UITHUMB creates thumbnails from images listed in a specified directory. It's not nearly as fast as programs like photoshop, but for those who don't mind or don't have the means, this gets the job done. I wrote it specifically to create thumbnails for my MOSAIC software.
As of now, the largest thumbnail it will allow you to produce is 133 x 100, and the output is only jpeg, but this could be modified in the code.
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