   | -- |   | -- |
| Deferred compensation            |   | 2,284                  |   | 85 |   | 94 |   | 31 |   | 2,074 |
| Multiemployer pension withdrawal |   | 8,850                  |   | 8,850 |   | -- |   | -- |   | -- |
| Uncertain tax positions (2)      |   | --                     |   | -- |   | -- |   | -- |   | -- |
|                             |   |                   |   |   |   |   |   |   |   |   |
| Total                            | $      | 136,121                | $ | 60,822 | $ | 57,788 | $ | 10,333 | $ | 7,178 |

| (1)   | Reflects scheduled interest payments on fixed-rate debt. Variable-rate interest on approximately $21,201 of variable rate debt under its revolving credit agreement as of December 31, 2010 is excluded because regular interest payments are not scheduled and fluctuate depending on outstanding principal balance and market-rate interest levels. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |        (2) | As of December 31, 2010, the Company’s total liability for uncertain tax positions was $4,566, including $317 of accrued interest and penalties. Due to the high degree of uncertainty regarding the timing of potential future cash flows associated with these liabilities, the Company was unable to make a reasonably reliable estimate of the amount and period in which these liabilities might be paid. |
|--------|------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                      |   | North   |   |   |   | Asia    |   |   |   |
|-------------------------------------------|--------|---------|--------|--------|--------|---------|--------|--------|--------|
| (in millions)                             |   | America |   | Europe |   | Pacific |   | Total  |   |
|                                      |   |
| Fair value of reporting unit              | $      | 440.4   | $      | 45.5   | $      | 42.6    | $      | 528.5  |   |
| Carrying value of reporting unit          | $      | 219.1   | $      | 19.6   | $      | 18.1    | $      | 256.8  |   |
| Percentage fair value over carrying value |   | 101.0   | %      | 132.1  | %      | 135.4   | %      | 105.8  | %      |
| Goodwill allocated to reporting unit      | $      | 172.8   | $      | 8.0    | $      | 7.9     | $      | 188.7  |   |

----

----

----

Item 7A. 
Quantitative 

----

Item 8. Financial Statements and Supplementary Data

| Index to Financial Statements                                                                             |   |   |
|-----------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                                      |   | Page   |
|                                                                                                      |   |   |
| Report of Independent Registered Public Accounting Firm                                                   |   | 52     |
|                                                                                                      |   |   |
| Financial Statements:                                                                                     |   |   |
|                                                                                                      |   |   |
| Consolidated Balance Sheets — December 31, 2010 and 2009                                            |   | 53     |
|                                                                                                      |   |   |
| Consolidated Statements of Operations —Years Ended December 31, 2010, 2009 and 2008                 |   | 54     |
|                                                                                                      |   |   |
| Consolidated Statements of Cash Flows —Years Ended December 31, 2010, 2009 and 2008                 |   | 55     |
|                                                                                                      |   |   |
| Consolidated Statements of Stockholders’ Equity —Years Ended December 31, 2010, 2009 and 2008 |   | 56     |
|                                                                                                      |   |   |
| Notes to Consolidated Financial Statements                                                                |   | 57     |
|                                                                                                      |   |   |
| Financial Statement Schedule:                                                                             |   |   |
|                                                                                                      |   |   |
| SCHEDULE II — Valuation Reserves                                                                    |   | 100    |
|                                                                                                      |   |   |

----

Report of Independent 

----

Consolidated Balance Sheets

|                                                                                                                                                                                                                                     |   | December 31,          |   | December 31,          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|-----------------------|
|                                                                                                                                                                                                                                     |   | 2010                  |   | 2009                  |
|                                                                                                                                                                                                                                     |   |                  |   |                  |
| Assets                                                                                                                                                                                                                                   |   |                  |   |                  |
| Current assets:                                                                                                                                                                                                                          |   |                  |   |                  |
| Cash and cash equivalents                                                                                                                                                                                                                | $      | 36,889                | $      | 12,167                |
| Trade accounts receivable, less allowance for doubtful accountsof $1,525 in 2010 and $1,619 in 2009                                                                                                                                      |   |  95,207          |   |  88,822          |
| Inventories                                                                                                                                                                                                                              |   | 18,250                |   | 20,536                |
| Prepaid expenses and other current assets                                                                                                                                                                                                |   | 9,356                 |   | 8,192                 |
| Income tax receivable                                                                                                                                                                                                                    |   | 2,943                 |   | 2,565                 |
| Deferred income taxes                                                                                                                                                                                                                    |   | 347                   |   | 992                   |
| Total current assets                                                                                                                                                                                                                     |   | 162,992               |   | 133,274               |
|                                                                                                                                                                                                                                     |   |                  |   |                  |
| Property and equipment, net                                                                                                                                                                                                              |   | 48,684                |   | 50,247                |
| Goodwill, net                                                                                                                                                                                                                            |   | 193,626               |   | 187,664               |
| Other intangible assets, net:                                                                                                                                                                                                            |   |                  |   |                  |
| Customer relationships                                                                                                                                                                                                                   |   | 36,461                |   | 36,321                |
| Other                                                                                                                                                                                                                                    |   | 817                   |   | 1,284                 |
| Deferred income taxes                                                                                                                                                                                                                    |   | 868                   |   | 1,424                 |
| Other assets                                                                                                                                                                                                                             |   | 6,411                 |   | 6,005                 |
|                                                                                                                                                                                                                                     |   |                  |   |                  |
| Total assets                                                                                                                                                                                                                             | $      | 449,859               | $      | 416,219               |
|                                                                                                                                                                                                                                     |   |                  |   |                  |
| Liabilities and stockholders’ equity                                                                                                                                                                                               |   |                  |   |                  |
| Current liabilities:                                                                                                                                                                                                                     |   |                  |   |                  |
| Trade accounts payable                                                                                                                                                                                                                   | $      | 21,930                | $      | 16,957                |
| Accrued expenses                                                                                                                                                                                                                         |   | 64,007                |   | 64,079                |
| Deferred income taxes                                                                                                                                                                                                                    |   | 3,260                 |   | 205                   |
| Income taxes                                                                                                                                                                                                                             |   | 1,038                 |   | 14,600                |
| Current portion of long-term debt                                                                                                                                                                                                        |   | 29,587                |   | 12,858                |
| Total current liabilities                                                                                                                                                                                                                |   | 119,822               |   | 108,699               |
|                                                                                                                                                                                                                                     |   |                  |   |                  |
| Long-term liabilities:                                                                                                                                                                                                                   |   |                  |   |                  |
| Long-term debt                                                                                                                                                                                                                           |   | 37,080                |   | 64,707                |
| Deferred income taxes                                                                                                                                                                                                                    |   | 9,135                 |   | 2,059                 |
| Other long-term liabilities                                                                                                                                                                                                              |   | 19,696                |   | 15,920                |
| Total long-term liabilities                                                                                                                                                                                                              |   | 65,911                |   | 82,686                |
|                                                                                                                                                                                                                                     |   |                  |   |                  |
| Stockholders’ equity:                                                                                                                                                                                                              |   |                  |   |                  |
| Common stock, $0.008 par value, 40,000,000 shares authorized,30,506,252 and 29,855,796 shares issued at December 31, 2010 and2009, respectively, 25,761,334 and 25,108,894 shares outstanding atDecember 31, 2010 and 2009, respectively |   |    224 |   |    220 |
| Additional paid-in capital                                                                                                                                                                                                               |   | 200,205               |   | 191,701               |
| Retained earnings                                                                                                                                                                                                                        |   | 113,258               |   | 85,953                |
| Accumulated comprehensive income, net                                                                                                                                                                                                    |   | 11,247                |   | 7,804                 |
| Treasury stock, at cost, 4,744,918 and 4,746,902 shares of commonstock at December 31, 2010 and 2009, respectively                                                                                                                       |   |  (60,808)        |   |  (60,844)        |
| Total stockholders’ equity                                                                                                                                                                                                         |   | 264,126               |   | 224,834               |
|                                                                                                                                                                                                                                     |   |                  |   |                  |
| Total liabilities and stockholders’ equity                                                                                                                                                                                         | $      | 449,859               | $      | 416,219               |

----

Consolidated Statements of Operations

|                                                                        |   | Years Ended December 31, |
|-----------------------------------------------------------------------------|--------|--------------------------|
|                                                                        |   | 2010                     |   | 2009 |   | 2008 |
|                                                                        |   |                     |   |   |   |   |
| Net sales                                                                   | $      | 460,626                  | $ | 452,446 | $ | 494,184 |
| Cost of sales                                                               |   | 282,070                  |   | 281,372 |   | 329,814 |
| Gross profit                                                                |   | 178,556                  |   | 171,074 |   | 164,370 |
|                                                                        |   |                     |   |   |   |   |
| Selling, general, and administrative expenses                               |   | 124,222                  |   | 131,118 |   | 144,328 |
| Acquisition integration and restructuring expenses                          |   | 1,974                    |   | 6,459 |   | 10,390 |
| Foreign exchange loss (gain)                                                |   | 2,306                    |   | (542) |   | 4,268 |
| Impairment of long-lived assets                                             |   | 688                      |   | 1,441 |   | 6,644 |
| Multiemployer pension withdrawal (income) expense                           |   | (200)                    |   | 1,800 |   | 7,254 |
| Indemnity settlement income                                                 |   | --                       |   | (4,986) |   | -- |
| Impairment of goodwill                                                      |   | --                       |   | -- |   | 48,041 |
| Operating income (loss)                                                     |   | 49,566                   |   | 35,784 |   | (56,555) |
|                                                                        |   |                     |   |   |   |   |
| Other income (expense):                                                     |   |                     |   |   |   |   |
| Interest income                                                             |   | 39                       |   | 535 |   | 291 |
| Interest expense                                                            |   | (7,201)                  |   | (9,225) |   | (6,852) |
|                                                                        |   |                     |   |   |   |   |
| Income (loss) before income taxes                                           |   | 42,404                   |   | 27,094 |   | (63,116) |
| Income tax provision (benefit)                                              |   | 9,984                    |   | 7,597 |   | (3,110) |
|                                                                        |   |                     |   |   |   |   |
| Net income (loss)                                                           | $      | 32,420                   | $ | 19,497 | $ | (60,006) |
|                                                                        |   |                     |   |   |   |   |
|  Earnings (loss) per share:                                            |   |                     |   |   |   |   |
| Basic                                                                       | $      | 1.27                     | $ | 0.78 | $ | (2.24) |
| Diluted                                                                     | $      | 1.25                     | $ | 0.78 | $ | (2.24) |
|                                                                        |   |                     |   |   |   |   |
| Weighted average number of common and common equivalent shares outstanding: |   |                     |   |   |   |   |
| Basic                                                                       |   | 25,465                   |   | 24,966 |   | 26,739 |
| Diluted                                                                     |   | 25,883                   |   | 25,001 |   | 26,739 |
|                                                                        |   |                     |   |   |   |   |
| Dividends per Class A common share                                          | $      | 0.20                     | $ | 0.0625 | $ | 0.13 |

