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<SEC-DOCUMENT>0000814676-10-000002.txt : 20100326
<SEC-HEADER>0000814676-10-000002.hdr.sgml : 20100326
<ACCEPTANCE-DATETIME>20100326114454
ACCESSION NUMBER:		0000814676-10-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091226
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20100326
DATE AS OF CHANGE:		20100326

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:		10706688

	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>k8032610.htm
<DESCRIPTION>FORM 8-K DATED MARCH 26, 2010
<TEXT>
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<TITLE>UNITED STATES</TITLE>
</HEAD>
<BODY>

<FONT FACE="Arial" SIZE=2><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): March 25, 2010</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
</FONT></FONT><B><FONT FACE="Arial"><P ALIGN="CENTER">CPS TECHNOLOGIES CORPORATION<BR>
</B></FONT><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2>(Exact Name of Registrant as Specified in its Charter)</P>
<P ALIGN="CENTER"></P></FONT></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=654 DIR="LTR">
<TR><TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Delaware</B></FONT></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0-16088</B></FONT></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">04-2832409</B></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(State or other jurisdiction of incorporation)</P>
<P ALIGN="CENTER"></FONT></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(Commission File Number)</FONT></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(IRS Employer Identification No.)</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">111 South Worcester Street, Norton, Massachusetts</B></FONT></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">02766</B></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(Address of principal executive offices)</FONT></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(Zip Code)</FONT></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><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Registrant`s telephone number, including area code</FONT></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">508-222-0614</B></FONT></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><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(Former name or former address, if changed since last report.)</FONT></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Arial" SIZE=2><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 March 25, 2010, the Company issued a press release announcing its financial results for the fiscal year  ended December 26, 2009. 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></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=637 DIR="LTR">
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>EXHIBIT NUMBER</P>
</FONT></FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>DESCRIPTION</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>99.1</FONT></FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Press released dated March 25, 2010 of CPS Technologies Corporation announcing its financial results for the fiscal year  ended December 26, 2009.</FONT></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2><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></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638 DIR="LTR">
<TR><TD VALIGN="TOP" COLSPAN=2>
<B><U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">CPS Technologies Corporation</B><BR>
</U>(Registrant)</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Date:  March 26, 2010</FONT></FONT></TD>
<TD WIDTH="49%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><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></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2>
<P>EXHIBIT INDEX </P></FONT></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=637 DIR="LTR">
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>EXHIBIT NUMBER</P>
</FONT></FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>DESCRIPTION</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>99.1</FONT></FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Press released dated March 25, 2010 of CPS Technologies Corporation announcing its financial results for the fiscal year ended December 26, 2009.</FONT></FONT></TD>
</TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>pr032610.htm
<DESCRIPTION>PRESS RELEASE  2009 FINANCIAL RESULTS
<TEXT>
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<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER"></P>
<P>CPS Technologies Corporation&#9;&#9;&#9;</P>
<P>Grant Bennett, President</P>
<P>111 South Worcester Street</P>
<P>Norton, MA 02766</P>
<P>Telephone: (508) 222-0614 ext 218&#9;Fax: (508) 222-0220</P>
<P>Web Site:  www.alsic.com</P>

<B><P ALIGN="CENTER">CPS TECHNOLOGIES CORPORATION ANNOUNCES 2009 RESULTS</P>
</B><P ALIGN="CENTER"></P>
<P>Norton, Massachusetts, March 24, 2010.  CPS Technologies Corporation (OTCBB: CPSH), a provider of advanced material solutions, particularly metal-matrix composites, today announced revenue of $13.0 million and net income of $562 thousand, or $0.04 per basic and diluted share for the fiscal year ended December 26, 2009.  This compares with revenue of $14.8 million and net income of $1.5 million or $0.12 per basic share, $0.11 per diluted share, for the fiscal year ended December 27, 2008.  </P>

