Kensey Nash Corporation

Kensey Nash Corporation is listed on NASDAQ (KNSY). This discussion below contains forward-looking statements relating to future events and our future financial performance. These statements are only predictions and actual events or results may differ materially. In evaluating such statements, you should carefully consider the various factors identified in this report which could cause actual results to differ materially from those indicated in any forward-looking statements, including those set forth in Risk Factors in this Annual Report on Form 10-K. See Forward-Looking Statements. Overview Kensey Nash Corporation is a leading medical technology company providing innovative solutions and technologies for a wide range of medical procedures. We have expanded well beyond our beginnings in vascular puncture closure and today provide an extensive range of products into multiple medical markets, primarily in the cardiovascular, sports medicine and spine markets.

Kent Financial Services Inc.

Kent Financial Services Inc. is listed on NASDAQ (KENT). Until July 2003, the Company owned T. R. Winston & Company, Inc. (Winston), a licensed securities broker-dealer. In July 2003, the Company sold 60% of Winston, Inc. to two executives of Winston (the Agreement). Subsequent to completion of the transaction, the Company had no management responsibility for Winston. In August 2004, the Company sold its remaining interest in Winston. Acquisition of Cortech, Inc. (Cortech), by AVF -- In 2004, Kent through its wholly owned subsidiary Asset Value Fund Limited Partnership (AVF), acquired an additional 139,328 shares of Cortechs common stock for approximately $427,000, increasing its ownership of Cortech to 50.06% on June 30, 2004. Prior to that date, AVF had been accounting for its investment in Cortech by the equity method. Since AVFs ownership exceeded 50%, Cortech has been consolidated in the accompanying financial statements.

MACC Private Equities Inc. ..e corporation on March 3, 1994. It is qualified as a business development company (BDC) under the Investment Company Act of 1940, as amended (the 1940..

J. W. Mays Inc. ..treet, Brooklyn, New York 11201, operates a number of commercial real estate properties, which are described in Item 2 Properties. The Companys busine..

MEDICURE INC ..ertificate of Incorporation issued pursuant to the provisions of the Business Corporations Act (Alberta) on June 3, 1997. On February 11, 1999, by Cer..

MedCath Corporation ..the diagnosis and treatment of cardiovascular disease. We own and operate hospitals in partnership with physicians whom we believe have established re..

McGraw-Hill Companies Inc. (The) ..ecember 1925, is a leading global information services provider serving the financial services, education and business information markets with inform..

MDC Partners Inc. ..of Amalgamation effective December 19, 1986 pursuant to the Business Corporations Act (Ontario). Effective December 19, 1986, the Company amalgamated ..

Modine Manufacturing Company ..chnology, serving the vehicular, industrial, commercial, electronic and building HVAC (heating, ventilating, and air conditioning) markets. Modine dev..

Monongahela Power Company ..ns and operates electric generation facilities and delivers electric and natural gas services to customers in Pennsylvania, West Virginia, Maryland, V..

Mitcham Industries Inc. ..s incorporated in 1987. Since our organization, we have primarily been engaged in the leasing and sales of seismic equipment to the seismic industry w..

MarkWest Hydrocarbon Inc. ..ing the value of our investment in MarkWest Energy, a publicly-traded limited partnership engaged in the gathering, processing and transmission of nat..

Natrol Inc. ..11 Prairie Street, Chatsworth, California 91311 and its telephone number is 818-739-6000. Company information may be accessed via the Company's web si..

National Grid Transco PLC ..our UK gas distribution networks. The North of England distribution network was sold to a consortium led by Cheung Kong Infrastructure Holdings Limite..

National Home Health Care Corp. ..poration that is a provider of home health care and staffing services in the Northeast region. INDUSTRY OVERVIEW United States health care spending co..

Ninetowns Digital World Trade Holdings Limited ..se formed under PRC law on March 22, 1995, focused on the research and development of software related to the declaration process, in addition to sell..

North Valley Bancorp ..0-K (excluding statements of fact or historical financial information) involve forward-looking information within the meaning of Section 27A of the Se..

Nanogen Inc. .. the quality of healthcare by introducing advanced human diagnostic products that will provide higher quality of information in a shorter period of ti..

NVP CAP III ..der Nevada law on December 12, 1983. SPR's mailing address is P.O. Box 30150 (6100 Neil Road), Reno, Nevada 89520-3150 (89511). SPR has six primary, w..

Optical Cable Corporation ..formation within the meaning of the federal securities laws. The forward-looking information may include, among other information, (i) statements conc..

Omega Flex Inc. ..TS Certain statements in this Annual Report on Form 10-K that are not historical facts - but rather reflect our current expectations concerning future..

OMNI Energy Services Corp. ..ld service company specializing in providing a range of (i) onshore seismic drilling, operational support, permitting, survey and helicopter support s..

Orange 21 Inc. ..ooking statements that involve a number of risks and uncertainties. These forward-looking statements include, but are not limited to, statements and p..

Pac-West Telecomm Inc. ..similar terms as used in this Form 10-K, refer to Pac-West Telecomm, Inc. Our Company We were incorporated in May 1996 in the State of California. Our..

PMI Group Inc. (The) ..ment as well as other products and services that promote homeownership and facilitate mortgage transactions in the capital markets. We offer mortgage ..

Perceptron Inc. ..anufactures and markets information-based measurement and inspection solutions for process improvement. Perceptrons product offerings are designed to ..

PeopleSupport Inc. ..eport on Form 10-K refer to PeopleSupport, Inc and its subsidiaries. Overview We provide business process outsourcing, or BPO, services from our facil..

Procter & Gamble Company (The) ..corporated herein by reference to Management's Discussion and Analysis, which appears on pages 25-40; Note 1, Summary of Significant Accounting Polici..