----

Consolidated Statements of Cash Flows

|                                                                                 |   | Years Ended December 31, |
|--------------------------------------------------------------------------------------|--------|--------------------------|
|                                                                                 |   | 2010                     |   | 2009 |   | 2008 |   |
| Cash flows from operating activities                                                 |   |                     |   |   |   |   |   |
| Net income (loss)                                                                    | $      | 32,420                   | $ | 19,497 | $ | (60,006) |   |
| Adjustments to reconcile net income (loss) to cash provided by operating activities: |   |                     |   |   |   |   |   |
| Depreciation                                                                         |   | 13,055                   |   | 13,924 |   | 16,693 |   |
| Amortization                                                                         |   | 4,556                    |   | 4,729 |   | 4,058 |   |
| Impairment of goodwill                                                               |   | --                       |   | -- |   | 48,041 |   |
| Impairment of long-lived assets                                                      |   | 688                      |   | 1,441 |   | 6,644 |   |
| Insurance settlement                                                                 |   | (1,539)                  |   | -- |   | -- |   |
| Non-cash restructuring charge                                                        |   | --                       |   | 210 |   | 628 |   |
| Deferred income taxes                                                                |   | 11,349                   |   | 3,200 |   | (8,452) |   |
| Amortization of deferred financing fees                                              |   | 674                      |   | 1,027 |   | 168 |   |
| Loss (gain) on sale of equipment                                                     |   | 28                       |   | (111) |   | 362 |   |
| Share-based compensation expense                                                     |   | 1,886                    |   | 1,737 |   | 1,385 |   |
| Tax benefit from stock options exercised                                             |   | (1,109)                  |   | (222) |   | (100) |   |
| Changes in operating assets and liabilities, net of effects from acquisitions:       |   |                     |   |   |   |   |   |
| Trade accounts receivable                                                            |   | (5,293)                  |   | (3,278) |   | 25,184 |   |
| Inventories                                                                          |   | 2,039                    |   | 3,576 |   | (2,936) |   |
| Prepaid expenses and other current assets                                            |   | (921)                    |   | 1,438 |   | 969 |   |
| Trade accounts payable, accrued expenses and other liabilities                       |   | 3,904                    |   | (539) |   | 3,075 |   |
| Income taxes refundable (payable)                                                    |   | (12,727)                 |   | 9,801 |   | (2,465) |   |
| Net cash provided by operating activities                                            |   | 49,010                   |   | 56,430 |   | 33,248 |   |
|                                                                                 |   |                     |   |   |   |   |   |
| Cash flows from investing activities                                                 |   |                     |   |   |   |   |   |
| Proceeds from sales of property and equipment                                        |   | 547                      |   | 5,087 |   | 1,189 |   |
| Proceeds from insurance settlement                                                   |   | 1,539                    |   | -- |   | -- |   |
| Purchases of property and equipment                                                  |   | (12,205)                 |   | (5,257) |   | (14,912) |   |
| Acquisitions, net of cash acquired                                                   |   | (5,798)                  |   | (739) |   | (12,784) |   |
| Other                                                                                |   | 3                        |   | (19) |   | 309 |   |
| Net cash used in investing activities                                                |   | (15,914)                 |   | (928) |   | (26,198) |   |
|                                                                                 |   |                     |   |   |   |   |   |
| Cash flows from financing activities                                                 |   |                     |   |   |   |   |   |
| Issuance of common stock                                                             |   | 5,513                    |   | 1,945 |   | 2,208 |   |
| Proceeds from issuance of long-term debt                                             |   | 99,062                   |   | 113,081 |   | 185,479 |   |
| Payments of long-term debt including current portion                                 |   | (109,960)                |   | (171,343) |   | (157,446) |   |
| Tax benefit from stock options exercised                                             |   | 1,109                    |   | 222 |   | 100 |   |
| Payment of deferred financing fees                                                   |   | (1,171)                  |   | (1,243) |   | (89) |   |
| Cash dividends                                                                       |   | (5,079)                  |   | (1,547) |   | (3,411) |   |
| Purchase of common stock                                                             |   | --                       |   | (4,277) |   | (27,430) |   |
| Net cash used in financing activities                                                |   | (10,526)                 |   | (63,162) |   | (589) |   |
|                                                                                 |   |                     |   |   |   |   |   |
| Effect of foreign currency rate changes                                              |   | 2,152                    |   | (378) |   | 1,990 |   |
|                                                                                 |   |                     |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                 |   | 24,722                   |   | (8,038) |   | 8,451 |   |
| Cash and cash equivalents beginning of period                                        |   | 12,167                   |   | 20,205 |   | 11,754 |   |
|                                                                                 |   |                     |   |   |   |   |   |
| Cash and cash equivalents end of period                                              | $      | 36,889                   | $ | 12,167 | $ | 20,205 |   |
|                                                                                 |   |                     |   |   |   |   |   |
| Supplementary cash flow disclosures:                                                 |   |                     |   |   |   |   |   |
| Dividends issued in the form of Class A common stock                                 | $      | 37                       | $ | 13 | $ | 24 |   |
| Cash paid for interest                                                               | $      | 5,002                    | $ | 6,446 | $ | 5,494 |   |
| Cash paid (refunds received) for income taxes, net                                   | $      | 11,651                   | $ | (5,082) | $ | 6,481 |   |
|                                                                                 |   |                     |   |   |   |   |   |

----

Consolidated 

|                                                                 | Class ACommonSharesOutstanding              |     | Class ACommonStock |     | AdditionalPaid-InCapital |     | RetainedEarnings |     | AccumulatedComprehensiveIncome (Loss) |     | TreasuryStock        |     | TotalStockholdersEquity |
|----------------------------------------------------------------------|---------------------------------------------|----------|--------------------|----------|--------------------------|----------|------------------|----------|---------------------------------------|----------|----------------------|----------|-------------------------|
|                                                                 |                                        |     |               |     |                     |     |             |     |                                  |     |                 |     |                    |
| Balance at December 31, 2007                                         | 27,013,482                             |  $  | 216           |  $  | 184,110             |  $  | 131,457     |  $  | 14,162                           |  $  |  (29,176)  |  $  | 300,769            |
| Net loss                                                             | --                                          |     | --                 |     | --                       |     | (60,006)         |     | --                                    |     | --                   |     | (60,006)                |
| Foreign currency translation adjustment                              | --                                          |     | --                 |     | --                       |     | --               |     | (12,794)                              |     | --                   |     | (12,794)                |
| Total comprehensive loss                                             | --                                          |     | --                 |     | --                       |     | --               |     | --                                    |     | --                   |     | (72,800)                |
| Sale of Class A common stock                                         | 142,533                                     |     | 1                  |     | 1,431                    |     | --               |     | --                                    |     | --                   |     | 1,432                   |
| Tax benefit from stock options exercised                             | --                                          |     | --                 |     | 100                      |     | --               |     | --                                    |     | --                   |     | 100                     |
| Purchase of Class A treasury stock                                   | (2,000,000)                                 |     | --                 |     | --                       |     | --               |     | --                                    |     | (27,430)             |     | (27,430)                |
| Stock issued under employee stock puurchase plan                     | 60,657                                 |     | --                 |     | 775                 |     | --               |     | --                                    |     | --                   |     | 775                |
| Share-based compensation expense                                     | --                                          |     | --                 |     | 1,385                    |     | --               |     | --                                    |     | --                   |     | 1,385                   |
| Issuance of Class A common stock under dividend reinvestment program | 1,894                                  |     | --                 |     | --                       |     | (24)        |     | --                                    |     | 25              |     | 1                  |
| Cash dividends                                                       | --                                          |     | --                 |     | --                       |     | (3,411)          |     | --                                    |     | --                   |     | (3,411)                 |
| Balance at December 31, 2008                                         | 25,218,566                                  |     | 217                |     | 187,801                  |     | 68,016           |     | 1,368                                 |     | (56,581)             |     | 200,821                 |
| Net income                                                           | --                                          |     | --                 |     | --                       |     | 19,497           |     | --                                    |     | --                   |     | 19,497                  |
| Foreign currency translation adjustment                              | --                                          |     | --                 |     | --                       |     | --               |     | 6,436                                 |     | --                   |     | 6,436                   |
| Total comprehensive income                                           | --                                          |     | --                 |     | --                       |     | --               |     | --                                    |     | --                   |     | 25,933                  |
| Sale of Class A common stock                                         | 309,997                                     |     | 2                  |     | 1,387                    |     | --               |     | --                                    |     | --                   |     | 1,389                   |
| Tax benefit from stock options exercised                             | --                                          |     | --                 |     | 222                      |     | --               |     | --                                    |     | --                   |     | 222                     |
| Purchase of Class A treasury stock                                   | (488,700)                                   |     |   --          |     | --                       |     | --               |     | --                                    |     | (4,277)              |     | (4,277)                 |
| Stock issued under employee stock puurchase plan                     | 69,031                                 |     |  1            |     | 554                 |     | --               |     | --                                    |     | --                   |     | 555                |
| Share-based compensation expense                                     | --                                          |     | --                 |     | 1,737                    |     | --               |     | --                                    |     | --                   |     | 1,737                   |
| Issuance of Class A common stock under dividend reinvestment program |   --                                   |     | --                 |     | --                       |     | (13)        |     | --                                    |     | 14              |     | 1                       |
| Cash dividends                                                       | --                                          |     | --                 |     | --                       |     | (1,547)          |     | --                                    |     | --                   |     | (1,547)                 |
| Balance at December 31, 2009                                         | 25,108,894                                  |     | 220                |     | 191,701                  |     | 85,953           |     | 7,804                                 |     | (60,844)             |     | 224,834                 |
| Net income                                                           | --                                          |     | --                 |     | --                       |     | 32,420           |     | --                                    |     | --                   |     | 32,420                  |
| Foreign currency translation adjustment                              | --                                          |     | --                 |     | --                       |     | --               |     | 3,443                                 |     | --                   |     | 3,443                   |
| Total comprehensive income                                           | --                                          |     | --                 |     | --                       |     | --               |     | --                                    |     | --                   |     | 35,863                  |
| Sale of Class A common stock                                         | 624,033                                     |     | 4                  |     | 5,063                    |     | --               |     | --                                    |     | --                   |     | 5,067                   |
| Tax benefit from stock options exercised                             | --                                          |     | --                 |     | 1,109                    |     | --               |     | --                                    |     | --                   |     | 1,109                   |
| Stock issued under employee stock purchase plan                      |       26,423  |     | --                 |     | 446                 |     | --               |     | --                                    |     | --                   |     | 446                |
| Share-based compensation expense                                     | --                                          |     | --                 |     | 1,886                    |     | --               |     | --                                    |     | --                   |     | 1,886                   |
| Issuance of Class A common stock under dividend reinvestment program | 1,984                                  |     | --                 |     | --                       |     | (36)        |     | --                                    |     | 36              |     | --                 |
| Cash dividends                                                       | --                                          |     | --                 |     | --                       |     | (5,079)          |     | --                                    |     | --                   |     | (5,079)                 |
|                                                                 |                                        |     |               |     |                     |     |             |     |                                  |     |                 |     |                    |
| Balance at December 31, 2010                                         | 25,761,334                                  |   $ | 224                |   $ | 200,205                  |   $ | 113,258          |   $ | 11,247                                |   $ | (60,808)             |   $ | 264,126                 |

