| UNITED CAPITAL CORP.                                   |
|--------------------------------------------------------|
| (Exact name of registrant as specified in its charter) |

| Delaware                                                       | 04-2294493                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

| 9 Park Place, Great Neck, NY             | 11021      |
|------------------------------------------|------------|
| (Address of principal executive offices) | (Zip Code) |

| 516-466-6464                                                                       |
|------------------------------------------------------------------------------------|
| (Registrant’s telephone number, including area code)                         |
|                                                                               |
| N/A                                                                                |
| (Former name, former address and former fiscal year, if changed since last report) |

| Large accelerated filer  ̈                                             | Accelerated filer o         |
|----------------------------------------------------------------------------|-----------------------------|
|                                                                       |                        |
| Non-accelerated filer  ̈ (Do not check if a smaller reporting company) | Smaller reporting company x |

----

Index

Index

|                                 |   PAGE                                                                                                  |
|--------------------------------------|-------------------------------------------------------------------------------------------------------------------|
|                                 |                                                                                                              |
| PART I – FINANCIAL INFORMATION |                                                                                                              |
|                                 |                                                                                                              |   |
|                                 |                                                                                                              |   |
| Item 1.                              | Financial Statements                                                                                              |   |
|                                 |                                                                                                              |   |
|                                 | Condensed Consolidated Balance Sheets as of June 30, 2010 (Unaudited) and December 31, 2009                       | 3 |
|                                 |                                                                                                              |   |
|                                 | Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2010 and 2009 (Unaudited) | 4 |
|                                 |                                                                                                              |   |
|                                 | Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2010 and 2009 (Unaudited)       | 5 |
|                                 |                                                                                                              |   |
|                                 | Notes to Condensed Consolidated Financial Statements (Unaudited)                                                  | 6-11 |
|                                 |                                                                                                              |   |
| Item 2.                              | Management’s Discussion and Analysis of Financial Condition and Results of Operations                       | 11-16 |
|                                 |                                                                                                              |   |
| Item 3.                              | Quantitative and Qualitative Disclosures About Market Risk                                                        | 16 |
|                                 |                                                                                                              |   |
| Item 4.                              | Controls and Procedures                                                                                           | 17 |
|                                 |                                                                                                              |   |
| PART II – OTHER INFORMATION    |                                                                                                              |
|                                 |                                                                                                              |   |
| Item 1.                              | Legal Proceedings                                                                                                 | 17-18 |
|                                 |                                                                                                              |   |
| Item 1A.                             | Risk Factors                                                                                                      | 18 |
|                                 |                                                                                                              |   |
| Item 2.                              | Unregistered Sales of Equity Securities and Use of Proceeds                                                       | 18 |
|                                 |                                                                                                              |   |
| Item 6.                              | Exhibits                                                                                                          | 19 |
|                                 |                                                                                                              |   |
| Signatures                           |                                                                                                              | 19 |

