-----BEGIN PRIVACY-ENHANCED MESSAGE-----
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<SEC-DOCUMENT>0000814676-07-000011.txt : 20071113
<SEC-HEADER>0000814676-07-000011.hdr.sgml : 20071112
<ACCEPTANCE-DATETIME>20071113094657
ACCESSION NUMBER:		0000814676-07-000011
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070929
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20071113
DATE AS OF CHANGE:		20071113

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:		071235026

	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>k8111207.htm
<DESCRIPTION>FORM 8-K NOVEMBER 12, 2007
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft Word 97">
<TITLE>UNITED STATES</TITLE>
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<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):  November 12, 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 November 12, 2007, the Company issued a press release announcing its financial results for the fiscal quarter  ended September 29, 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 November 12, 2007 of CPS Technologies Corporation announcing its financial results for the fiscal quarter  ended September 29, 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:  November 12, 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 November 12, 2007 of CPS Technologies Corporation announcing its financial results for the fiscal quarter ended September 29, 2007.</FONT></TD>
</TR>
</TABLE>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>pr200706q3.htm
<DESCRIPTION>PRESS RELEASE Q3 2007 FINANCIAL RESULTS
<TEXT>
<HTML>
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<META NAME="Template" CONTENT="C:\WINNT\Profiles\gbennett.000\Application Data\Microsoft\Templates\CPS Technologies Lthd.dot">
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<BODY LINK="#0000ff" VLINK="#800080">

<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: www.alsic.com</P>
<P>&nbsp;</P>
<B><P ALIGN="CENTER">CPS TECHNOLOGIES CORPORATION ANNOUNCES THIRD QUARTER 2007 RESULTS</P>
</B><P>Norton, Massachusetts. November 12, 2007. CPS Technologies Corporation (CPS) (OTC Bulletin Board: CPSH) today announced revenue of $3.1 million and net income of $225 thousand, or $0.02 per basic and diluted common share for the fiscal quarter ended September 29, 2007. This compares with revenue of $2.9 million and net income of $298 thousand, or $0.02 per basic and diluted common share for the same period a year ago.</P>
<P>We are pleased with the 5% growth in revenues in Q3 2007 compared to the same period a year ago given that revenues from two major customers were depressed throughout Q3 2007 as described in our press release announcing Q2 2007 results. Increased demand from other customers more than offset the temporary decreases in demand from these two major customers; demand from these two customers has returned as of the date of this press release to expected levels. In Q3 2007, revenue growth was strongest from baseplates used in motor controllers, hermetic metal packages, and lids and heat spreaders, while revenue from cellular telephone basestations declined. On a year-to-date basis, revenues through three quarters of 2007 were up 15% compared to the same period a year ago.</P>
<P>Net income declined in Q3 2007 by $73 thousand compared to the same period a year ago primarily as a result of higher employment levels. Management believes current employment levels are appropriate for underlying demand. On a year-to-date basis, net income through three quarters of 2007 was essentially the same as the same period a year ago.</P>
<P>CPS continued to achieve design wins in Q3 in all major product lines. Customer-provided forecasts show growth in all main product lines of the Company over the next year although there is no guarantee demand will occur as forecast. &nbsp;&nbsp;</P>
<P>In addition to products in volume production, CPS continues to be very active in broadening our product line. We are introducing hermetic metal packages with AlSiC bases for microelectronic applications. We are 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. We are very active in developing hard plates for light-vehicle armor based on our proprietary process technology. </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></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">September 29, </FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">September 30,</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">$3,082,329</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$2,925,694</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">$224,938</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$298,059</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">$0.02</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.02</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">12,521,959</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">$0.02</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.02</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">13,344,888</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">13,151,877</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">Nine-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">September 29,</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">September 30, </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">$9,289,724</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$8,060,538</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">$696,767</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$685,737</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">$0.06</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.06</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">12,539,999</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,456,385</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">$0.05</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.05</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">13,297,247</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">13,054,167</FONT></TD>
</TR>
</TABLE>

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