----

Notes to Consolidated Financial Statements

----

----

----

----

| ·   | Level 1 – Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Level 2 – Inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. These are typically obtained from readily-available pricing sources for comparable instruments. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Level 3 – Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                       |   | December 31, |
|--------------------------------------------|--------|--------------|
| (in thousands)                             |   | 2010         |   |   | 2009 |
|                                       |   |         |   |   |   |
| Fair value of fixed-rate notes payable     | $      | 46,086       |   | $ | 57,449 |
| Carrying value of fixed-rate notes payable | $      | 44,857       |   | $ | 56,533 |

----

----

| Accounts receivable                                     | $      | 981     |
|---------------------------------------------------------|--------|---------|
| Prepaid expenses and other current assets               |   | 87      |
| Deferred income taxes                                   |   | 29      |
| Property and equipment                                  |   | 149     |
| Goodwill                                                |   | 4,481   |
| Customer relationships                                  |   | 3,966   |
| Non-compete agreements                                  |   | 100     |
| Trade accounts payable                                  |   | (77)    |
| Accrued expenses                                        |   | (1,188) |
| Other long term liabilities                             |   | (3,625) |
|                                                    |   |    |
| Total cash paid at closing, net of $1,097 cash acquired | $      | 4,903   |

----

| Accounts receivable        | $      | 79     |
|----------------------------|--------|--------|
| Inventory                  |   | 15     |
| Property and equipment     |   | 63     |
| Goodwill                   |   | 449    |
| Customer relationships     |   | 215    |
| Non-compete agreements     |   | 39     |
|                       |   |   |
| Total cash paid at closing | $      | 860    |

----

|   |   | Beginning of |   |   |        |   |   |     |   |   | End of |
|--------|--------|--------------|--------|--------|-------------|--------|--------|----------|--------|--------|--------|
|   |   | Period       |   |   | Adjustments |   |   | Payments |   |   | Period |
|   |   |         |   |   |        |   |   |     |   |   |   |
| 2008   | $      | 4,330        |   | $      | (1,194)     |   | $      | (953)    |   | $      | 2,183  |
| 2009   | $      | 2,183        |   | $      | 1,056       |   | $      | (808)    |   | $      | 2,431  |
| 2010   | $      | 2,431        |   | $      | (715)       |   | $      | (936)    |   | $      | 780    |
|   |   |         |   |   |        |   |   |     |   |   |   |

----

|                                   |   |                 |   |             |   | Other        |   |        |
|----------------------------------------|--------|----------------------|--------|------------------|--------|--------------|--------|-------------|
|                                   |   | EmployeeTerminations |   | LeaseObligations |   | RelatedCosts |   |  Total |
|                                   |   |                 |   |             |   |         |   |        |
| Liability balance at December 31, 2007 | $      | --                   | $      | --               | $      | --           | $      | --          |
| New accruals                           |   | 4,552                |   | 4,315            |   | 895          |   | 9,762       |
| Cash payments                          |   | (3,259)              |   | (224)            |   | (895)        |   | (4,378)     |
| Liability balance at December 31, 2008 |   | 1,293                |   | 4,091            |   | --           |   | 5,384       |
| New accruals                           |   | 54                   |   | 1,885            |   | --           |   | 1,939       |
| Adjustments                            |   | (310)                |   | (307)            |   | --           |   | (617)       |
| Cash payments                          |   | (749)                |   | (1,745)          |   | --           |   | (2,494)     |
| Liability balance at December 31, 2009 |   | 288                  |   | 3,924            |   | --           |   | 4,212       |
| New accruals                           |   | 39                   |   | 226              |   | --           |   | 265         |
| Adjustments                            |   | (161)                |   | 311              |   | --           |   | 150         |
| Cash payments                          |   | (24)                 |   | (1,093)          |   | --           |   | (1,117)     |
|                                   |   |                 |   |             |   |         |   |        |
| Liability balance at December 31, 2010 | $      | 142                  | $      | 3,368            | $      | --           | $      | 3,510       |

|                                   |   | Employee     |   |   | Lease       |   |   |    |
|----------------------------------------|--------|--------------|--------|--------|-------------|--------|--------|---------|
|                                   |   | Terminations |   |   | Obligations |   |   | Total   |
|                                   |   |         |   |   |        |   |   |    |
| Liability balance at December 31, 2008 | $      | --           |   | $      | --          |   | $      | --      |
| New accruals                           |   | 3,461        |   |   | 192         |   |   | 3,653   |
| Adjustments                            |   | (14)         |   |   | 3           |   |   | (11)    |
| Cash payments                          |   | (2,522)      |   |   | (87)        |   |   | (2,609) |
| Liability balance at December 31, 2009 |   | 925          |   |   | 108         |   |   | 1,033   |
| New accruals                           |   | 77           |   |   | 31          |   |   | 108     |
| Adjustments                            |   | (198)        |   |   | (128)       |   |   | (326)   |
| Cash payments                          |   | (700)        |   |   | (11)        |   |   | (711)   |
|                                   |   |         |   |   |        |   |   |    |
| Liability balance at December 31, 2010 | $      | 104          |   | $      | --          |   | $      | 104     |

----

|                                   |   | Employee     |
|----------------------------------------|--------|--------------|
|                                   |   | Terminations |
|                                   |   |         |
| Liability balance at December 31, 2009 | $      | --           |
| New accruals                           |   | 1,616        |
| Adjustments                            |   | (45)         |
| Cash payments                          |   | (1,001)      |
|                                   |   |         |
| Liability balance at December 31, 2010 | $      | 570          |

|                               |   |         |   |         |   |        |   |            |   |        |
|------------------------------------|--------|--------------|--------|--------------|--------|-------------|--------|-----------------|--------|-------------|
|                               |   | NorthAmerica |   |  Europe |   | AsiaPacific |   |  Corporate |   |  Total |
|                               |   |         |   |         |   |        |   |            |   |        |
| Year ended December 31, 2010       | $      | 1,266        | $      | 555          | $      | (70)        | $      | 223             | $      | 1,974       |
| Year ended December 31, 2009       |   | 3,614        |   | 1,400        |   | 992         |   | 453             |   | 6,459       |
| Year ended December 31, 2008       |   | 5,701        |   | 3,552        |   | 248         |   | 889             |   | 10,390      |
|                               |   |         |   |         |   |        |   |            |   |        |
| Cumulative since program inception | $      | 10,581       | $      | 5,507        | $      | 1,170       | $      | 1,565           | $      | 18,823      |

----

| Net cash received from buyer  | $           | 462    |
|-------------------------------|---------------------------------|--------|
| Book value of assets sold     |                            | (362)  |
| Expenses of sale              |                            | (28)   |
| Goodwill write-off            |                            | (50)   |
|                          |                            |   |
| Pretax gain on sale of assets |   $    | 22     |

|               |   |                         December 31,           |
|--------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|               |   |                            2010 |   |                           2009 |
|               |   |                                                                                                                                                              |   |   |
| Raw materials      | $      | 2,146                                                                                                                                                             | $ | 2,736 |
| Work in process    |   | 15,914                                                                                                                                                            |   | 16,969 |
| Finished goods     |   | 1,112                                                                                                                                                             |   | 1,771 |
|               |   | 19,172                                                                                                                                                            |   | 21,476 |
| Less: LIFO reserve |   | (922)                                                                                                                                                             |   | (940) |
|               |   |                                                                                                                                                              |   |   |
| Total              | $      | 18,250                                                                                                                                                            | $ | 20,536 |

|                                      |          |   |                          December 31,           |
|-------------------------------------------|---------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                      | Useful Life   |   |                             2010 |   |                               2009 |
|                                      |          |   |                                                                                                                                                                    |   |   |
| Land and improvements                     | 10-15 years   | $      | 6,820                                                                                                                                                                   | $ | 6,616 |
| Buildings and improvements                | 15-30 years   |   | 15,594                                                                                                                                                                  |   | 15,148 |
| Machinery and equipment                   | 3-7 years     |   | 87,005                                                                                                                                                                  |   | 85,209 |
| Leasehold improvements                    | Life of lease |   | 20,708                                                                                                                                                                  |   | 19,878 |
| Computer software and licenses            | 3-7 years     |   | 23,899                                                                                                                                                                  |   | 19,836 |
|                                      |          |   | 154,026                                                                                                                                                                 |   | 146,687 |
| Accumulated depreciation and amortization |          |   | (105,342)                                                                                                                                                               |   | (96,440) |
|                                      |          |   |                                                                                                                                                                    |   |   |
| Total                                     |          | $      | 48,684                                                                                                                                                                  | $ | 50,247 |

----

|                                   |   | Years Ended December 31, |
|----------------------------------------|--------|--------------------------|
|                                   |   | 2010                     |   |   | 2009 |   |   | 2008 |
|                                   |   |
| Land and buildings                     | $      | --                       |   | $ | 1,305 |   | $ | 3,470 |
| Internal use software                  |   | --                       |   |   | -- |   |   | 2,336 |
| Other fixed assets                     |   | 680                      |   |   | 61 |   |   | 677 |
| Intangible assets, other than goodwill |   | 8                        |   |   | 75 |   |   | 161 |
|                                   |   |                     |   |   |   |   |   |   |
| Total                                  | $      | 688                      |   | $ | 1,441 |   | $ | 6,644 |

|                                                       |   |                          |   |                                      |   |                                      |
|------------------------------------------------------------|--------|-------------------------------|--------|-------------------------------------------|--------|-------------------------------------------|
|                                                       |   | Years Ended December 31,      |
|                                                       |   |      2010 |   |        2009 |   |        2008 |
|                                                       |   |                          |   |                                      |   |                                      |
| Cost of sales:                                             |   |                          |   |                                      |   |                                      |
| Business interruption and professional liability coverages | $      | 119                           | $      | 835                                       | $      | --                                        |
|                                                       |   |                          |   |                                      |   |                                      |
| Selling, general and administrative expenses:              |   |                          |   |                                      |   |                                      |
| Property and professional liability coverages              |   | 2,735                         |   | --                                        |   | --                                        |
|                                                       |   |                          |   |                                      |   |                                      |
| Total insurance recoveries                                 | $      | 2,854                         | $      | 835                                       | $      | --                                        |

