<SEC-DOCUMENT>0001104659-11-014915.txt : 20110513
<SEC-HEADER>0001104659-11-014915.hdr.sgml : 20110513
<ACCEPTANCE-DATETIME>20110316170611
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-11-014915
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INNOVATIVE SOLUTIONS & SUPPORT INC
		CENTRAL INDEX KEY:			0000836690
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				232507402
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		420 LAPP RD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6108899898

	MAIL ADDRESS:	
		STREET 1:		420 LAPP ROAD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cira Centre<br>   2929 Arch Street<br>   Philadelphia, PA 19104-2808</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">STEPHEN M. LEITZELL</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">stephen.leitzell@dechert.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+1 215 994 2621&nbsp;   Direct</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+1 215 655 2621&nbsp; Fax</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;16, 2011</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VIA EDGAR AND COURIER</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kathleen Collins</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounting Branch Chief</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporate Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C.&#160; 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Innovative   Solutions&nbsp;&amp; Support,&nbsp;Inc.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K   for the Fiscal Year Ended September&nbsp;30, 2010</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed   December&nbsp;14, 2010</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-Q   for the Quarter ended December&nbsp;31, 2010</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed   February&nbsp;8, 2011</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">File   No.&nbsp;001-31157</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Ms.&nbsp;Collins:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On behalf of Innovative Solutions and Support,&nbsp;Inc. (the &#147;Company&#148;), we confirm receipt of the letter dated March&nbsp;2, 2011 from the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) with respect to the above-referenced Form&nbsp;10-K filed on December&nbsp;14, 2010 (which incorporated by reference portions of the Definitive Proxy Statement filed on January&nbsp;27, 2011 (the &#147;Proxy Statement&#148;)) and Form&nbsp;10-Q filed on February&nbsp;8, 2011.&#160; We are responding to the Staff&#146;s comments on behalf of the Company, as set forth below. The Staff&#146;s comments are set forth below in bold and numbered to correspond to the numbered comments in the Staff&#146;s letter. The Company&#146;s responses follow each of the Staff&#146;s comments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K for the Fiscal Year Ended September&nbsp;30, 2010</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8. Financial Statements and Supplementary Data</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Consolidated Statements of Operations, page&nbsp;36</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">We note that you allocate sales and cost of sales as either &#147;product&#148; or &#147;engineering - modification and development.&#148; We also note from your disclosures on page&nbsp;41 that your multiple element arrangements can include design and development activities, functional upgrades, and/or product sales.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Please explain how you allocate multiple element arrangements to the two captions on the income statement. In your response, please provide us with the amount of bundled arrangements that include services accounted for pursuant to ASC 605-35 recognized for each period presented and tell us if/how you allocate any portion of stand-alone ASC 605-35 arrangements to &#147;product&#148; revenue and cost of revenue. Additionally, it appears from your disclosures on page&nbsp;42 that extended warranties are presented as &#147;product&#148; revenue and cost of revenue. Please provide us with the amount of extended warranty services recognized for each period presented. If material, please consider clarifying your disclosures in future filings with respect to how your arrangements are allocated in your consolidated statements of operations. See Rule&nbsp;5-03 of Regulation S-X.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company notes the Staff&#146;s comment regarding the allocation of multiple element arrangements to the two captions on the income statement, and responds that design and engineering services elements are included in &#147;Engineering &#151; modifications and development.&#148; Any functional upgrades and product sales elements are included in &#147;Product&#148; net sales amounts. This is consistent with the Company&#146;s classification of revenue for single element arrangements, as described in the Single Element Arrangements disclosure in Note 3 of the Notes to Consolidated Financial statements included in the Company&#146;s Form&nbsp;10-K for the fiscal year ended September&nbsp;30, 2010.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Staff requested information regarding services included in bundled arrangements.&#160; The Company has not had service arrangements pursuant to ASC 605-35 subject to allocation to &#147;product&#148; revenue and cost of revenue for the periods presented.