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<SEC-DOCUMENT>0000814676-09-000009.txt : 20090811
<SEC-HEADER>0000814676-09-000009.hdr.sgml : 20090811
<ACCEPTANCE-DATETIME>20090811132226
ACCESSION NUMBER:		0000814676-09-000009
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090627
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20090811
DATE AS OF CHANGE:		20090811

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:		091002993

	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>k8081109.htm
<DESCRIPTION>FORM 8-K RELATING TO Q2 2009 FINANCIAL RESULTS
<TEXT>
<HTML>
<HEAD>
<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 11, 2009</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 11, 2009, the Company issued a press release announcing its financial results for the fiscal quarter  ended June 27, 2009. A copy of the press release is attached hereto as Exhibit 99 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 11, 2009 of CPS Technologies Corporation announcing its financial results for the fiscal quarter  ended June 27, 2009.</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 11, 2009</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 11, 2009 of CPS Technologies Corporation announcing its financial results for the fiscal quarter ended June 27, 2009.</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2></FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>pr200904.htm
<DESCRIPTION>PRESS RELEASE DATED AUGUST 11, 2009
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft Word 97">
<TITLE> </TITLE>
<META NAME="Template" CONTENT="C:\Program Files\Microsoft Office\Templates\CPS Letter.dot">
</HEAD>
<BODY LINK="#0000ff">

<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER"></P>
<P>CPS Technologies Corporation<BR>
Grant Bennett, President<BR>
111 South Worcester Street<BR>
Norton, MA 02766<BR>
Telephone: (508) 222-0614&#9;Fax: (508) 222-0220<BR>
Web Site:  www.alsic.com</P>

<B><P ALIGN="CENTER">CPS TECHNOLOGIES CORPORATION ANNOUNCES SECOND QUARTER  2009 RESULTS</P>
</B><P ALIGN="CENTER"></P>
<P>Norton, Massachusetts, August 11, 2009.  CPS Technologies Corporation (OTCBB: CPSH) today announced revenue of $3.6 million and net income of $66 thousand or $0.01 per basic and diluted share for the fiscal quarter ended June 27, 2009.    This compares with revenue of $4.5 million and net income of $567 thousand or $0.05 per basic share and $0.04 per diluted share for the fiscal quarter ended June 28, 2008.  </P>
<P>&#9;</P>
<P>Grant Bennett, President said,  &quot;We are pleased that after three sequential quarters of declining revenues due to the challenging external economic environment our Q2 2009 revenues are 18% higher than Q1 2009 revenues.    We of course cannot predict when or at what pace the overall economy will improve, but we are very encouraged that product demand in total no longer appears to be declining.  Our growing diversification across multiple end markets increasingly provides some protection against significant volatility in demand in specific end markets.  Compared to Q1 2009, demand increased in Q2 2009 for baseplates used in electric trains, wind turbines and hybrid vehicles, and for hermetic packages used in various power applications; demand declined slightly for heat spreaders used in internet routers and switches.  Revenue from our Cooperative Agreement with the US Army for armor development accounted for 17% of our total revenues in Q1 2009 and for 12% of total revenues in Q2 2009.  In Q2 2009 we c
ontinued to achieve design wins that we believe will generate future revenue, particularly for baseplates used in hybrid and electric vehicles.&quot;</P>

<P>Similar to our statement in Q1 2009, we believe that demand experienced in Q2 2009 is below the underlying level of demand for current products that will be present as the economy improves and so we are managing our current costs in a manner that will enable us to respond immediately as demand increases.  Our lower profitability in Q2 2009 compared to the same period a year ago is primarily the result of fixed costs being spread over a smaller revenue base.</P>

<P>Although the near-term economic environment remains uncertain,  we believe longer-term trends bode well for CPS.  Our products are used in high-power, high-reliability applications.  These applications involve energy use or energy generation and our products allow higher performance and improved energy efficiency.  We are indeed an important participant in the growing movement towards alternative energy and &quot;green&quot; lifestyles.  For example, our baseplates are used in mass transit, hybrid and electric cars and wind-turbines for electricity generation; our flip chip heatspreaders are used in routers and switches for the internet which in turn allows telecommuting.  We believe these markets will continue to grow for some time.  </P>

<P>This release does contain forward-looking statements.  Various factors could cause actual results to differ materially from those projected in such statements.  These factors include, but are not limited to, a continued or deepening general economic or business downturn in 2009 or a downturn in the electronics industry.  <BR>
</P>

<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=512>
<TR><TD VALIGN="TOP" COLSPAN=3 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=4><P><A NAME="OLE_LINK1"><A NAME="OLE_LINK2"></P>
</FONT><FONT FACE="Arial" SIZE=3><P></A></A></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>
<U><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">Quarters Ended</U></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 27,</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">June 28, </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">2009</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<U><FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">2008</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">$3,602,435</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$4,472,069</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">$66,074</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$566,797</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">$0.01</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><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=3><P>Weighted average basic shares</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">12,624,959</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">12,562,508</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">$0.01</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">13,028,847</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">13,219,672</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>
<U><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">Six-month Periods Ended</U></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 27,</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">June 28, </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">2009</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<U><FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">2008</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">$6,655,076</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$7,887,825</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">$161,164</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$989,502</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">$0.01</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$0.08</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">12,624,959</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">12,557,234</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">$0.01</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$0.07</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">13,021,283</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">13,246,310</FONT></TD>
</TR>
</TABLE>

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