----

Index

PART 

ITEM 

United 

|                                                        |   | June 30,2010 |    |   | December 31, 2009 |   |
|-------------------------------------------------------------|--------|--------------|---------|--------|-------------------|--------|
|                                                        |   | (Unaudited)  |    |   |              |   |
| Assets                                                      |   |         |    |   |              |   |
|                                                        |   |         |    |   |              |   |
| Current assets:                                             |   |         |    |   |              |   |
| Cash and cash equivalents                                   |   | $            | 117,958 |   |              | $      | 124,354 |   |
| Marketable securities                                       |   |         | 23,062  |   |              |   | 25,227 |   |
| Notes and accounts receivable, net                          |   |         | 9,765   |   |              |   | 7,225 |   |
| Inventories                                                 |   |         | 4,574   |   |              |   | 4,450 |   |
| Prepaid expenses and other current assets                   |   |         | 1,982   |   |              |   | 2,066 |   |
|                                                        |   |         |    |   |              |   |   |   |
| Total current assets                                        |   |         | 157,341 |   |              |   | 163,322 |   |
|                                                        |   |         |    |   |              |   |   |   |
| Property, plant and equipment, net                          |   |         | 7,384   |   |              |   | 8,088 |   |
| Real property held for rental, net                          |   |         | 93,087  |   |              |   | 92,900 |   |
| Investment in joint venture                                 |   |         | 4,275   |   |              |   | 4,664 |   |
| Noncurrent notes receivable                                 |   |         | 10,412  |   |              |   | 9,687 |   |
| Other assets                                                |   |         | 4,989   |   |              |   | 4,597 |   |
|                                                        |   |         |    |   |              |   |   |   |
| Total assets                                                |   | $            | 277,488 |   |              | $      | 283,258 |   |
|                                                        |   |         |    |   |              |   |   |   |
| Liabilities and Stockholders’ Equity                  |   |         |    |   |              |   |   |   |
|                                                        |   |         |    |   |              |   |   |   |
| Current liabilities:                                        |   |         |    |   |              |   |   |   |
| Current maturities of long-term debt                        |   | $            | 1,082   |   |              | $      | 1,080 |   |
| Accounts payable and accrued liabilities                    |   |         | 10,521  |   |              |   | 10,134 |   |
| Income taxes payable                                        |   |         | 2,079   |   |              |   | 4,658 |   |
| Deferred income taxes                                       |   |         | 1,222   |   |              |   | 96 |   |
|                                                        |   |         |    |   |              |   |   |   |
| Total current liabilities                                   |   |         | 14,904  |   |              |   | 15,968 |   |
|                                                        |   |         |    |   |              |   |   |   |
| Long-term debt                                              |   |         | 31,331  |   |              |   | 32,915 |   |
| Other long-term liabilities                                 |   |         | 13,958  |   |              |   | 14,817 |   |
| Deferred income taxes                                       |   |         | 9,644   |   |              |   | 9,575 |   |
|                                                        |   |         |    |   |              |   |   |   |
| Total liabilities                                           |   |         | 69,837  |   |              |   | 73,275 |   |
|                                                        |   |         |    |   |              |   |   |   |
| Commitments and contingencies                               |   |         |    |   |              |   |   |   |
|                                                        |   |         |    |   |              |   |   |   |
| Stockholders’ equity:                                 |   |         |    |   |              |   |   |   |
| Common stock, $.10 par value, authorized 17,500 shares;     |   |         |    |   |              |   |   |   |
| issued and outstanding 9,031 and 9,081 shares, respectively |   |         | 903     |   |              |   | 908 |   |
| Retained earnings                                           |   |         | 202,589 |   |              |   | 207,029 |   |
| Accumulated other comprehensive income, net of tax          |   |         | 4,159   |   |              |   | 2,046 |   |
| Total stockholders’ equity                            |   |         | 207,651 |   |              |   | 209,983 |   |
|                                                        |   |         |    |   |              |   |   |   |
| Total liabilities and stockholders’ equity            |   | $            | 277,488 |   |              | $      | 283,258 |   |