----

----

|                                       |   | North    |   |     |   | Asia    |   |     |
|--------------------------------------------|--------|----------|--------|----------|--------|---------|--------|----------|
|                                       |   | America  |   | Europe   |   | Pacific |   | Total    |
| Cost:                                      |   |     |   |     |   |    |   |     |
| December 31, 2008                          | $      | 183,806  | $      | 33,977   | $      | 6,993   | $      | 224,776  |
| Acquisitions                               |   | --       |   | 177      |   | --      |   | 177      |
| Additional purchase accounting adjustments |   | 40       |   | (415)    |   | 526     |   | 151      |
| Adjustments to exit reserves               |   | (78)     |   | --       |   | --      |   | (78)     |
| Adjustments to exit reserve present value  |   | 6        |   | --       |   | --      |   | 6        |
| Foreign currency translation               |   | 2,989    |   | 2,945    |   | 901     |   | 6,835    |
| December 31, 2009                          |   | 186,763  |   | 36,684   |   | 8,420   |   | 231,867  |
| Acquisitions                               |   | 4,481    |   | 449      |   | --      |   | 4,930    |
| Additional purchase accounting adjustments |   | --       |   | 35       |   | --      |   | 35       |
| Goodwill allocated to operations sold      |   | (50)     |   | --       |   | --      |   | (50)     |
| Foreign currency translation               |   | 1,037    |   | (1,314)  |   | 821     |   | 544      |
|                                       |   |     |   |     |   |    |   |     |
| December 31, 2010                          | $      | 192,231  | $      | 35,854   | $      | 9,241   | $      | 237,326  |
|                                       |   |     |   |     |   |    |   |     |
| Accumulated impairment:                    |   |     |   |     |   |    |   |     |
| December 31, 2008                          | $      | (13,578) | $      | (26,316) | $      | (845)   | $      | (40,739) |
| Foreign currency translation               |   | (701)    |   | (2,515)  |   | (248)   |   | (3,464)  |
| December 31, 2009                          |   | (14,279) |   | (28,831) |   | (1,093) |   | (44,203) |
| Foreign currency translation               |   | (244)    |   | 898      |   | (151)   |   | 503      |
|                                       |   |     |   |     |   |    |   |     |
| December 31, 2010                          | $      | (14,523) | $      | (27,933) | $      | (1,244) | $      | (43,700) |
|                                       |   |     |   |     |   |    |   |     |
| Net book value:                            |   |     |   |     |   |    |   |     |
| December 31, 2008                          | $      | 170,228  | $      | 7,661    | $      | 6,148   | $      | 184,037  |
| December 31, 2009                          | $      | 172,484  | $      | 7,853    | $      | 7,327   | $      | 187,664  |
| December 31, 2010                          | $      | 177,708  | $      | 7,921    | $      | 7,997   | $      | 193,626  |
|                                       |   |     |   |     |   |    |   |     |

----

|                      |                 |   | December 31, 2010                                                                                                                                                                         |
|---------------------------|----------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      | WeightedAverage Life |   |                                Cost |   |                              Accumulated                              Amortization |   |                                   Net |
|                      |                 |   |                                                                                                                                                                                      |   |   |   |   |
| Customer relationships    | 13.8 years           | $      | 55,676                                                                                                                                                                                    | $ | (19,215) | $ | 36,461 |
| Digital images            | 5.0 years            |   | 450                                                                                                                                                                                       |   | (450) |   | -- |
| Developed technologies    | 3.0 years            |   | 712                                                                                                                                                                                       |   | (712) |   | -- |
| Non-compete agreements    | 3.6 years            |   | 921                                                                                                                                                                                       |   | (778) |   | 143 |
| Trade names               | 2.8 years            |   | 753                                                                                                                                                                                       |   | (719) |   | 34 |
| Contract acquisition cost | 3.0 years            |   | 1,220                                                                                                                                                                                     |   | (580) |   | 640 |
|                      |                 |   |                                                                                                                                                                                      |   |   |   |   |
|                      | 13.1 years           | $      | 59,732                                                                                                                                                                                    | $ | (22,454) | $ | 37,278 |

|                      |                 |   |                        December 31, 2009                        |
|---------------------------|----------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      | WeightedAverage Life |   |                              Cost |   |                         Accumulated                         Amortization |   |                               Net |
|                      |                 |   |                                                                                                                                                                          |   |   |   |   |
| Customer relationships    | 14.3 years           | $      | 51,647                                                                                                                                                                        | $ | (15,326) | $ | 36,321 |
| Digital images            | 5.0 years            |   | 450                                                                                                                                                                           |   | (420) |   | 30 |
| Developed technologies    | 3.0 years            |   | 712                                                                                                                                                                           |   | (712) |   | -- |
| Non-compete agreements    | 3.6 years            |   | 744                                                                                                                                                                           |   | (588) |   | 156 |
| Trade names               | 2.7 years            |   | 732                                                                                                                                                                           |   | (681) |   | 51 |
| Contract acquisition cost | 3.0 years            |   | 1,220                                                                                                                                                                         |   | (173) |   | 1,047 |
|                      |                 |   |                                                                                                                                                                          |   |   |   |   |
|                      | 13.3 years           | $      | 55,505                                                                                                                                                                        | $ | $(17,900) | $ | 37,605 |

----

|                             |   |                          December 31, |
|----------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                             |   |                           2010   |   |                             2009 |
|                             |   |                                                                                                                                                          |   |   |
| Accrued employee compensation    | $      | 18,478                                                                                                                                                        | $ | 17,795 |
| Deferred revenue                 |   | 11,347                                                                                                                                                        |   | 10,583 |
| Multiemployer pension withdrawal |   | 8,850                                                                                                                                                         |   | 9,151 |
| Other payroll-related expenses   |   | 5,732                                                                                                                                                         |   | 3,226 |
| Deferred lease costs             |   | 3,322                                                                                                                                                         |   | 3,817 |
| Accrued sales & use tax      |   | 2,443                                                                                                                                                         |   | 3,976 |
| Vacant property reserve          |   | 2,374                                                                                                                                                         |   | 1,564 |
| Accrued customer rebates         |   | 1,842                                                                                                                                                         |   | 587 |
| Accrued professional fees        |   | 1,792                                                                                                                                                         |   | 2,481 |
| Restructuring reserves           |   | 1,545                                                                                                                                                         |   | 3,347 |
| Accrued interest                 |   | 680                                                                                                                                                           |   | 765 |
| Facility exit reserve            |   | 664                                                                                                                                                           |   | 1,225 |
| Accrued property taxes           |   | 629                                                                                                                                                           |   | 628 |
| Other                            |   | 4,309                                                                                                                                                         |   | 4,934 |
|                             |   |                                                                                                                                                          |   |   |
| Total                            | $      | 64,007                                                                                                                                                        | $ | 64,079 |

|   | Other long-term liabilities consist of the following: |
|--------|-------------------------------------------------------|

|                                 |   |                           December 31, |
|--------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                 |   |                             2010  |   |                             2009 |
|                                 |   |                                                                                                                                                                |   |   |
| Deferred compensation                | $      | 3,931                                                                                                                                                               | $ | 2,630 |
| Acquisition contingent consideration |   | 3,625                                                                                                                                                               |   | -- |
| Deferred revenue                     |   | 3,276                                                                                                                                                               |   | 2,931 |
| Vacant property reserve              |   | 2,910                                                                                                                                                               |   | 3,660 |
| Restructuring reserve                |   | 2,639                                                                                                                                                               |   | 1,898 |
| Employment tax reserve               |   | 1,709                                                                                                                                                               |   | 1,848 |
| Reserve for uncertain tax positions  |   | 1,380                                                                                                                                                               |   | 1,635 |
| Facility exit reserve                |   | 116                                                                                                                                                                 |   | 1,206 |
| Other                                |   | 110                                                                                                                                                                 |   | 112 |
|                                 |   |                                                                                                                                                                |   |   |
| Total                                | $      | 19,696                                                                                                                                                              | $ | 15,920 |

----

|                                     |   | December 31, |   |
|------------------------------------------|--------|--------------|--------|
|                                     |   | 2010         |   | 2009 |
|                                     |   |         |   |   |
| Revolving credit agreement               | $      | 21,201       | $      | 19,850 |
| Series A senior note payable - Tranche A |   | 5,530        |   | 7,374 |
| Series A senior note payable - Tranche B |   | 4,916        |   | 6,145 |
| Series C senior note payable             |   | -            |   | 8,602 |
| Series D senior note payable             |   | 17,206       |   | 17,206 |
| Series E senior note payable             |   | 17,206       |   | 17,206 |
| Other                                    |   | 608          |   | 1,182 |
|                                     |   | 66,667       |   | 77,565 |
| Less amounts due in one year or less     |   | (29,587)     |   | (12,858) |
|                                     |   |         |   |   |
| Total                                    | $      | 37,080       | $      | 64,707 |

| 2011   | $      | 29,587 |
|--------|--------|--------|
| 2012   |   | 32,779 |
| 2013   |   | 3,072  |
| 2014   |   | 1,229  |
|   |   |   |
|   | $      | 66,667 |

----

| ·   | reduced the size of the Company’s revolving credit facility by $32,500, from $115,000 (expandable to $125,000) to $82,500; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------|

| ·   | after the payment of $2,630 in June 2009, the size of the Company’s revolving credit facility was further reduced to $80,000; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| ·   | increased the Company’s maximum permitted cash-flow leverage ratio from 3.25 to 5.00 for the first quarter of 2009, decreasing to 3.00 in the fourth quarter of 2009 and thereafter; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | amended the credit facility’s pricing terms, including increasing the interest rate margin applicable on the revolving credit facility indebtedness to a variable rate of LIBOR plus 300 to 450 basis points (“bpts”), depending on the cash flow leverage ratio, and set the minimum LIBOR at 2.0 percent; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | increased the unused revolver commitment fee rate to 50 bpts per year; |
|--------------------|------------------------------------------------------------------------|

| ·   | increased the interest rate on indebtedness outstanding under each of the notes outstanding under the Company’s note agreements by 400 bpts; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | reset the Company’s minimum quarterly fixed charge coverage ratio; |
|--------------------|--------------------------------------------------------------------------|

| ·   | prohibited the Company from repurchasing its shares without lender consent and restricted future dividend payments by the Company (beginning with the first dividend declared after March, 2009) to an aggregate $300 per fiscal quarter, or approximately $0.01 per share based on the number of shares of common stock currently outstanding; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | required the Company to obtain lender approval of any acquisitions; |
|--------------------|---------------------------------------------------------------------|

| ·   | revised the Company’s minimum consolidated net worth covenant to be based on 90 percent of the Company’s consolidated net worth as of March 31, 2009; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | reduced the amount of the Company’s permitted capital expenditures to $17,500, from $25,000, during any fiscal year; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------|

| ·   | provided a waiver for any noncompliance with certain financial covenants. |
|--------------------|---------------------------------------------------------------------------|