Playboy Enterprises Inc. ..diaries and predecessors, will be referred to in this Form 10-K Annual Report by terms such as we, us, our, Playboy and the Company, unless the contex..

Princeton National Bancorp Inc. ..ation,) is a single-bank holding company which operates in one business segment and conducts a full-service commercial banking and trust business thro..

PACIFICORP ..ing retail customers in portions of the states of Utah, Oregon, Wyoming, Washington, Idaho and California. As a vertically integrated electric utility..

PSB Holdings Inc. ..g statements which may be identified by the use of words such as believe, expect, anticipate, should, planned, estimated and potential. Examples of fo..

PhotoMedex Inc. ..ating the cost-effective use of technologies for doctors, hospitals and surgery centers. We engage in the development and marketing, domestically and ..

Polaris Industries Inc. ..poration, was formed in 1994 and is the successor to Polaris Industries Partners LP. The term Polaris as used herein refers to the business and operat..

Papa Johns International Inc. ..hises pizza delivery and carryout restaurants under the trademark Papa John's. At December 26, 2004, the Company and its franchisees operated domestic..

Radiant Systems Inc. ..gia, Radiant Systems, Inc. (Radiant) is a leading provider of store technology focused on the development, installation and delivery of solutions for ..

Radware Ltd. ..ation under the laws of the State of Israel, and commenced operations in April 1997. Our principal executive offices are located at 22 Raoul Wallenber..

Roberts Realty Investors Inc. ..thin the meaning of the federal securities laws. These statements relate to future economic performance, plans and objectives of management for future..

RLI Corporation .. property and casualty insurance through our insurance subsidiaries. We are an Illinois corporation that was organized in 1965. We conduct operations ..

Renovis Inc. ..drugs to treat neurological diseases and disorders. The Company was incorporated in Delaware in January 2000. We currently focus our research and deve..

RADVision Ltd. ..f Israel in January1992, commenced operations in October 1992 and commenced sales of our products in the fourth quarter of 1994. Before that time, our..

Salem Communications Corporation .. radio broadcasting company, measured by number of stations and audience coverage, providing programming targeted at audiences interested in Christian..

SCANA Corporation ..holly-owned subsidiaries listed below SOUTH CAROLINA ELECTRIC & GAS COMPANY Generates and sells electricity to wholesale and retail customers and purc..

SEI Investments Company ..owned subsidiaries, is a leading global provider of outsourced business solutions to the financial services industry for wealth management. We serve t..

Sunset Financial Resources Inc ..e, us and our refer to Sunset Financial Resources, Inc., a Maryland corporation, and, where appropriate, its subsidiaries. Company Overview We are a s..

Stone Energy Corporation .. engaged in the acquisition and subsequent exploration, development, operation and production of oil and gas properties located in the conventional sh..

SiRF Technology Holdings Inc. ..stem, or GPS, semiconductor solutions designed to provide location awareness capabilities in high-volume mobile consumer and commercial applications. ..

Somanetics Corporation ..m, a non-invasive patient monitoring system that continuously measures changes in the blood oxygen levels in the brain. The brain is the organ least t..

Sontra Medical Corporation ..rep , a non-invasive ultrasonic skin permeation technology for medical and therapeutic applications including transdermal diagnostics and the enhanced..

Stora Enso Oyj ..nd board manufacturer in Europe and the largest paper and board manufacturer in the world based on production capacity, with 16.7 million metric tons ..

E.W. Scripps Company (The) ..ewspaper publishing, national lifestyle television networks (Scripps Networks), broadcast television, television-retailing (Shop At Home), interactive..

S1 Corporation ..incorporated into this annual report on Form 10-K by reference contain forward-looking statements within the safe harbor provisions of the Private Sec..

Specialty Underwriters Alliance Inc. ..ly-owned subsidiary, SUA Insurance Company, offer commercial property and casualty insurance to selected customer groups. We believe that we are diffe..

SWS Group Inc. ..delivering a broad range of investment, commercial banking and related financial services to individual, corporate and institutional investors, broker..

TB Woods Corporation ..designer, manufacturer and marketer of electronic and mechanical industrial power transmission products. The Companys products are sold to North Ameri..

Tecumseh Products Company ..dent, global manufacturer of hermetic compressors for air conditioning and refrigeration products, gasoline engines and power train components for law..

Triad Hospitals Inc. ..ly owned hospital companies in the United States and provides health care services through hospitals and ambulatory surgery centers that it owns and o..

Tel-Instrument Electronics Corp. ..business since 1947. Tel is a leading designer and manufacturer of avionics test and measurement solutions for the global commercial air transport, ge..

Trend Micro Incorporated ..velop, market and support antivirus and Internet content security software and services. Our legal name in Japan is Trend Micro Kabushiki Kaisha and T..

Travelers Property Casualty Corporation ..rty casualty insurance holding company engaged, through its subsidiaries, in two business segments: Commercial Lines and Personal Lines. Travelers Pro..

Trustreet Properties Inc. ..ts subsidiaries, including Fuel Supply, Inc. (FSI), is a fully integrated, self-administered real estate investment trust (REIT). The Company acquires..

Talbots Inc. (The) ..r with its wholly owned subsidiaries (Talbots), is a leading national specialty retailer and cataloger of women's, children's and men's classic appare..

Trans World Entertainment Corp. ..ther with its consolidated subsidiaries, is referred to herein as the Company, was incorporated in New York in 1972. It owns 100% of the outstanding c..

U.S. Energy Systems Inc. .. NY, is a provider of thermal and electrical energy and energy outsourcing. Our energy services involve the management, development, operation and own..

Volterra Semiconductor Corporation ..rformance analog and mixed-signal power management semiconductors for the computing, storage, networking and consumer markets. Our core products are i..