<SEC-DOCUMENT>0000814676-11-000019.txt : 20111114
<SEC-HEADER>0000814676-11-000019.hdr.sgml : 20111111
<ACCEPTANCE-DATETIME>20111114171149
ACCESSION NUMBER:		0000814676-11-000019
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20111110
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20111114
DATE AS OF CHANGE:		20111114

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:		111204286

	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>k8Q32011.htm
<DESCRIPTION>FORM 8K RELATING TO Q3 FINANCIAL RESULTS PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<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): November 10, 2011</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 November 10, 2011, the Company issued a press release announcing its financial results for the fiscal quarter  ended October 1, 2011. 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</FONT></FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Press released dated November 10, 2011 of CPS Technologies Corporation announcing its financial results for the fiscal quarter  ended October 1, 2011.</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:  November 14, 2011</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 Chief Executive Officer<BR>
</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</FONT></FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Press released dated November 10, 2011 of CPS Technologies Corporation announcing its financial results for the fiscal quarter ended October 1, 2011.</FONT></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2></FONT></FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>pr20111110.htm
<DESCRIPTION>Q3 FINANCIAL RESULTS PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY LINK="#0000ff">

<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>CPS Technologies Corporation <BR>
Ralph Norwood, Chief Financial Officer<BR>
111 South Worcester Street<BR>
Norton, MA 02766<BR>
Telephone: (508) 222-0614<BR>
Web Site:  http://www.alsic.com<BR>
</P>
<B><P>CPS TECHNOLOGIES CORPORATION ANNOUNCES THIRD QUARTER 2011 RESULTS<BR>
</P>
</B><P>Norton, Massachusetts, November 10, 2011. CPS Technologies Corporation (OTCBB: CPSH), a provider of advanced material solutions, today announced revenues of $4.9 million and net income of $28 thousand for the third quarter ended October 1, 2011.  These results compare with revenues of $6.0 million and net income of $421 thousand for the third quarter ended September 25, 2010.    For the first three quarters of 2011, revenues totaled $15.6 million which generated $57 thousand of net income compared with revenues of $16.6 million and net income of $1.0 million for the first three quarters of 2010.  </P>

<P>As was the case during the first half of 2011, the Company experienced continued reductions in shipments of lids and heatspreaders used in switches and routers.  On a year-to-year comparison, these reductions were partially offset by increases in shipments of baseplates used in hybrid electric vehicles and traction applications as well as increased revenues earned from our cooperative agreement for armor development with the U.S. Army.</P>

<P>&quot;Although revenues were lower than last year`s record third quarter, we were pleased that we exceeded both revenues and profits of the previous quarter,&quot; said Grant Bennett, Chief Executive Officer of the Company.  Mr. Bennett went on to say, &quot;Our products have wide application in the areas of alternative energy and the movement to `clean tech` which are both long-term and global in nature.  In the near-term we are responding to worldwide economic uncertainties by improving efficiencies throughout the company, particularly manufacturing operations.  Both these near and long-term factors give us confidence that we are well positioned to deliver future shareholder value.&quot;    </P>

<P>About CPS Technologies Corporation:</P>
<P>CPS Technologies is the world leader in developing and manufacturing metal matrix composites for thermal management of electronics.</P>

<P>Safe Harbor Statement:</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 2011 and beyond or a downturn in the demand for electronic products.</P>
</FONT></FONT><FONT FACE="Arial">
</FONT><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&nbsp;</P>
<P>&nbsp;</P></FONT></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=607 DIR="LTR">
<TR><TD WIDTH="49%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>CPS  TECHNOLOGIES  CORPORATION</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>STATEMENTS OF OPERATIONS (Unaudited)</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="30%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>      ---Quarter Ended---</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>  -- Nine Months Ended--</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      Oct. 1,</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   Sept. 25,</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      Oct. 1,</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   Sept. 25,</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        2011</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        2010</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        2011</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        2010</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -----------</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -----------</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -----------</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -----------</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Total Revenues</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$4,901,040 </FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$ 6,007,723</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$15,583,145 </FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$16,603,592 </FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Cost of Sales</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   4,009,048</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   4,523,449</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   12,875,678</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   12,684,923</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   ------------</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   ------------</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Gross Margin</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      891,992</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   1,484,274</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     2,707,467</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     3,918,669</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Operating Expenses</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      835,375</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       802,184</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     2,579,388</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     2,228,657</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -----------</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -----------</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Operating Income</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       56,617</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      682,090</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        128,079</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     1,690,012</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Other income, net</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       (8,528)</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        (7,306)</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=24><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        (26,264)</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=24>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         (23,782)</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -----------</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -----------</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Income before income taxes</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       48,089</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      674,784</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       101,815</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     1,666,230</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=25>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Income tax expense</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=25>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       20,500</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=25>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      254,000</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=25><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=25>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         44,900</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=25>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">         631,000</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -----------</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -----------</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Net income</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $   27,589</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $  420,784</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $     56,915</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $   1,035,230</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   ========</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   ========</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   =========</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   ==========</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Net income per diluted share</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $          0.00</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $         0.03</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $          0.00</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> $          0.08</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Shares outstanding, diluted</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">13,190,317</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,998,593</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> 13,199,666</FONT></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> 12,975,415</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P></FONT></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=594 DIR="LTR">
<TR><TD WIDTH="51%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>CPS  TECHNOLOGIES  CORPORATION</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>BALANCE SHEETS (Unaudited)</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      Oct. 1,</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     Dec. 25,</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        2011</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        2010</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -----------</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -----------</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Assets</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Current assets:</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>    Cash and cash equivalents</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$   1,148,621</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$   1,803,222</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>    Accounts receivable, net</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     4,199,095</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     3,922,962</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>    Inventories</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     2,190,465</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     1,523,758</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>    Prepaid expenses</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">      136,973</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">          76,579</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>    Deferred taxes, current</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        326,679</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        354,774</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>       Total current assets</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     8,001,833</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     7,681,295</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Property and equipment, net</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     2,080,151</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">     2,184,301</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Deferred taxes, non-current</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        793,750</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       745,505</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Total assets</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$ 10,875,734</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$ 10,611,101</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">=========</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=15>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">  =========</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Liabilities and Equity</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Current liabilities:</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>    Accounts payable</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$      959,996</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$      812,564</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>    Accrued expenses</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        890,547</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        884,259</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>    Capital leases, current</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        172,170</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        253,167</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>       Total current liabilities</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">    2,022,713</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">    1,949,990</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Capital leases, non-current</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">          59,448</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">        175,561</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">   -------------</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Total liabilities</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">    2,082,161</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">    2,125,551</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Stockholders` equity</FONT></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">    8,793,573</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">    8,485,550</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-------------</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">-------------</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Total liabilities and stockholders` equity</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$10,875,734</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$10,611,101</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> =========</FONT></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">  =========</FONT></FONT></TD>
</TR>
</TABLE>

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