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<SEC-DOCUMENT>0000814676-07-000008.txt : 20070808
<SEC-HEADER>0000814676-07-000008.hdr.sgml : 20070808
<ACCEPTANCE-DATETIME>20070808132707
ACCESSION NUMBER:		0000814676-07-000008
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070630
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070808
DATE AS OF CHANGE:		20070808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPS TECHNOLOGIES CORP/DE/
		CENTRAL INDEX KEY:			0000814676
		STANDARD INDUSTRIAL CLASSIFICATION:	POTTERY & RELATED PRODUCTS [3260]
		IRS NUMBER:				042832509
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16088
		FILM NUMBER:		071034795

	BUSINESS ADDRESS:	
		STREET 1:		111 SOUTH WORCESTER STREET
		CITY:			NORTON
		STATE:			MA
		ZIP:			02766
		BUSINESS PHONE:		508-222-0614

	MAIL ADDRESS:	
		STREET 1:		111 SOUTH WORCESTER STREET
		CITY:			NORTON
		STATE:			MA
		ZIP:			02766

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CERAMICS PROCESS SYSTEMS CORP/DE/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k8080807.htm
<DESCRIPTION>CPS FORM 8-K DATED AUGUST 8, 2007
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft Word 97">
<TITLE>UNITED STATES</TITLE>
</HEAD>
<BODY>

<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): August 7, 2007</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
</FONT><B><FONT FACE="Arial"><P ALIGN="CENTER">CPS TECHNOLOGIES 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, Norton, Massachusetts</B></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">02766</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 August 7, 2007, the Company issued a press release announcing its financial results for the fiscal quarter  ended June 30, 2007. 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</FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>Press released dated August 7, 2007 of CPS Technologies Corporation announcing its financial results for the fiscal quarter  ended June 30, 2007.</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">CPS Technologies Corporation</B><BR>
</U>(Registrant)</FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Date:  August 8, 2007</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</FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>Press released dated August 7, 2007 of CPS Technologies Corporation announcing its financial results for the fiscal quarter ended June 30, 2007.</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2></FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>pr200705q2.htm
<DESCRIPTION>CPS PRESS RELEASE DATED AUGUST 7, 2007
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft Word 97">
<TITLE>May 23, 1997</TITLE>
<META NAME="Template" CONTENT="C:\WINNT\Profiles\gbennett.000\Application Data\Microsoft\Templates\CPS Technologies Lthd.dot">
</HEAD>
<BODY LINK="#0000ff">

<FONT FACE="Arial" SIZE=2>
<P>CPS Technologies Corporation<BR>
Grant Bennett, President<BR>
111 South Worcester Street<BR>
Norton, MA 02766<BR>
Telephone: 508-222-0614 ext 218<BR>
Web Site: www.alsic.com</P>
<FONT FACE="Arial" SIZE=2>
<B><P ALIGN="CENTER">CPS TECHNOLOGIES CORPORATION ANNOUNCES SECOND QUARTER 2007 RESULTS<BR>
</P>
</B><P>Norton, Massachusetts.  August 7, 2007.  CPS Technologies Corporation (CPS) (OTC Bulletin Board: CPSH) today announced revenue of $3.1 million and net income of  $132 thousand, or $0.01 per basic and diluted common share for the fiscal quarter ended June 30, 2007.   This compares with revenue of $2.6 million and net income of $64 thousand, or $0.01 per basic and $0.00 per diluted common share for the same period a year ago.</P>

<P>Compared to the same quarter a year ago, Q2 2007 revenues grew by 17% and net income grew by 106%.   Revenue growth was strongest in lids and heat spreaders,  revenue from baseplates used in motor controllers also increased while revenue from cellular telephone basestations declined.  On a year-to-date basis, revenues in the first half of 2007 were up 21% and net income was up 22% compared to the first half of 2006.</P>

<P>CPS continued to achieve design wins in Q2, particularly for baseplates used in motor controllers.   We are very pleased that in the market for motor controllers AlSiC continues to displace copper in many new applications because of the very significant increase in reliability that AlSiC provides.  An example of a new application where AlSiC is displacing copper is motor controllers and inverters used in electricity-generating wind turbines.</P>

<P>Customer-provided forecasts show growth in all main product lines of the Company over the next year.  However,  two specific events will have a negative impact on Q3 2007 revenue and income.   A major customer is transferring production offshore to a contract assembler in Q3; this customer has both pulled some demand forward and indicated a delay in further demand until the offshore assembler is up and running.  A second major customer launched a new system which incorporates our product in Q4 2006; this new product launch generated significant demand for us in Q4 2006 and the first half of 2007.  This customer is rebalancing production schedules and inventory throughout its worldwide supply chain in Q3.  The result of both of these actions is that shipments for these two products will be reduced in Q3.  CPS believes these two events are non-recurring, are independent of underlying demand, and their impact will be limited to Q3 and possibly the early part of Q4.</P>

<P>CPS continues to be very active in working with several first-tier automotive suppliers in the development and production qualification of motor controller baseplates for hybrid and electric vehicle applications, both trucks and cars.  CPS has also been very active in developing hard plates for light-vehicle armor based on our proprietary process technology.  In Q2, ballistic testing of CPS hard plates at both government and commercial test facilities has been positive.   Additional technical and market development is needed, however management is very encouraged by the results to date.   </P>

<P>CPS serves a portfolio of end markets with advanced material solutions, the most significant  solution being metal matrix composites (MMCs).  CPS has a proprietary, leading position in MMCs today, primarily providing electronics OEMs with thermal management components to increase performance and reliability.  Management believes that like plastics 80 years ago, MMCs will penetrate many different end markets over many years. </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.</P>
<P> </P>
</FONT><FONT FACE="Arial"></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=512>
<TR><TD VALIGN="TOP" COLSPAN=3 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P>&nbsp;</P>
<P>CPS TECHNOLOGIES CORPORATION</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P>(OTC Bulletin Board: CPSH)</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Quarters Ended</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">June 30,</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">July 01,</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2007</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2006</U></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=20><P></P></TD>
</TR>
<TR><TD WIDTH="58%" 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">$3,067,042</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$2,628,020</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" 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">$131,864</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$63,861</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" 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">$0.01</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.01</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" 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">12,546,959</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,518,003</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" 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">$0.01</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.00</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" 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">13,376,040</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">13,131,799</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=512>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Six-month Periods Ended</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">June 30,</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">July 01,</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2007</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2006</U></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=20><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" 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">$6,207,394</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$5,134,844</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" 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">$471,829</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$387,678</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" 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">$0.04</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.03</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" 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">12,536,519</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,423,598</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" 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">$0.04</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.03</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" 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">13,273,426</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">13,005,312</FONT></TD>
</TR>
</TABLE>

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