&#160; Services provided by the Company have been limited to design and engineering services elements.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In response to the Staff&#146;s request for the amount of revenue recognized related to extended warranty services, the Company recognized approximately $100,000 in each of the fiscal years ended September&nbsp;30, 2008, 2009 and 2010, which represented approximately 0.3%, 0.3% and 0.4% of total sales during each of these fiscal years, respectively.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In future filings, the Company will add the following sentence to the footnotes to its financial statements at the end of the first paragraph under &#147;Revenue Recognition&#148; in Note 3:</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;The Company includes any design and engineering services elements in &#147;Engineering &#151; modifications and development&#148; sales and any functional upgrades and product elements in &#147;Product&#148; sales on the accompanying consolidated statement of operations.&#148;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_212907_7056"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Note 14. Commitments and Contingencies, page&nbsp;58</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">You indicate that the trade secret and proprietary suit filed on January&nbsp;17, 200[7] in Pennsylvania state court against [Strathman] Associates is ongoing. Tell us how you considered expanding the disclosure of the status of this case to be more detailed and providing the disclosure requirements of ASC 450-20-50.</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:38.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company notes the Staff&#146;s comment regarding the disclosure requirements of ASC 450-20-50.&#160; ASC 450-20-50-1 requires disclosure of the nature of any accrual made pursuant to the provisions of ASC 450-20-25-2 where a loss is probable and the amount of the expected loss is reasonably estimable.&#160; Paragraphs three through five of ASC 450-20-50 also require disclosure regarding losses which are reasonably possible, but not probable, or for which the amount of loss cannot be reasonably estimated.&#160; In such cases, disclosure is required regarding the nature of the contingency and an estimate of the possible loss or range of loss, or a statement that such an estimate cannot be made.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:38.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:38.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With regard to the suit filed by the Company on January&nbsp;17, 2007 in Pennsylvania state court against Strathman Associates, the Company brought suit against Strathman Associates for misappropriation of the Company&#146;s trade secrets and confidential information.&#160; An accrual has not been made because the Company is the plaintiff in the case and a loss is not probable or reasonably possible. The only potential losses to which the Company may be subject are its litigation costs, which would not be material.&#160; Because the Company will not be subject to a material loss as a result of the case, the Company did not feel it was necessary to expand the disclosure of the status of the case in the Form&nbsp;10-K.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:38.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 11. Executive Compensation (incorporated by reference to the definitive proxy statement filed January&nbsp;27, 2011)</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Summary Compensation Table, page&nbsp;25</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Future filings should disclose whether the aggregate grant date fair value of stock awards and options were computed in accordance with FASB Accounting Standards Codification Topic 718. Refer to Items 402(c)&nbsp;and (k)&nbsp;of Regulation S-K.</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company notes the Staff&#146;s comment and confirms that the aggregate grant date fair value of the stock awards and options were computed in accordance with FASB Accounting Standards Topic 718.&#160; The Company notes that footnote (2)&nbsp;to the Summary Compensation Table</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_212927_5335"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">included in the Proxy Statement includes a cross-reference to Note 3 of the Company&#146;s audited financial statements as filed in the Company&#146;s Annual Report on Form&nbsp;10-K.&#160; Note 3 explains that the aggregate grant date fair value of stock awards and options were computed in accordance with FASB Accounting Standards Codification Topic 718.&#160; In future filings the Company will disclose in a footnote to the Summary Compensation Table that the aggregate grant date fair value of the stock awards and options were computed in accordance with FASB Accounting Standards Codification Topic 718.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters (incorporated by reference to the definitive proxy statement filed January&nbsp;27, 2011)</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Security Ownership of Principal Shareholders, page&nbsp;3</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Consistent with Item 403 of Regulation S-K, please identify the natural person or persons who exercise sole or shared voting and/or dispositive powers over the securities held by Federated Investors,&nbsp;Inc.,&nbsp;Ingalls&nbsp;&amp; Snyder, LLC and WealthTrust Axiom LLC.