The accounting policies of the operating entities are the same as those described in the summary of significant  accounting policies. Revenues are attributed to geographic areas based on the location of the market producing the revenues.  Operating leases – The Company leases its offices, manufacturing plants and warehouses under operat- ing lease agreements expiring through December 2009.  Rent expense amounted to approximately $2,711,000,  $2,455,000, and $2,938,000 for the years ended December  31, 2002, 2003, and 2004, respectively. Future minimum lease payments under non- cancelable operating leases for years ending December  31 are: Note 12 – Commitments and Contingencies 45 Asia  U.S.A.  Consolidated 2004 Total sales  $185,308,000  $ 92,634,000  $277,942,000 Intercompany sales  (75,527,000)  (16,712,000)  (92,239,000) Net sales  $109,781,000  $ 75,922,000  $185,703,000 Assets  $116,729,000  $ 51,072,000  $167,801,000 Property, plant & equipment, net  48,589,000  12,268,000  60,857,000 2003 Total sales  $124,412,000  $ 72,188,000  $196,600,000 Intercompany sales  (48,378,000)  (11,317,000)  (59,695,000) Net sales  $ 76,034,000  $ 60,871,000  $136,905,000 Assets  $ 82,142,000  $ 41,653,000  $123,795,000 Property, plant & equipment, net  35,941,000  11,952,000  47,893,000 2002 Total sales  $ 95,081,000  $ 66,338,000  $161,419,000 Intercompany sales  (39,592,000)  (6,006,000)  (45,598,000) Net sales  $ 55,489,000  $ 60,332,000  $115,821,000 Assets  $ 63,721,000  $ 41,289,000  $105,010,000 Property, plant & equipment, net  32,313,000  12,380,000  44,693,000 2005 $ 3,461,000 2006 3,481,000 2007 2,939,000 2008 2,520,000 2009 1,097,000 $13,498,000