----

----

|          |   |   | Years Ended December 31, |
|---------------|--------|--------|--------------------------|
|          |   | 2010   |                     |   | 2009 |   |   | 2008 |
|          |   |   |                     |   |   |   |   |   |
| United States | $      | 30,424 |                     | $ | 13,918 |   | $ | (23,450) |
| Foreign       |   | 11,980 |                     |   | 13,176 |   |   | (39,666) |
|          |   |   |                     |   |   |   |   |   |
| Total         | $      | 42,404 |                     | $ | 27,094 |   | $ | (63,116) |

|      |   |    | Years Ended December 31, |   |
|-----------|--------|---------|--------------------------|--------|
|      |   | 2010    |                     |   | 2009 |   |   | 2008 |
|      |   |    |                     |   |   |   |   |   |
| Current:  |   |    |                     |   |   |   |   |   |
| Federal   | $      | (5,177) |                     | $      | 103 |   | $ | 1,219 |
| State     |   | (194)   |                     |   | (118) |   |   | 887 |
| Foreign   |   | 4,006   |                     |   | 4,412 |   |   | 3,236 |
|      |   | (1,365) |                     |   | 4,397 |   |   | 5,342 |
| Deferred: |   |    |                     |   |   |   |   |   |
| Federal   |   | 10,347  |                     |   | 2,771 |   |   | (6,104) |
| State     |   | 1,210   |                     |   | 1,097 |   |   | (1,768) |
| Foreign   |   | (208)   |                     |   | (668) |   |   | (580) |
|      |   | 11,349  |                     |   | 3,200 |   |   | (8,452) |
|      |   |    |                     |   |   |   |   |   |
| Total     | $      | 9,984   |                     | $      | 7,597 |   | $ | (3,110) |

----

|                                        |   |   | Years ended December 31, |   |
|---------------------------------------------|--------|--------|--------------------------|--------|
|                                        |   | 2010   |                     |   | 2009 |   |   | 2008 |   |
|                                        |   |   |                     |   |   |   |   |   |   |
| Income taxes at U.S. Federal statutory rate |   | 35.0   | %                        |   | 35.0 | % |   | 35.0 | % |
| Uncertain tax positions                     |   | (15.5) |                     |   | 2.7 |   |   | (7.1) |   |
| Foreign rate differential                   |   | (6.5)  |                     |   | (3.5) |   |   | (1.1) |   |
| Withholding tax expense                     |   | 4.1    |                     |   | -- |   |   | -- |   |
| State income taxes                          |   | 3.2    |                     |   | 2.6 |   |   | 2.0 |   |
| Nondeductible expenses                      |   | 1.8    |                     |   | 2.2 |   |   | 3.0 |   |
| Deferred tax asset valuation allowance      |   | 1.7    |                     |   | -- |   |   | (10.8) |   |
| Indemnification settlement                  |   | --     |                     |   | (6.4) |   |   | -- |   |
| Federal examination settlement              |   | --     |                     |   | (5.1) |   |   | -- |   |
| Remediation adjustments                     |   | --     |                     |   | -- |   |   | 0.8 |   |
| Nondeductible impairment charges            |   | --     |                     |   | -- |   |   | (16.6) |   |
| Other, net                                  |   | (0.3)  |                     |   | 0.5 |   |   | (0.3) |   |
|                                        |   |   |                     |   |   |   |   |   |   |
|                                        |   | 23.5   | %                        |   | 28.0 | % |   | 4.9 | % |

|                                           |                       | December 31, |
|------------------------------------------------|----------------------------|--------------|
|                                           |                       | 2010         |   | 2009 |
|                                           |                       |         |   |   |
| Deferred income tax assets:                    |                       |         |   |   |
| Operating loss carryforwards                   |      $ | 16,703       |      $ | 16,997 |
| Income tax credits                             |                       | 6,913        |   | 6,601 |
| Capital loss carryforwards                     |                       | 6,814        |   | 7,287 |
| Accruals and reserves not currently deductible |                       | 2,978        |   | 3,160 |
| Deferred expenses                              |                       | 2,723        |   | 1,894 |
| Restructuring reserves                         |                       | 1,802        |   | 3,561 |
| Multiemployer pension withdrawal liability     |                       | --           |   | 3,654 |
| Other                                          |                       | 5,878        |   | 4,648 |
| Deferred income tax assets                     |                       | 43,811       |   | 47,802 |
| Valuation allowances                           |                       | (28,123)     |   | (26,765) |
|                                           |                       |         |   |   |
| Deferred income tax assets, net                |                       | 15,688       |   | 21,037 |
|                                           |                       |         |   |   |
| Deferred income tax liabilities:               |                       |         |   |   |
| Domestic subsidiary stock                      |                       | (8,447)      |   | (8,553) |
| Inventory                                      |                       | (6,304)      |   | (87) |
| Intangible assets                              |                       | (4,109)      |   | (3,737) |
| Depreciation and amortization                  |                       | (3,042)      |   | (2,784) |
| Other                                          |                       | (4,966)      |   | (5,724) |
|                                           |                       |         |   |   |
| Deferred income tax liabilities                |                       | (26,868)     |   | (20,885) |
|                                           |                       |         |   |   |
| Total                                          |      $ | (11,180)     |       $ | 152 |

----

----

|                                              |                                                    | 2010                           |   |                                              | 2009   |   |                                  | 2008         |
|---------------------------------------------------|---------------------------------------------------------|--------------------------------|--------|---------------------------------------------------|--------|--------|---------------------------------------|--------------|
|                                              |                                                    |                           |   |                                              |   |   |                                  |         |
| Balance at January 1                              |  $                                                 |    16,259  |   |  $                                           | 8,194  |   |  $                               | 13,597  |
| Reductions related to settlements                 |                                                    | (12,055)                       |   |                                              | (549)  |   |                                  | (3,699)      |
| Additions related to tax positions in prior years |                                                    | 536                            |   |                                              | 8,587  |   |                                  | 3,009        |
| Reductions due to statute closures                |                                                    | (292)                          |   |                                              | (69)   |   |                                  | (4,606)      |
| Reductions for tax positions in prior years       |                                                    | (112)                          |   |                                              | (50)   |   |                                  | ---          |
| Foreign currency translation                      |                                                    | (87)                           |   |                                              | 146    |   |                                  | (107)        |
|                                              |                                                    |                           |   |                                              |   |   |                                  |         |
| Balance at December 31                            |          $ | 4,249                          |   |         $ | 16,259 |   |       $ | 8,194        |

|       |   | Operating Leases |
|------------|--------|------------------|
|       |   | Gross rents      |   | Subleases |   | Net rents |
|       |   |             |   |   |   |   |
| 2011       | $      | 13,952           | $ | (1,080) | $ | 12,872 |
| 2012       |   | 12,477           |   | (879) |   | 11,598 |
| 2013       |   | 8,714            |   | (583) |   | 8,131 |
| 2014       |   | 6,988            |   | (583) |   | 6,405 |
| 2015       |   | 3,001            |   | (388) |   | 2,613 |
| Thereafter |   | 5,964            |   | (860) |   | 5,104 |
|       |   |             |   |   |   |   |
|       | $      | 51,096           | $ | (4,373) | $ | 46,723 |

----

----

----

|                                |   | 2010        |   |   | 2009        |   |   | 2008        |   |
|-------------------------------------|--------|-------------|--------|--------|-------------|--------|--------|-------------|--------|
|                                |   |        |   |   |        |   |   |        |   |
| Expected dividend yield             |   | 0.76 - 1.24 | %      |   | 1.34 - 1.39 | %      |   | 0.81 - 0.83 | %      |
| Expected stock price volatility     |   | 47.75-51.32 | %      |   | 43.75-43.80 | %      |   | 31.50-34.80 | %      |
| Risk-free interest rate range       |   | 1.79 - 3.26 | %      |   | 2.79 - 3.33 | %      |   | 2.98 - 3.75 | %      |
| Weighted-average expected life      |   | 6.53 - 7.40 | years  |   | 6.81 - 7.21 | years  |   | 6.50 - 7.50 | years  |
| Forfeiture rate                     |   | 1.00 - 3.00 | %      |   | 0.85 - 1.00 | %      |   | 1.00 - 2.00 | %      |
| Total fair value of options granted | $      | 822         |   | $      | 679         |   | $      | 1,174       |   |

|                             | Number ofShares |   | Weighted AverageExercise PricePer Share |   | Weighted AverageRemainingTerm |   | AggregateIntrinsic Value |
|----------------------------------|-----------------|--------|-----------------------------------------|--------|-------------------------------|--------|--------------------------|
|                             |            |   |                                    |   |                          |   |                     |
| Outstanding January 1, 2008      | 2,973           | $      | 12.45                                   |   |                          |   |                     |
| Granted                          | 204             | $      | 15.87                                   |   |                          |   |                     |
| Exercised                        | (143)           | $      | 9.97                                    |   |                          |   |                     |
| Cancelled                        | (115)           | $      | 15.85                                   |   |                          |   |                     |
| Outstanding December 31, 2008    | 2,919           | $      | 12.40                                   |   | 4.30                          | $      | 3,374                    |
| Granted                          | 232             | $      | 6.95                                    |   |                          |   |                     |
| Exercised                        | (169)           | $      | 8.33                                    |   |                          |   |                     |
| Cancelled                        | (477)           | $      | 12.17                                   |   |                          |   |                     |
| Outstanding December 31, 2009    | 2,505           | $      | 12.81                                   |   | 4.87                          | $      | 5,944                    |
| Granted                          | 128             | $      | 14.18                                   |   |                          |   |                     |
| Exercised                        | (559)           | $      | 9.46                                    |   |                          |   |                     |
| Cancelled                        | (20)            | $      | 13.22                                   |   |                          |   |                     |
| Outstanding December 31, 2010    | 2,054           | $      | 13.77                                   |   | 4.85                          | $      | 13,978                   |
| Vested at December 31, 2010      | 1,734           | $      | 14.19                                   |   | 3.63                          | $      | 11,084                   |
| Exercisable at December 31, 2010 | 1,734           | $      | 14.19                                   |   | 3.63                          | $      | 11,084                   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                            Options Outstanding |   | Options Exercisable                                    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------|
|                                                                                                              Range  of                                                                                       exercise price | Numberoutstanding                                                                                                                                                                |   | Weighted average Remainingcontractual life(years) |   | Weightedaverage exerciseprice |   | Numberexercisable |   | Weightedaverage exerciseprice |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                             |   |                                                   |   |   |   |   |   |   |
|  $6.20  -  $8.26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 176                                                                                                                                                                              |   | 8.3                                                    | $ | 6.96 |   | 43 | $ | 6.98 |
| 8.26  -  10.33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 520                                                                                                                                                                              |   | 1.5                                                    | $ | 9.35 |   | 520 | $ | 9.35 |
|  10.33  -  12.39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 40                                                                                                                                                                               |   | 1.9                                                    | $ | 10.62 |   | 40 | $ | 10.62 |
|  12.39  -  14.45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 501                                                                                                                                                                              |   | 4.3                                                    | $ | 13.95 |   | 409 | $ | 14.19 |
|  14.45  -  16.52                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 166                                                                                                                                                                              |   | 7.3                                                    | $ | 15.88 |   | 92 | $ | 15.81 |
|  16.52  -  18.58                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 203                                                                                                                                                                              |   | 6.2                                                    | $ | 18.04 |   | 192 | $ | 18.04 |
|  18.58  -  20.65                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 433                                                                                                                                                                              |   | 4.5                                                    | $ | 18.90 |   | 433 | $ | 18.90 |
|  20.65  -  21.08                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 15                                                                                                                                                                               |   | 8.8                                                    | $ | 21.04 |   | 5 | $ | 21.08 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                             |   |                                                   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2,054                                                                                                                                                                            |   |                                                   |   |   |   | 1,734 |   |   |

