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<SEC-DOCUMENT>0000814676-06-000008.txt : 20061103
<SEC-HEADER>0000814676-06-000008.hdr.sgml : 20061103
<ACCEPTANCE-DATETIME>20061103152541
ACCESSION NUMBER:		0000814676-06-000008
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060930
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20061103
DATE AS OF CHANGE:		20061103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CERAMICS PROCESS SYSTEMS CORP/DE/
		CENTRAL INDEX KEY:			0000814676
		STANDARD INDUSTRIAL CLASSIFICATION:	POTTERY & RELATED PRODUCTS [3260]
		IRS NUMBER:				042832509
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1229

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16088
		FILM NUMBER:		061186635

	BUSINESS ADDRESS:	
		STREET 1:		111 SOUTH WORCESTER STREET
		STREET 2:		PO BOX 338
		CITY:			CHARTLEY
		STATE:			MA
		ZIP:			02712
		BUSINESS PHONE:		508-222-0614

	MAIL ADDRESS:	
		STREET 1:		111 SOUTH WORCESTER STREET
		STREET 2:		PO BOX 338
		CITY:			CHARTLEY
		STATE:			MA
		ZIP:			02712
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k8110306.htm
<DESCRIPTION>FORM 8-K  Q3 2006 RESULTS OF OPERATIONS
<TEXT>
<HTML>
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<META NAME="Generator" CONTENT="Microsoft Word 97">
<TITLE>UNITED STATES</TITLE>
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<FONT FACE="Arial" SIZE=2>
<P>&nbsp;</P>
<B><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549<BR>
 </P>
<P ALIGN="CENTER">FORM 8-K<BR>
</P>
</B><P> </P>
<P ALIGN="CENTER">Current Report<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934<BR>
</P>
<P ALIGN="CENTER">Date of Report (Date of earliest event reported): November 3, 2006</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
</FONT><B><FONT FACE="Arial"><P ALIGN="CENTER">CERAMICS PROCESS SYSTEMS CORPORATION<BR>
</B></FONT><FONT FACE="Arial" SIZE=2>(Exact Name of Registrant as Specified in its Charter)</P>
<P ALIGN="CENTER"></P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=654>
<TR><TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Delaware</B></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0-16088</B></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">04-2832409</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(State or other jurisdiction of incorporation)</P>
<P ALIGN="CENTER"></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(Commission File Number)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(IRS Employer Identification No.)</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">111 South Worcester Street, Chartley, Massachusetts</B></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">02712-0338</B></FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(Address of principal executive offices)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(Zip Code)</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Registrant`s telephone number, including area code</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">508-222-0614</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(Former name or former address, if changed since last report.)</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Arial" SIZE=2>
<P>&nbsp;</P>
<P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<U>see</U> General Instruction A.2. below):</P>

<P>[ ]&#9;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P>[  ]&#9;Soliciting material pursuant to Rule 14a-12 under the exchange Act (17 CFR 240.14a-12)</P>

<P>[  ]&#9;Pre-commencement communications pursuant to rule 14d-2(b) under the <BR>
Exchange Act  (17CFR 240.14d-2(b))</P>

<P>[  ]&#9;Pre-commencement communications pursuant to Rule 13e-4( c))  under the <BR>
Exchange Act (17 CFR 240.13e-4( c)).</P>

<P>&nbsp;</P>
<P> </P>

<P>Item 2.02    &#9;Results of Operations and Financial Condition </P>
<P>On November 3, 2006, the Company issued a press release announcing its financial results for the fiscal quarter  ended September 30, 2006. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference. </P>

<P>Cautionary Note Regarding Forward-Looking Statements.<BR>
Except for historical information contained in the press release attached as an exhibit hereto, the press release contains forward-looking statements which involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release regarding these forward-looking statements.</P>

<P>Item 9.01&#9;Financial Statements and Exhibits</P>

<P>(d)</P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=637>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>EXHIBIT NUMBER</P>
</FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>DESCRIPTION</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>99.1</FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>Press released dated November 3, 2006 of Ceramics Process Systems Corporation announcing its financial results for the fiscal quarter  ended September 30, 2006.</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2><P> </P>

<P>&nbsp;</P>
<B><P ALIGN="CENTER">SIGNATURE</P>
<P ALIGN="CENTER"></P>
</B><P>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 thereunto duly authorized.</P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP" COLSPAN=2>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Ceramics Process Systems Corporation</B><BR>
</U>(Registrant)</FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Date:  November 3, 2006</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">/s/ Grant C. Bennett<BR>
Grant C. Bennett<BR>
President and Treasurer<BR>
(Principal Executive Officer)</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2>
<P>EXHIBIT INDEX </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=637>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>EXHIBIT NUMBER</P>
</FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>DESCRIPTION</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>99.1</FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>Press released dated November 3, 2006 of Ceramics Process Systems Corporation announcing its financial results for the fiscal quarter ended September 30, 2006.</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2></FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>pr0608q3.htm
<DESCRIPTION>PRESS RELEASE DATED NOVEMBER 3, 2006
<TEXT>
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<META NAME="Generator" CONTENT="Microsoft Word 97">
<TITLE> </TITLE>
<META NAME="Template" CONTENT="C:\Program Files\Microsoft Office\Templates\CPS Letter.dot">
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<BODY LINK="#0000ff">