<P>Revenue for the quarter ended December 26, 2009 was $3.5 million and net income was $538 thousand or $0.04 per basic and diluted share.  This compares with revenue of $3.3 million and net income of $320 thousand or $0.03 per basic and $0.02 per diluted share for the quarter ended December 27, 2008.  Net income in Q4 2009 included income tax benefits of $442 thousand compared with income tax benefits of $261 thousand in Q4 2008.</P>

<P>We are pleased with our continued profitability in 2009 given the challenging external economic environment. Revenue declined by 12% in 2009; this decline was spread across all product families except components for hybrid and electric vehicles and was a decline in primary demand rather than competitive share loss.  Quarter-to-quarter fluctuations in revenue were significant as customers sought to minimize inventories but respond quickly when demand materialized.  We chose to retain manufacturing personnel but reduced working hours in the factory for part of the year so as to be able to respond quickly when demand did materialize.  </P>

<P>Demand in all product families strengthened significantly in Q4 2009.  Midway through Q4 all manufacturing personnel were back to a full workweek and we began hiring additional manufacturing personnel.  The increased demand in Q4 was broad-based and we believe it does represent increasing underlying demand rather than simply refilling distribution channels.</P>

<P>Independent of the economic environment CPS achieved several important design wins in 2009 in all our major end markets.  These design wins signify to us a growing need for and accelerating penetration of metal-matrix composites into end applications.  These design wins include heat spreaders for internet and network routers and switches, baseplates for electricity-generating wind turbines, trains and subway cars, and baseplates for hybrid and electric automobiles.  We achieved design wins for hybrid circuit housings built on our AlSiC baseplates for telecommunication and power conversion applications. Our growth will come from both further penetration of metal matrix composites into these applications, and from growth in primary demand for these applications themselves.  </P>

<P>All of our major end markets benefit from the trends towards alternative energy and green lifestyles because our products are used in high-power, high-reliability applications which involve energy use or energy generation.  Our products allow higher performance and improved energy efficiency. We believe these end markets will continue to grow for some time.</P>

<P>In 2009 we also made significant technical progress in our Cooperative Agreement with the Army Research Laboratory relating to the development of vehicle armor based on our metal matrix composite technology.  At year end 2009 we are approximately half way through a four-year program.     </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 2010 or a further downturn in the electronics industry.  </P>

<P>&nbsp;</P>
<P>&nbsp;</P></FONT></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=470 DIR="LTR">
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P><A NAME="OLE_LINK1"><A NAME="OLE_LINK2"></P>
<B><P>CPS TECHNOLOGIES CORPORATION</B></FONT></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>(OTCBB: CPSH)</B></FONT></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16>
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Year Ended</U></FONT></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">Dec 26, 2009</U></FONT></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">Dec 27, 2008</U></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Revenues</FONT></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$ 12,980,156</FONT></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$ 14,813,087</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Net income</FONT></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$ 562,415</FONT></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$ 1,474,336</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Basic income per share</FONT></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$ 0.04</FONT></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$ 0.12</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Weighted average basic shares</FONT></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,624,959</FONT></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,612,990</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Diluted income per share</FONT></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$ 0.04</FONT></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$ 0.11</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Weighted average diluted shares</FONT></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,930,575</FONT></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">13,242,707</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16>
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Quarter Ended:</U></FONT></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">Dec 26, 2009</U></FONT></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">Dec 27, 2008</U></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Revenues</FONT></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$  3,460,861</FONT></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$  3,344,912</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Net income</FONT></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$  537,783</FONT></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$  319,566</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Basic income per share</FONT></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.04</FONT></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.03</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Weighted average basic shares</FONT></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,624,959</FONT></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">  12,624,959</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Diluted income per share</FONT></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.04</FONT></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$0.02</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Weighted average diluted shares</FONT></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">13,054,776</FONT></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">  13,121,414</FONT></FONT></TD>
</TR>
</TABLE>

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