-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000814676-08-000007.txt : 20080807
<SEC-HEADER>0000814676-08-000007.hdr.sgml : 20080807
<ACCEPTANCE-DATETIME>20080807121434
ACCESSION NUMBER:		0000814676-08-000007
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080628
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20080807
DATE AS OF CHANGE:		20080807

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:		08997415

	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>k8080708.htm
<DESCRIPTION>FORM 8-K DATED 080708
<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, 2008</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, 2008, the Company issued a press release announcing its financial results for the fiscal quarter  ended June 28, 2008. 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, 2008 of CPS Technologies Corporation announcing its financial results for the fiscal quarter  ended June 28, 2008.</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 7, 2008</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, 2008 of CPS Technologies Corporation announcing its financial results for the fiscal quarter ended June 28, 2008.</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2></FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>pr200804.htm
<DESCRIPTION>PRESS RELEASE DATED 080708
<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=3>
<P>CPS Technologies Corporation<BR>
Grant Bennett, President<BR>
111 South Worcester Street<BR>
Norton, MA 02766<BR>
Telephone: 508-222-0614<BR>
Web Site:  www.alsic.com<BR>
</P>
<B><P ALIGN="CENTER">CPS TECHNOLOGIES CORPORATION ANNOUNCES SECOND QUARTER 2008 RESULTS</P>
</B><P ALIGN="CENTER"></P>
<P>Norton, Massachusetts.  August 7, 2008.  CPS Technologies Corporation (CPS) (OTC Bulletin Board: CPSH) today announced revenue of $4.5 million and net income of $567 thousand or $0.05 per basic and $0.04 per diluted common share for the fiscal quarter ended June 28, 2008.  This compares with revenue of $3.1 million and net income of $132 thousand, or $0.01 per basic and diluted common share for the same period a year ago.</P>

<P>Compared to the same quarter a year ago, Q2 2008 revenues grew by 46% and net income grew by 330%.  The increase in revenues came from all product families except baseplates for cellular telephone basestations which continued to decline as these specific products near their end of life.   We supply components to OEMs; each of our products has a specific life cycle.   The revenue growth in Q2 came primarily from products introduced 1-2 years ago which have now entered the growth phase of their product life cycles; this is particularly the case for specific flip-chip heat spreaders used in high-performance switches and routers which generated the greatest growth in Q2.  Demand for baseplates used in motor controllers also increased as did demand for hermetic metal packages.  </P>

<P>Near-term, although there will most likely be quarter-to-quarter fluctuations in revenues due to the timing of the life cycle of specific products, our product pipeline is very healthy; in Q2 2008 we continued to achieve design wins for new products in all major product families.</P>

<P>Looking longer term, high energy prices and concerns about the environment are resulting in increased activity worldwide in mass transit, hybrid and electric cars, alternative means of electricity generation such as wind turbines, and even increased telecommuting resulting in increased use of the internet.   Our products are used in all these applications, and are enabling in many of these applications:  management believes the underlying growth in these areas provides the opportunity for significant growth for the Company.   For example, 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.   Meanwhile demand is increasing for motor controllers today in mass transit (trains and subway cars) and electricity-generating wind turbines.  </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.</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=3><P>&nbsp;</P>
<P>CPS TECHNOLOGIES CORPORATION</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=3><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=3><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=3><P ALIGN="RIGHT">June 28, </FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">June 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=3><P ALIGN="RIGHT">2008</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<U><FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">2007</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=3><P>Revenues</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$4,472,069</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$3,067,042</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=3><P>Net Income </FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$566,797</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$131,864</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=3><P>Basic earnings per basic share</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$0.05</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><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=3><P>Weighted average basic shares</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">12,562,508</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">12,546,959</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=3><P>Diluted earnings per diluted share</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$0.04</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><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=3><P>Weighted average diluted shares</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">13,219,672</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">13,376,040</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=3>
<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=3><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=3><P ALIGN="RIGHT">June 28, </FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">June 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=3><P ALIGN="RIGHT">2008</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<U><FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">2007</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=3><P>Revenues</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$7,887,825</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$6,207,395</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=3><P>Net Income </FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$989,502</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$471,829</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=3><P>Basic earnings per basic share</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$0.08</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$0.04</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=3><P>Weighted average basic shares</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">12,557,234</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">12,536,519</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=3><P>Diluted earnings per diluted share</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$0.07</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$0.04</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=3><P>Weighted average diluted shares</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">13,246,310</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">13,273,426</FONT></TD>
</TR>
</TABLE>

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