<FONT FACE="Arial" SIZE=2><P>Ceramics Process Systems Corporation<BR>
Grant Bennett<BR>
President<BR>
111 South Worcester Street<BR>
Chartley, MA 02712<BR>
Telephone: (508) 222-0614 ext 18<BR>
Fax: (508) 222-0220<BR>
Web Site:  www.alsic.com<BR>
</P>
<B><P ALIGN="CENTER">CERAMICS PROCESS SYSTEMS ANNOUNCES THIRD QUARTER 2006 RESULTS</P>
</B>
<P>Chartley, Massachusetts,  November 3, 2006.  Ceramics Process Systems Corporation (CPS) (OTC Bulletin Board: CPSX) today announced net income of $298 thousand or $0.02 per basic and diluted common share on revenue of $2.9 million for the fiscal quarter ended September 30, 2006.  This compares with net income of $10 thousand, or $0.00 per basic and diluted common share on revenue of $1.8 million for the fiscal quarter ended September 24, 2005.  </P>

<P>Grant Bennett, President, said:  &quot;Q3 2006 was another record quarter in terms of revenue and is our sixth consecutive quarter of increasing revenues.  Q3 2006 revenues increased 64% from the same period a year ago.  The increase in revenues came from higher demand for existing products as well as initial demand for new products.  Demand increased for flip-chip heat spreaders, motor controller baseplates, and wireless basestation components compared to the same period a year ago.    Several major customers provide rolling 12-month forecasts; these forecasts suggest demand should continue at present or possibly higher levels for at least the next four quarters although there is no guarantee this will be the case.&quot;</P>

<P>&quot;We are particularly pleased that AlSiC has transitioned in the product life cycle from the early adopter to the mainstream market stage in the flip-chip heat spreader and motor controller markets.  Our primary focus is on further penetrating these markets on a world-wide basis; both markets are growing and we expect they will continue to grow for the foreseeable future.  The hybrid automobile represents a potentially very large new application for motor controllers and we are actively pursuing this application by providing AlSiC baseplate prototypes to several suppliers of hybrid subsystems,&quot; said Bennett.</P>

<P>&quot;Looking longer term, we actively seek additional new end markets for AlSiC and AlSiC-related products on an on-going basis.  Consequently, we maintain a portfolio of potential new opportunities.  In Q3 2006 there were positive developments of significance in three of these potential new end markets.   One of these three potential new markets is robotic structural components.  We are pleased that our initial product in this market entered recurring production in Q3; we expect additional products to enter recurring production in Q4 2006 and in 2007.  We believe we will be successful in penetrating new end markets, and that these opportunities will generate growth longer term,&quot; said Bennett.</P>

<P>CPS develops, manufactures and markets advanced metal-matrix composites for the electronics, robotics and other industries.</P>

<P>This release may contain forward-looking statements as that term is defined in the Private Securities Reform Act of 1995.   Various factors could cause actual results to differ materially from those projected in such statements.  These factors include, but are not limited to, fluctuations in customer demand and changing general economic or business conditions in 2006, or a downturn in the electronics industry.</P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=536>
<TR><TD VALIGN="TOP" COLSPAN=3 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P>&nbsp;</P>
<P>CERAMICS PROCESS SYSTEMS CORPORATION</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P>(CPS) (OTC Bulletin Board: CPSX)</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="45%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="45%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Quarters Ended</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">September 30,</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">September 24,</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=19>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2006</U></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=19>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2005</U></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=20><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>Revenues</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$2,925,694</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$1,788,749</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>Net Income </FONT></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$298,059</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$9,839</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>Basic earnings per basic share</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.02</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.00</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>Weighted average basic shares</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,521,959</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,318,956</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>Diluted earnings per diluted share</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.02</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.00</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>Weighted average diluted shares</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">13,151,877</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,997,544</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=536>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="45%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Nine-month Periods Ended</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">September 30,</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">September 24,</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2006</U></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=19>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2005</U></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=20><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>Revenues</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$8,060,538</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$5,003,501</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>Net Income </FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$685,737</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$58,425</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>Basic earnings per basic share</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.06</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.00</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>Weighted average basic shares</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,456,385</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,301,791</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>Diluted earnings per diluted share</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.05</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.00</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P>Weighted average diluted shares</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">13, 054,167</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,781,043</FONT></TD>
</TR>
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