|                           |  Number ofShares |                                                                | Weighted AverageGrant DateFair ValuePer Share |
|--------------------------------|-----------------------|---------------------------------------------------------------------|-----------------------------------------------|
| Nonvested at January1, 2008    | 255                   |           $            | 6.25                                          |
| Granted                        | 204                   |            $           | 5.76                                          |
| Vested                         | (107)                 |            $      | 6.23                                          |
| Forfeited                      | (28)                  |            $ | 6.15                                          |
| Nonvested at December 31, 2008 | 324                   |            $      | 5.95                                          |
| Granted                        | 232                   |            $      | 2.93                                          |
| Vested                         | (146)                 |            $      | 5.87                                          |
| Forfeited                      | (24)                  |            $      | 4.22                                          |
| Nonvested at December 31, 2009 | 386                   |            $      | 4.26                                          |
| Granted                        | 128                   |            $      | 6.67                                          |
| Vested                         | (186)                 |            $      | 4.49                                          |
| Forfeited                      | (8)                   |            $      | 4.54                                          |
|                           |                  |                                                                |                                          |
| Nonvested at December 31, 2010 | 320                   |            $      | 4.93                                          |

----

|                              | Number ofShares |   | Weighted AverageGrant DateFair Valueper share |
|-----------------------------------|-----------------|--------|-----------------------------------------------|
|                              |            |   |                                          |
| Outstanding at January 1, 2008    | 58              | $      | 18.04                                         |
| Granted                           | 66              | $      | 15.90                                         |
| Forfeited                         | (6)             | $      | 18.32                                         |
| Outstanding at December 31, 2008  | 118             | $      | 16.84                                         |
| Granted                           | 153             | $      | 6.94                                          |
| Vested – restriction lapsed | (23)            | $      | 10.37                                         |
| Forfeited                         | (11)            | $      | 18.32                                         |
| Outstanding at December 31, 2009  | 237             | $      | 10.70                                         |
| Granted                           | 85              | $      | 13.83                                         |
| Vested – restriction lapsed | (39)            | $      | 16.93                                         |
| Forfeited                         | (7)             | $      | 10.39                                         |
|                              |            |   |                                          |
| Outstanding at December 31, 2010  | 276             | $      | 10.90                                         |
|                              |            |   |                                          |

|                                   |   | 2010   |   | 2009   |   | 2008   |
|----------------------------------------|--------|--------|--------|--------|--------|--------|
|                                   |   |   |   |   |   |   |
| Total cost of share-based compensation | $      | 1,886  | $      | 1,737  | $      | 1,385  |
| Income tax                             |   | (438)  |   | (351)  |   | (263)  |
|                                   |   |   |   |   |   |   |
| Amount charged against income          | $      | 1,448  | $      | 1,386  | $      | 1,122  |
|                                   |   |   |   |   |   |   |
| Impact on net income per common share: |   |   |   |   |   |   |
| Basic                                  | $      | 0.06   | $      | 0.06   | $      | 0.04   |
| Diluted                                | $      | 0.06   | $      | 0.06   | $      | 0.04   |

----

|                                      |          | 2010   |   |   | 2009   |   |   | 2008     |
|-------------------------------------------|---------------|--------|--------|--------|--------|--------|--------|----------|
|                                      |          |   |   |   |   |   |   |     |
| Net income (loss)                         | $             | 32,420 |   | $      | 19,497 |   | $      | (60,006) |
|                                      |          |   |   |   |   |   |   |     |
| Weighted average shares-Basic             |          | 25,465 |   |   | 24,966 |   |   | 26,739   |
| Effect of dilutive stock options          |          | 418    |   |   | 35     |   |   | --       |
|                                      |          |   |   |   |   |   |   |     |
| Weighted average shares-Diluted           |          | 25,883 |   |   | 25,001 |   |   | 26,739   |
|                                      |          |   |   |   |   |   |   |     |
| Basic earnings (loss) per common share    |   $ | 1.27   |   | $      | 0.78   |   | $      | (2.24)   |
| Dilutive earnings (loss) per common share | $             | 1.25   |   | $      | 0.78   |   | $      | (2.24)   |

----

----

|                                   |   | 2010     |   | 2009     |   | 2008     |
|----------------------------------------|--------|----------|--------|----------|--------|----------|
| Sales to external customers:           |   |     |   |     |   |     |
| North America                          | $      | 399,658  | $      | 390,713  | $      | 425,055  |
| Europe                                 |   | 66,238   |   | 67,409   |   | 71,040   |
| Asia Pacific                           |   | 31,393   |   | 29,348   |   | 28,630   |
| Intercompany sales elimination         |   | (36,663) |   | (35,024) |   | (30,541) |
|                                   |   |     |   |     |   |     |
| Total                                  | $      | 460,626  | $      | 452,446  | $      | 494,184  |
|                                   |   |     |   |     |   |     |
| Operating segment income (loss):       |   |     |   |     |   |     |
| North America                          | $      | 68,428   | $      | 56,734   | $      | 23,848   |
| Europe                                 |   | 3,812    |   | 3,836    |   | (37,324) |
| Asia Pacific                           |   | 4,855    |   | 7,389    |   | 1,366    |
| Corporate                              |   | (27,529) |   | (32,175) |   | (44,445) |
| Operating income (loss)                |   | 49,566   |   | 35,784   |   | (56,555) |
| Interest expense, net                  |   | (7,162)  |   | (8,690)  |   | (6,561)  |
|                                   |   |     |   |     |   |     |
| Income (loss) before income taxes      | $      | 42,404   | $      | 27,094   | $      | (63,116) |
|                                   |   |     |   |     |   |     |
| Depreciation and amortization expense: |   |     |   |     |   |     |
| North America                          | $      | 10,931   | $      | 11,601   | $      | 12,783   |
| Europe                                 |   | 2,760    |   | 3,075    |   | 3,344    |
| Asia Pacific                           |   | 1,208    |   | 1,008    |   | 935      |
| Corporate                              |   | 2,712    |   | 2,969    |   | 3,689    |
|                                   |   |     |   |     |   |     |
| Total                                  | $      | 17,611   | $      | 18,653   | $      | 20,751   |
|                                   |   |     |   |     |   |     |
|                                   |   |     |   |     |   |     |

----

| Segment information related to total assets and expenditure for long-lived assets was as follows:                                                              |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                           |   |   |   |   |
|                                                                                                                                                           |   | 2010 |   | 2009 |
|                                                                                                                                                           |   |   |   |   |
| Total Assets:                                                                                                                                                  |   |   |   |   |
| North America                                                                                                                                                  | $ | 348,440 | $ | 320,655 |
| Europe (1)                                                                                                                                                     |   | 74,319 |   | 44,508 |
| Asia Pacific                                                                                                                                                   |   | 23,903 |   | 21,839 |
| Corporate (2)                                                                                                                                                  |   | 3,197 |   | 29,217 |
|                                                                                                                                                           |   |   |   |   |
| Total                                                                                                                                                          | $ | 449,859 | $ | 416,219 |
|                                                                                                                                                           |   |   |   |   |
| (1) The increase in total assets is mainly the result of a temporary intercompany cash transfer in December 2010.                                         |
| (2) The decrease in total assets is mainly the result of year-over-year change in deferred tax assets and a temporary intercompany cash transfer in 2010. |

|                                |   | 2010   |   | 2009   |   | 2008   |
|-------------------------------------|--------|--------|--------|--------|--------|--------|
| Expenditures for long-lived assets: |   |   |   |   |   |   |
| North America                       | $      | 5,464  | $      | 3,653  | $      | 10,404 |
| Europe                              |   | 1,712  |   | 618    |   | 2,233  |
| Asia Pacific                        |   | 1,924  |   | 898    |   | 1,425  |
| Corporate                           |   | 3,105  |   | 88     |   | 850    |
|                                |   |   |   |   |   |   |
| Total                               | $      | 12,205 | $      | 5,257  | $      | 14,912 |

|              |   |  United States |   | Canada |   | Europe |   | Other  |   | Total   |
|-------------------|--------|---------------------|--------|--------|--------|--------|--------|--------|--------|---------|
|              |   |                |   |   |   |   |   |   |   |    |
| 2010              |   |                |   |   |   |   |   |   |   |    |
| Sales             | $      | 333,833             | $      | 34,790 | $      | 65,209 | $      | 26,794 | $      | 460,626 |
| Long-lived assets | $      | 42,176              | $      | 2,982  | $      | 4,308  | $      | 5,629  | $      | 55,095  |
|              |   |                |   |   |   |   |   |   |   |    |
| 2009              |   |                |   |   |   |   |   |   |   |    |
| Sales             | $      | 328,442             | $      | 35,071 | $      | 62,558 | $      | 26,375 | $      | 452,446 |
| Long-lived assets | $      | 44,720              | $      | 3,571  | $      | 4,305  | $      | 3,656  | $      | 56,252  |
|              |   |                |   |   |   |   |   |   |   |    |
| 2008              |   |                |   |   |   |   |   |   |   |    |
| Sales             | $      | 348,469             | $      | 45,976 | $      | 67,764 | $      | 31,975 | $      | 494,184 |
| Long-lived assets | $      | 51,059              | $      | 3,890  | $      | 4,889  | $      | 3,650  | $      | 63,488  |