</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:38.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company notes the Staff&#146;s comment and in future filings will identify the natural person or persons who exercise sole or shared voting and/or dispositive powers over the securities reported in the table of Security Ownership of Principal Shareholders, to the extent that such information is available to the Company.&#160; The Company notes that instruction 3 to Item 403 of Regulation S-K provides that the Company may rely on the information set forth in filings under Sections 13(d)&nbsp;and 13(g)&nbsp;of the Securities Exchange Act of 1934, as amended, in reporting the ownership of principal stockholders.&#160; With regard to Ingalls&nbsp;&amp; Snyder, LLC and WealthTrust Axiom, LLC, as noted in footnotes four and five to the table of Security Ownership of Principal Stockholders in the Proxy Statement, the Company has relied solely on information provided in the Schedule 13Gs filed by Ingalls&nbsp;&amp; Snyder, LLC and WealthTrust Axiom LLC on January&nbsp;11, 2011.&#160; Such Schedule 13Gs did not indicate the natural person or persons who exercise sole or shared voting and/or dispositive powers over the securities and the Company has no knowledge as to which natural persons exercise sole or shared voting and/or dispositive powers over the securities.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:38.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:38.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With regard to Federated Investors,&nbsp;Inc., however, the Schedule 13G filed on February&nbsp;11, 2010 by Federated Investors,&nbsp;Inc. contained the identity of the natural persons who exercise sole or shared voting and/or dispositive powers over the securities held by Federated Investors,&nbsp;Inc.&#160; Had this disclosure been provided in the footnotes to the table of Security Ownership of Principal Shareholders in the Proxy Statement, it would have read as follows:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="PB_4_212945_5796"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.5pt;text-indent:-33.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based solely on Schedule 13G filed February&nbsp;11, 2010.&#160; Represents 2,375,003 shares of common stock over which (i)&nbsp;Federated Investors,&nbsp;Inc. has sole voting and dispositive power, (ii)&nbsp;Voting Shares Irrevocable Trust has sole voting and dispositive power, (iii)&nbsp;John F. Donahue has shared voting and dispositive power, (iv)&nbsp;Rhodora A. Donahue has shared voting and dispositive power and (v)&nbsp;J. Chirstopher Donahue has shared voting and dispositive power.&#160; Federative Investors,&nbsp;Inc.&#146;s address is Federated Investors Tower, Pittsburgh PA 15222.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-Q for the Quarterly Period Ended December&nbsp;31, 2010</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Part&nbsp;II</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1. Legal Proceedings, page&nbsp;19</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Please tell us the basis on which you formulated your belief that the likelihood of the bankruptcy trustee will prevail in its avoidance actions is remote.</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:38.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company notes the Staff&#146;s comment and confirms that it believes that the likelihood of the bankruptcy trustee prevailing in this avoidance action is remote.&#160; The bankruptcy trustee has filed avoidance actions against the Company on behalf of AE Liquidation,&nbsp;Inc. (formerly Eclipse Aviation Corporation) for the avoidance of seven payments totaling $321,095 for allegedly preferential transfers paid to the Company during the 90 days preceding the filing of the bankruptcy petition of Eclipse Aviation Corporation on November&nbsp;25, 2008.&#160; The Company believes, based on the advice of its counsel and its understanding of the facts of the case, that the likelihood of the bankruptcy trustee prevailing is remote because the transfers in question do not qualify as preferential transfers under the Bankruptcy Code because (1)&nbsp;with respect to approximately $288,000 of the transfers, the transfers were made in advance of shipment of product and thus at a time when there was no obligation (and thus no antecedent debt) owed to the Company and (2)&nbsp;with respect to the remaining approximately $33,000 of the transfers, the transfers were made in the ordinary course of business.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">*&#160;&#160;&#160;&#160; *&#160;&#160;&#160;&#160; *</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5<a name="PB_5_213001_2897"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you have any questions or require any additional information concerning the foregoing, please do not hesitate to contact me at 215-994-2621.&#160; Thank you for your cooperation and attention to this matter.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Stephen M. Leitzell</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen   M. Leitzell</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ronald   C. Albrecht, Chief Financial Officer of the Company</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Henry   N. Nassau,&nbsp;Esq.</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6<a name="PB_6_213111_3020"></a></font></p>
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