<SEC-DOCUMENT>0001171520-12-000033.txt : 20120118
<SEC-HEADER>0001171520-12-000033.hdr.sgml : 20120118
<ACCEPTANCE-DATETIME>20120118134154
ACCESSION NUMBER:		0001171520-12-000033
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120113
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120118
DATE AS OF CHANGE:		20120118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SONO TEK CORP
		CENTRAL INDEX KEY:			0000806172
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				141568099
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16035
		FILM NUMBER:		12531603

	BUSINESS ADDRESS:	
		STREET 1:		2012 RT 9W BLDG 3
		CITY:			MILTON
		STATE:			NY
		ZIP:			12547
		BUSINESS PHONE:		8457952020

	MAIL ADDRESS:	
		STREET 1:		2012 RT. 9W, BLDG. 3,
		CITY:			MILTON
		STATE:			NY
		ZIP:			12547
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>eps4502.htm
<DESCRIPTION>SONO-TEK CORP.
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
<B>January 13, 2012</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Sono-Tek Corporation</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Commission File Number: 0-16035</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 54%; font-weight: bold; text-decoration: underline; text-align: center">New York</TD>
    <TD STYLE="width: 6%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%; font-weight: bold; text-decoration: underline; text-align: center">14-1568099</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State of Incorporation)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer ID No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center">2012 Route 9W, Milton, New York</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center">12547</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code <B>(845) 795-2020</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Check appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant under any of the following provisions:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt; text-align: right"><FONT STYLE="font-family: MS Mincho">&#9744;&nbsp;</FONT></TD><TD STYLE="width: 12pt"></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)&nbsp;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt; text-align: right"><FONT STYLE="font-family: MS Mincho">&#9744;&nbsp;</FONT></TD><TD STYLE="width: 12pt"></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)&nbsp;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt; text-align: right"><FONT STYLE="font-family: MS Mincho">&#9744;&nbsp;</FONT></TD><TD STYLE="width: 12pt"></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))&nbsp;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt; text-align: right"><FONT STYLE="font-family: MS Mincho">&#9744;&nbsp;</FONT></TD><TD STYLE="width: 12pt"></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))&nbsp;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Item 7.01: Regulation FD Disclosure.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">On January 13, 2012, Sono-Tek Corporation issued a press release
regarding its financial results for the quarter ended November 30, 2011, in the form attached as exhibit 99.1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01: Financial Statements and Exhibits.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(d) Exhibits</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">99.1 &nbsp;&nbsp;&nbsp;Press Release dated January 13, 2012.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: center; text-indent: 0.5in">SONO-TEK CORPORATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: center; text-indent: 0.5in">By: <U>/s/ Stephen
J. Bagley</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: center; text-indent: 0.5in">Stephen J. Bagley</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: center; text-indent: 0.5in">Chief Financial
Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">January 16, 2012</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EARNINGS RELEASE
<TEXT>
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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: right">Exhibit 99.1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Sono-Tek Announces Third Quarter Results</U></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 11pt">(January
13, 2012 - Milton, NY) </FONT>Sono-Tek Corporation (OTC BB: SOTK.pk) today announced sales of $2,944,772 for the three months ended
November 30, 2011, compared to sales of $2,587,818 for the same period last year, an increase of 14%. For the nine months ended
November 30, 2011, the Company's sales increased to $9,083,801 from $7,303,606 for the same period last year, an increase of 24%.
The Company attributed these continuing year-over-year sales increases to the Company's diversification program. We have pursued
new technical applications for our ultrasonic spraying and coating technology, and also opened up business channels in additional
global territories as quickly as our resources have allowed. We have booked significant orders in Southeast Asia in the electronics
segment for printed circuit board applications. Solar energy and fuel cell applications continued in the third quarter, although
there is a slowdown for solar projects in China at present, which is believed to be temporary in nature. The glass coating industry
has been quiet in the previous quarter, but is coming back now with a number of opportunities for our WideTrack Systems both in
the US and Europe. We recently attended a large European Medical Trade show, and generated numerous requests for proposals involving
our MediCoat Stent Coating Systems and other implantable coating systems, so we look forward to continued strength in this segment.
Lastly, we have several new projects in-house involving the textile industry and the food industry, both of which were slow earlier
in the year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Company reported
net income of $195,803 for the three months ended November 30, 2011 as compared to $213,922 for the same period last year. &nbsp;For
the nine months ended November 30, 2011, the Company reported net income of $871,923 as compared to $434,562 for the same period
last year, an increase of 100%. The strong increase in year-to-date profitability was a direct result of increased sales coupled
with appropriate cost controls as our Company grows. Of interest regarding our financial performance, a December 6, 2011 article
in the investor site &ldquo;Seeking Alpha&rdquo; ranked Sono-Tek at the top of a list of companies with sales and earnings growth
over time, and the Bowser Report moved Sono-Tek up to their top investment category in their November 2011 newsletter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">According to Dr. Christopher
L. Coccio, Chairman and CEO, &quot;We are very pleased with these record year-to-date revenues and associated strong profitability.
As we look ahead to the end of our fiscal year in February, we expect to finish the year exceeding our target of $1 million in
net income, which was identified earlier in the year.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For further information, contact Dr. Christopher
L. Coccio, at 845-795-2020, or visit our website at www.sono-tek.com</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sono-Tek Corporation is a leading developer
and manufacturer of liquid spray coating products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the Company&rsquo;s
products have long been recognized for their superior performance, quality, and reliability over conventional</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">spraying systems technologies.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><I>This earnings release
contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks
and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general
economic and business conditions; political, regulatory, competitive and technological developments affecting the Company's operations
or the demand for its products; timely development and market acceptance of new products; adequacy of financing; capacity additions,
the ability to enforce patents and the ability to achieve expected &nbsp;increased sales volume and continued profitability. We
refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs
containing additional important information. </I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Sono-Tek Corporation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Selected Financial Data</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Unaudited</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-decoration: underline; text-align: center">Nine Months Ended November 30,</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-decoration: underline; text-align: center">Three Months Ended November 30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 33%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; font-size: 9pt; font-weight: bold; text-decoration: underline; text-align: center">2011</TD>
    <TD NOWRAP STYLE="width: 18%; font-size: 9pt; font-weight: bold; text-decoration: underline; text-align: center">2010</TD>
    <TD NOWRAP STYLE="width: 16%; font-size: 9pt; font-weight: bold; text-decoration: underline; text-align: center">2011</TD>
    <TD NOWRAP STYLE="width: 17%; font-size: 9pt; font-weight: bold; text-decoration: underline; text-align: center">2010</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD NOWRAP>Net Sales</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$9,083,801</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$7,303,606</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$2,944,772</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$2,587,818</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD NOWRAP>Gross Profit</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$4,617,667</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$3,524,508</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$1,506,120</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$1.291,208</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD NOWRAP>Net Income</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$871,923</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$434,562</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$195,803</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$213,922</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD NOWRAP>Basic Earnings Per Share</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$0.06</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$0.03</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$0.01</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$0.02</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD NOWRAP>Diluted Earnings Per Share</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$0.06</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$0.03</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$0.01</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">$0.01</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD NOWRAP>Weighted Average Shares - Basic</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">14,441,743</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">14,438,398</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">14,442,211</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">14,440,192</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD NOWRAP>Weighted Average Shares - Diluted</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">14,540,733</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">15,250,807</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">14,483,245</TD>
    <TD NOWRAP STYLE="text-decoration: underline; text-underline-style: double; text-align: center">15,233,760</TD></TR>
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