----

----

|                                              |   | Quarters ended |   |
|---------------------------------------------------|--------|----------------|--------|
| Year 2010                                         |   | March 31, 2010 |   | June 30, 2010 (1) |   | September 30, 2010 |   | December 31, 2010 (2) |   |
| (in thousands, except per share amounts)          |   |           |   |   |   |   |   |   |   |
| Net sales                                         | $      | 111,708        | $      | 117,840 | $ | 112,562 | $ | 118,516 |   |
| Cost of sales                                     |   | 69,833         |   | 71,016 |   | 68,768 |   | 72,453 |   |
| Gross profit                                      |   | 41,875         |   | 46,824 |   | 43,794 |   | 46,063 |   |
|                                              |   |           |   |   |   |   |   |   |   |
| Selling, general and administrative expenses      |   | 32,634         |   | 30,604 |   | 29,030 |   | 31,954 |   |
| Acquisition integration and restructuring expense |   | 219            |   | 502 |   | 16 |   | 1,237 |   |
| Foreign exchange loss (gain)                      |   | 1,817          |   | (267) |   | 694 |   | 62 |   |
| Impairment of long-lived assets                   |   | 680            |   | -- |   | -- |   | 8 |   |
| Multiemployer pension withdrawal (income) expense |   | --             |   | -- |   | 500 |   | (700) |   |
|                                              |   |           |   |   |   |   |   |   |   |
| Operating income                                  |   | 6,525          |   | 15,985 |   | 13,554 |   | 13,502 |   |
|                                              |   |           |   |   |   |   |   |   |   |
| Other income (expense):                           |   |           |   |   |   |   |   |   |   |
| Interest income                                   |   | 8              |   | 8 |   | 15 |   | 8 |   |
| Interest expense                                  |   | (1,988)        |   | (1,771) |   | (1,642) |   | (1,800) |   |
|                                              |   |           |   |   |   |   |   |   |   |
| Income before income taxes                        |   | 4,545          |   | 14,222 |   | 11,927 |   | 11,710 |   |
| Income tax provision (benefit)                    |   | 2,025          |   | (1,583) |   | 4,154 |   | 5,388 |   |
|                                              |   |           |   |   |   |   |   |   |   |
| Net income                                        | $      | 2,520          | $      | 15,805 | $ | 7,773 | $ | 6,322 |   |
|                                              |   |           |   |   |   |   |   |   |   |
| Earnings per share                                |   |           |   |   |   |   |   |   |   |
| Basic                                             | $      | 0.10           | $      | 0.62 | $ | 0.30 | $ | 0.25 |   |
| Diluted                                           | $      | 0.10           | $      | 0.61 | $ | 0.30 | $ | 0.24 |   |

| (1)   | Results for the second quarter of 2010 were favorably impacted by a decrease in the effective tax rate for the quarter. The decrease in the effective tax rate was principally due to a discrete period tax benefit related to the release of uncertain tax positions, net of federal and state benefits, of $6,346, of which $5,630 resulted from the receipt of approval from the Joint Committee on Taxation related to a U. S. federal audit and $716 resulted from other favorable state and international tax settlements and statute closures. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Results for the fourth quarter of 2010 include a pretax charge of $1,237 for acquisition integration and restructuring expense, a pretax charge of $915 for business and systems integration expenses related to the Company’s information technology and business process improvement initiative, and a pretax credit of $700 adjusting the Company’s withdrawal settlement from a multiemployer pension plan. See Note 3 - Acquisition Integration and Restructuring and Note 14 – Employee Benefit Plans for further information. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                              |   |      |   | Quarters ended |   |          |   |
|---------------------------------------------------|--------|-----------|--------|----------------|--------|---------------|--------|
| Year 2009                                         |   | March 31, |   | June 30,       |   | September 30, |   | December 31, |   |
| (in thousands, except per share amounts)          |   | 2009      |   | 2009           |   | 2009          |   | 2009 (3) |   |
|                                              |   |      |   |           |   |          |   |   |   |
| Net sales                                         | $      | 105,088   | $      | 111,989        | $      | 113,463       | $      | 121,906 |   |
| Cost of sales                                     |   | 71,994    |   | 69,055         |   | 67,957        |   | 72,366 |   |
| Gross profit                                      |   | 33,094    |   | 42,934         |   | 45,506        |   | 49,540 |   |
|                                              |   |      |   |           |   |          |   |   |   |
| Selling, general and administrative expenses      |   | 33,969    |   | 32,151         |   | 32,193        |   | 32,805 |   |
| Foreign exchange loss (gain)                      |   | (126)     |   | (319)          |   | (644)         |   | 547 |   |
| Acquisition integration and restructuring expense |   | 817       |   | 1,501          |   | 1,328         |   | 2,813 |   |
| Indemnity settlement income                       |   | --        |   | --             |   | (4,986)       |   | -- |   |
| Multiemployer pension withdrawal (income) expense |   | --        |   | --             |   | --            |   | 1,800 |   |
| Impairment of long-lived assets                   |   | 58        |   | 78             |   | --            |   | 1,305 |   |
|                                              |   |      |   |           |   |          |   |   |   |
| Operating income (loss)                           |   | (1,624)   |   | 9,523          |   | 17,615        |   | 10,270 |   |
|                                              |   |      |   |           |   |          |   |   |   |
| Other income (expense):                           |   |      |   |           |   |          |   |   |   |
| Interest income                                   |   | 70        |   | 30             |   | 124           |   | 311 |   |
| Interest expense                                  |   | (1,449)   |   | (2,468)        |   | (2,880)       |   | (2,428) |   |
|                                              |   |      |   |           |   |          |   |   |   |
| Income (loss) before income taxes                 |   | (3,003)   |   | 7,085          |   | 14,859        |   | 8,153 |   |
| Income tax provision (benefit)                    |   | (707)     |   | 2,317          |   | 1,553         |   | 4,434 |   |
|                                              |   |      |   |           |   |          |   |   |   |
| Net income (loss)                                 | $      | (2,296)   | $      | 4,768          | $      | 13,306        | $      | 3,719 |   |
|                                              |   |      |   |           |   |          |   |   |   |
| Earnings (loss) per share                         |   |      |   |           |   |          |   |   |   |
| Basic                                             | $      | (0.09)    | $      | 0.19           | $      | 0.53          | $      | 0.15 |   |
| Diluted                                           | $      | (0.09)    | $      | 0.19           | $      | 0.53          | $      | 0.15 |   |

| (3)   | Results for the fourth quarter of 2009 include a pretax charge of $1,800 for withdrawal from a multiemployer pension plan, a pretax charge of $2,813 for acquisition integration and restructuring expense and a pretax charge of $1,305 for impairment of long-lived assets. See note 14 - Employee Benefit Plans, Note 3 - Acquisition Integration and Restructuring and Note 6 – Impairment of long-lived assets for further information. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Item 9. Changes 

Item 9A. Controls 

----

----

Item 9B

PART III

Item 10

Item 11. 

Item 12

Item 13

Item 14. 

----

PART IV

Item 15

|   |   |                                                                                                     | Page   |
|--------|--------|----------------------------------------------------------------------------------------------------------|--------|
| (a)    | 1.     | The following financial statements of Schawk, Inc. are filed as part of this                             |   |
|   |   | report under Item 8-Financial Statements and Supplementary Data:                                         |   |
|   |   |                                                                                                     |   |
|   |   | Report of Independent Registered Public Accounting Firm                                                  | 52     |
|   |   | Consolidated Balance Sheets— December 31, 2010 and 2009                                            | 53     |
|   |   | Consolidated Statements of Operations—Years Ended December 31, 2010, 2009 and 2008                 | 54     |
|   |   | Consolidated Statements of Cash Flows—Years Ended December 31, 2010, 2009 and 2008                 | 55     |
|   |   | Consolidated Statements of Stockholders’ Equity—Years Ended December 31, 2010, 2009 and 2008 | 56     |
|   |   | Notes to Consolidated Financial Statements— December 31, 2010                                      | 57     |
|   |   |                                                                                                     |   |
|   | 2.     | Financial statement schedules required to be filed by Item 8 of this form, and by Item 15(b) below:      |   |
|   |   |                                                                                                     |   |
|   |   | Schedule II—Valuation and qualifying accounts.                                                     | 100    |
|   |   |                                                                                                     |   |
|   | 3.     | Exhibits                                                                                                 |   |

| Exhibit | Description                                                                                                                                                      | Incorporated herein by reference (1)                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|
| 3.1     | Certificate of Incorporation of Schawk, Inc., as amended.                                                                                                        | Exhibit 4.2 to Registration Statement No. 333-39113               |
| 3.3     | By-Laws of Schawk, Inc., as amended.                                                                                                                             | Exhibit 3.2 to Form 8-K filed with the SEC December 18, 2007      |
| 4.1     | Specimen Class A Common Stock Certificate.                                                                                                                       | Exhibit 4.1 to Registration Statement No. 33-85152                |
| 10.1    | Lease Agreement dated as of July 1, 1987, by and between Process Color Plate, a division of Schawk, Inc. and The Clarence W. Schawk 1979 Children’s Trust. | Registration Statement No. 33-85152                               |
| 10.2    | Lease Agreement dated as of June 1, 1989, by and between Schawk Graphics, Inc., a division of Schawk, Inc. and C.W. Properties.                                  | Registration Statement No. 33-85152                               |
| 10.3    | Schawk, Inc. 1991 Outside Directors’ Formula Stock Option Plan, as amended.*                                                                               | Exhibit 10.3 to Form 10-Q filed with the SEC on July 2, 2008 |
| 10.4    | Form of Amended and Restated Employment Agreement between Clarence W. Schawk and Schawk, Inc.*                                                                   | Registration Statement No. 33-85152                               |
| 10.4.1  | Addendum to Restated Employment Agreement dated March 9, 1998 between Schawk, Inc. and Clarence W. Schawk.*                                                      | Exhibit 10.4.1 to Form 10-K filed with the SEC on April 28, 2008  |
| 10.5    | Form of Amended and Restated Employment Agreement between David A. Schawk and Schawk, Inc.*                                                                      | Registration Statement No. 33-85152                               |
| 10.6    | Letter of Agreement dated September 21, 1992, by and between Schawk, Inc. and Judith W. McCue.                                                                   | Registration Statement No. 33-85152                               |
| 10.7    | Schawk, Inc. Retirement Trust effective January 1, 1996.*                                                                                                        | Exhibit 10.37 to Form 10-K filed with the SEC on March 28, 1996   |
| 10.8    | Schawk, Inc. Retirement Plan for Imaging Employees Amended and Restated effective January 1, 1996.*                                                              | Exhibit 10.38 to Form 10-K filed with the SEC on March 28, 1996   |
| 10.9    | Stockholder Investment Program dated July 28, 1995.                                                                                                              | Registration Statement No. 33-61375                               |

