The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
APCO OIL & GAS INTERNATIONAL SHS g0471f109 31,063 2,694,065 SH   SOLE   0 0 2,694,065
ASTRONICS CORP COM 046433108 10,840 265,243 SH   SOLE   0 0 265,243
BERKSHIRE HATHAWAY INC DEL CL A 084670108 1,686 10 SH   SOLE   0 0 10
BGC PARTNERS INC CL A 05541T101 59 10,000 SH   SOLE   0 0 10,000
CELGENE CORP COM 151020104 1,131 9,665 SH   SOLE   0 0 9,665
CH ENERGY GROUP INC COM 12541M102 336 5,168 SH   SOLE   0 0 5,168
CHEVRON CORP NEW COM 166764100 562 4,745 SH   SOLE   0 0 4,745
EASTERN CO COM 276317104 20,109 1,256,793 SH   SOLE   0 0 1,256,793
ECOLOGY & ENVIRONMENT INC CL A 278878103 577 54,980 SH   SOLE   0 0 54,980
EXXON MOBIL CORP COM 30231G102 1,016 11,241 SH   SOLE   0 0 11,241
GENERAL ELECTRIC CO COM 369604103 361 15,572 SH   SOLE   0 0 15,572
GLOBAL POWER EQUIPMENT GRP I COM PAR $0.01 37941P306 23,951 1,485,784 SH   SOLE   0 0 1,485,784
GLOBECOMM SYSTEMS INC COM 37956X103 9,763 772,402 SH   SOLE   0 0 772,402
GRAHAM CORP COM 384556106 9,922 330,396 SH   SOLE   0 0 330,396
GSE SYS INC COM 36227k106 411 272,298 SH   SOLE   0 0 272,298
GULFMARK OFFSHORE INC CL A NEW 402629208 451 10,000 SH   SOLE   0 0 10,000
INTERNATIONAL BUSINESS MACHS COM 459200101 884 4,626 SH   SOLE   0 0 4,626
JOHNSON & JOHNSON COM 478160104 416 4,840 SH   SOLE   0 0 4,840
LILLY ELI & CO COM 532457108 216 4,394 SH   SOLE   0 0 4,394
M & T BK CORP COM 55261F104 1,267 11,342 SH   SOLE   0 0 11,342
MERCK & CO INC NEW COM 58933y105 481 10,350 SH   SOLE   0 0 10,350
MICROSOFT CORP COM 594918104 267 7,730 SH   SOLE   0 0 7,730
NANOSPHERE INC COM 63009F105 178 57,950 SH   SOLE   0 0 57,950
PFIZER INC COM 717081103 215 7,669 SH   SOLE   0 0 7,669
PMFG INC COM 69345P103 36,484 5,272,202 SH   SOLE   0 0 5,272,202
PRECISION CASTPARTS CORP COM 740189105 2,405 10,642 SH   SOLE   0 0 10,642
PROCTER & GAMBLE CO COM 742718109 853 11,084 SH   SOLE   0 0 11,084
PROSHARES TR PSHS ULSHT SP500 74347B300 1,996 48,872 SH   SOLE   0 0 48,872
RAND CAP CORP COM 752185108 2,942 1,011,165 SH   SOLE   0 0 1,011,165
TRANSCAT INC COM 893529107 14,521 2,135,495 SH   SOLE   0 0 2,135,495
UNITED STATES LIME & MINERAL COM 911922102 9,358 179,101 SH   SOLE   0 0 179,101
UNITIL CORP COM 913259107 267 9,250 SH   SOLE   0 0 9,250