----

| 10.10 | Schawk, Inc. Employee Stock Purchase Plan effective January 1, 1999.*                                                                                                                                                                                         | Registration Statement No. 333-68521                                                            |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|
| 10.11 | Note Purchase Agreement dated as of December 23, 2003 by and between Schawk, Inc. and Massachusetts Mutual Life Insurance Company.                                                                                                                            | Exhibit 10.47 to Form 10-K filed with the SEC on March 8, 2004                                  |
| 10.12 | Schawk, Inc. 2001 Equity Option Plan.                                                                                                                                                                                                                         | Appendix B to Proxy Statement for the 2001 Annual Meeting of Stockholders                       |
| 10.13 | Schawk, Inc. 2003 Equity Option Plan.                                                                                                                                                                                                                         | Appendix A to Proxy Statement for the 2003 Annual Meeting of Stockholders (File No. 001)        |
| 10.14 | Stock Purchase Agreement by and among Schawk, Inc., Seven Worldwide, Inc., KAGT Holdings, Inc. and the Stockholders of KAGT Holdings, Inc. dated as of December 17, 2004.                                                                                     | Exhibit 2.1 to Form 8-K filed with the SEC on December 20, 2004                                 |
| 10.15 | Business Sale Deed by and among Schawk, Inc., Schawk UK Limited, Sokaris XXI, S.L., Schawk Belgium B.V.B.A. and Weir Holdings Limited dated December 31, 2004.                                                                                                | Exhibit 2.1 to Form 8-K filed with the SEC on January 6, 2005                                   |
| 10.16 | Amended and Restated Registration Rights Agreement, dated as of January 31, 2005, among Schawk, Inc. and certain principal stockholders of Schawk, Inc.                                                                                                       | Exhibit 10.1 to Form 8-K filed with the SEC on February 2, 2005                                 |
| 10.17 | Credit Agreement, dated as of January 28, 2005, among Schawk, Inc., certain subsidiaries of Schawk, Inc. from time to time party thereto, certain financial institutions from time to time party thereto as lenders, and JPMorgan Chase Bank, N.A., as agent. | Exhibit 10.4 to Form 8-K filed with the SEC on February 2, 2005                                 |
| 10.18 | Note Purchase and Private Shelf Agreement, dated as of January 28, 2005, among Schawk, Inc., Prudential Investment Management, Inc., The Prudential Insurance Company of America, and RGA Reinsurance Company.                                                | Exhibit 10.5 to Form 8-K filed with the SEC on February 2, 2005                                 |
| 10.19 | First Amendment, dated as of January 28, 2005, to Note Purchase Agreement dated as of December 23, 2003 among Schawk, Inc. and the noteholders party thereto.                                                                                                 | Exhibit 10.6 to Form 8-K filed with the SEC on February 2, 2005                                 |
| 10.20 | Asset Purchase Agreement, dated as of March 3, 2006, by and between CAPS Group Acquisition, LLC and Schawk, Inc.                                                                                                                                              | Exhibit 10.1 to Form 10-Q filed with the SEC on May 10, 2006                               |
| 10.21 | Schawk, Inc. 2006 Long-term Incentive Plan.                                                                                                                                                                                                                   | Annex A to the Proxy Statement for the 2006 Annual Meeting filed with the SEC on April 21, 2006 |
| 10.22 | Amendment No. 1, dated as of February 28, 2008, to Credit Agreement dated as of January 28, 2005 among Schawk, Inc., certain subsidiaries of Schawk, Inc., certain lenders, and JPMorgan Chase Bank, N.A., on behalf of itself and as agent.                  | Exhibit 10.1 to Registrant’s Form 8-K filed with the SEC on March 5, 2008                 |
| 10.23 | Separation Agreement and General Release dated May 31, 2008 between James J. Patterson and Schawk USA, Inc.                                                                                                                                              | Exhibit 10.1 to Form 8-K filed with the SEC on June 5, 2008                                     |
| 10.24 | Employment Agreement dated as of September 18, 2008 between Timothy J. Cunningham and Schawk, Inc.*                                                                                                                                                           | Exhibit 10.1 to Form 8-K filed with the SEC on September 23, 2008                               |

----

| 10.25 | Amendment No. 2, dated as of June 11, 2009, to Credit Agreement, as amended, dated as of January 28, 2005, among Schawk, Inc., the lenders party thereto and JPMorgan Chase Bank, N.A., on behalf of itself and as agent.                                                     | Exhibit 10.1 to Form 8-K filed with the SEC on June 12, 2009    |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|
| 10.26 | First Amendment, dated as of June 11, 2009, to Note Purchase and Private Shelf Agreement dated as of January 28, 2005, among Schawk, Inc. and the noteholders party thereto.                                                                                             | Exhibit 10.2 to Form 8-K filed with the SEC on June 12, 2009    |
| 10.27 | Second Amendment, dated as of June 12, 2009, to Note Purchase Agreement dated as of December 23, 2003 among Schawk, Inc. and the noteholders party thereto.                                                                                                              | Exhibit 10.3 to Form 8-K filed with the SEC on June 12, 2009    |
| 10.28 | Amended and Restated Credit Agreement, dated as of January 12, 2010, among Schawk, Inc., certain subsidiary borrowers of Schawk, Inc., the financial institutions party thereto as lenders and JPMorgan Chase Bank, N.A., on behalf of itself and the other lenders as agent. | Exhibit 10.1 to Form 8-K filed with the SEC on January 14, 2010 |
| 10.29 | Second Amendment, dated as of January 12, 2010, to Note Purchase and Private Shelf Agreement dated as of January 28, 2005 among Schawk, Inc. and the noteholders party thereto.                                                                                          | Exhibit 10.2 to Form 8-K filed with the SEC on January 14, 2010 |
| 10.30 | Third Amendment, dated as of January 12, 2010, to Note Purchase Agreement dated as of December 23, 2003 among Schawk, Inc. and the noteholders party thereto.                                                                                                            | Exhibit 10.3 to Form 8-K filed with the SEC on January 14, 2010 |
| 10.31 | Lease Extension Agreement, dated as of January 22, 2010, between Schawk, Inc. and Graphics IV Limited Partnership.                                                                                                                                                  | Exhibit 10.31 to Form 10-K filed with the SEC on March 15, 2010      |
| 10.32 | Commercial Lease, dated as of March 23, 2010, between Schawk, Inc. and Graphics IV Limited Partnership.                                                                                                                                                                       | Exhibit 10.5 to Form 10-Q filed with the SEC on May 5, 2010          |
| 10.33 | Outside Directors’ Formula Stock Option Plan, as amended and restated.                                                                                                                                                                                                  | Exhibit 10.1 to Form 10-Q filed with the SEC on August 4, 2010       |
| 10.34 | Amendment No. 1 to Amended and Restated Credit Agreement.                                                                                                                                                                                                                     | Exhibit 10.1 to Form 8-K filed with the SEC on November 18, 2010     |
| 10.35 | Third Amendment to Note Purchase and Private Shelf Agreement.                                                                                                                                                                                                                 | Exhibit 10.2 to Form 8-K filed with the SEC on November 18, 2010     |
| 10.36 | Fourth Amendment to Note Purchase Agreement.                                                                                                                                                                                                                                  | Exhibit 10.3 to Form 8-K filed with the SEC on November 18, 2010     |
| 18    | Preferability Letter of Ernst & Young LLP.                                                                                                                                                                                                                                | Exhibit 18 to Form 10-Q filed with the SEC on November 17, 2008 |
| 21    | List of Subsidiaries.**                                                                                                                                                                                                                                                       |                                                                 |
| 23    | Consent of Independent Registered Public Accounting Firm.**                                                                                                                                                                                                                   |                                                                 |
| 31.1  | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.**                                                                                                                                  |                                                                 |
| 31.2  | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.**                                                                                                                                  |                                                                 |

----

| 32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** |   |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

| * | Represents a management contract or compensation plan or arrangement required to be identified and filed pursuant to Items 15(a)(3) and 15(b) of Form 10-K. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ** | Document filed herewith. |
|----|--------------------------|

|   SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS |
|------------------------------------------------------|
| (in thousands)                                       |   |   |   |   |   |   |   |   |   |   |
| Allowance forDoubtful Accounts                       |   | Balance atBeginning of Year |   | ProvisionCharged toExpense |   | Write-offs/AllowancesTaken (1) |   | OtherAdditions(Deductions)(2) |   | Balance atEnd of Year |
|                                                 |   |   |   |   |   |   |   |   |   |   |
| 2010                                                 | $ | 1,619 | $ | (94) | $ | 1 | $ | (1) | $ | 1,525 |
| 2009                                                 | $ | 3,138 | $ | (1,377) | $ | (249) | $ | 107 | $ | 1,619 |
| 2008                                                 | $ | 2,063 | $ | 1,834 | $ | (519) | $ | (240) | $ | 3,138 |
|                                                 |   |   |   |   |   |   |   |   |   |   |
| Deferred Tax AssetValuation Allowance                |   | Balance atBeginningOf Year |   | ProvisionCharged toExpense |   | AllowanceChanges (3) |   | OtherAdditions(Deductions)(2) |   | Balance atEnd of Year |
|                                                 |   |   |   |   |   |   |   |   |   |   |
| 2010                                                 | $ | 26,765 | $ | 703 | $ | 281 | $ | 374 | $ | 28,123 |
| 2009                                                 | $ | 28,619 | $ | (11) | $ | (4,135) | $ | 2,292 | $ | 26,765 |
| 2008                                                 | $ | 27,346 | $ | 7,488 | $ | (17) | $ | (6,198) | $ | 28,619 |
|                                                 |   |   |   |   |   |   |   |   |   |   |

| (1)   | Net of collections on accounts previously written off. |
|-----------------|--------------------------------------------------------|

| (2)   | Consists principally of adjustments related to foreign exchange. |
|-----------------|------------------------------------------------------------------|

| (3)   | Allowance changes arising from reductions in net operating loss carry forwards which are precluded from use and purchase accounting adjustments. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

----

SIGNATURES

| /s/ Clarence W. Schawk       |   | Chairman of the Board and Director                             |
|------------------------------|--------|----------------------------------------------------------------|
| Clarence W. Schawk           |   |                                                           |
|                         |   |                                                           |
| /s/ David A. Schawk          |   | President, Chief Executive Officer, and Director               |
| David A. Schawk              |   | (Principal Executive Officer)                                  |
|                         |   |                                                           |
| /s/ A. Alex Sarkisian, Esq.  |   | Executive Vice President, Chief Operating Officer and Director |
| A. Alex Sarkisian            |   |                                                           |
|                         |   |                                                           |
| /s/ Timothy J. Cunningham    |   | Executive Vice President and Chief Financial Officer           |
| Timothy J. Cunningham        |   | (Principal Financial Officer)                                  |
|                         |   |                                                           |
| /s/ John B. Toher            |   | Vice President and Corporate Controller                        |
| John B. Toher                |   | (Principal Accounting Officer)                                 |
|                         |   |                                                           |
| /s/ John T. McEnroe, Esq.    |   | Director and Assistant Secretary                               |
| John T. McEnroe, Esq.        |   |                                                           |
|                         |   |                                                           |
| /s/ Leonard S. Caronia       |   | Director                                                       |
| Leonard S. Caronia           |   |                                                           |
|                         |   |                                                           |
| /s/ Judith W. McCue, Esq.    |   | Director                                                       |
| Judith W. McCue, Esq.        |   |                                                           |
|                         |   |                                                           |
| /s/ Hollis W. Rademacher     |   | Director                                                       |
| Hollis W. Rademacher         |   |                                                           |
|                         |   |                                                           |
| s/ Michael G. O’Rourke |   | Director                                                       |
| Michael G. O’Rourke    |   |                                                           |
|                         |   |                                                           |
| /s/ Stanley N. Logan         |   | Director                                                       |
| Stanley N. Logan             |   |                                                           |

----