----

Index

United 

|                                                                               |   | Three Months EndedJune 30, |    |   | Six Months EndedJune 30, |   |
|------------------------------------------------------------------------------------|--------|----------------------------|---------|--------|--------------------------|--------|
|                                                                               |   | 2010                       |    |   | 2009                     |   |   | 2010 |   |   | 2009 |   |
| Revenues:                                                                          |   |                       |    |   |                     |   |   |   |   |   |   |   |
| Revenues from real estate operations                                               |   | $                          | 12,329  |   |                     | $      | 8,497 |   |   | $ | 24,876 |   |   | $ | 16,449 |   |
| Net sales                                                                          |   |                       | 7,649   |   |                     |   | 5,201 |   |   |   | 15,237 |   |   |   | 10,985 |   |
|                                                                               |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Total revenues                                                                     |   |                       | 19,978  |   |                     |   | 13,698 |   |   |   | 40,113 |   |   |   | 27,434 |   |
|                                                                               |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Costs and expenses:                                                                |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Cost of sales                                                                      |   |                       | 5,756   |   |                     |   | 4,290 |   |   |   | 11,397 |   |   |   | 8,802 |   |
| Real estate operations:                                                            |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage interest expense                                                          |   |                       | 501     |   |                     |   | 520 |   |   |   | 1,039 |   |   |   | 1,052 |   |
| Depreciation expense                                                               |   |                       | 1,228   |   |                     |   | 960 |   |   |   | 2,463 |   |   |   | 1,900 |   |
| Other operating expenses                                                           |   |                       | 6,908   |   |                     |   | 3,793 |   |   |   | 13,649 |   |   |   | 7,776 |   |
| General and administrative expenses                                                |   |                       | 2,090   |   |                     |   | 1,672 |   |   |   | 3,683 |   |   |   | 3,462 |   |
| Selling expenses                                                                   |   |                       | 789     |   |                     |   | 743 |   |   |   | 1,579 |   |   |   | 1,561 |   |
|                                                                               |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Total costs and expenses                                                           |   |                       | 17,272  |   |                     |   | 11,978 |   |   |   | 33,810 |   |   |   | 24,553 |   |
|                                                                               |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                                                   |   |                       | 2,706   |   |                     |   | 1,720 |   |   |   | 6,303 |   |   |   | 2,881 |   |
|                                                                               |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense):                                                            |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Interest and dividend income                                                       |   |                       | 906     |   |                     |   | 827 |   |   |   | 1,805 |   |   |   | 1,662 |   |
| Other income and (expense), net                                                    |   |                       | 1,377   |   |                     |   | 124 |   |   |   | 1,372 |   |   |   | 15 |   |
|                                                                               |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Total other income                                                                 |   |                       | 2,283   |   |                     |   | 951 |   |   |   | 3,177 |   |   |   | 1,677 |   |
|                                                                               |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations before income taxes                              |   |                       | 4,989   |   |                     |   | 2,671 |   |   |   | 9,480 |   |   |   | 4,558 |   |
|                                                                               |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                                                         |   |                       | 1,450   |   |                     |   | 988 |   |   |   | 2,824 |   |   |   | 1,681 |   |
|                                                                               |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                                                  |   |                       | 3,539   |   |                     |   | 1,683 |   |   |   | 6,656 |   |   |   | 2,877 |   |
|                                                                               |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Discontinued operations:                                                           |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Loss from discontinued operations, net of tax benefit of $37 and $89, respectively |   |                       | — |   |                     |   | (57 | ) |   |   | — |   |   |   | (134 | ) |
| Impairment of property held for sale, net of tax benefit of $260                   |   |                       | — |   |                     |   | (390 | ) |   |   | — |   |   |   | (390 | ) |
| Loss from discontinued operations                                                  |   |                       | — |   |                     |   | (447 | ) |   |   | — |   |   |   | (524 | ) |
|                                                                               |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                         |   | $                          | 3,539   |   |                     | $      | 1,236 |   |   | $ | 6,656 |   |   | $ | 2,353 |   |
|                                                                               |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings per share:                                                          |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                                                  |   | $                          | .39     |   |                     | $      | .19 |   |   | $ | .73 |   |   | $ | .33 |   |
| Loss from discontinued operations                                                  |   |                       | — |   |                     |   | (.05 | ) |   |   | — |   |   |   | (.06 | ) |
| Net income per share                                                               |   | $                          | .39     |   |                     | $      | .14 |   |   | $ | .73 |   |   | $ | .27 |   |
|                                                                               |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share:                                                        |   |                       |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                                                  |   | $                          | .37     |   |                     | $      | .17 |   |   | $ | .68 |   |   | $ | .30 |   |
| Loss from discontinued operations                                                  |   |                       | — |   |                     |   | (.04 | ) |   |   | — |   |   |   | (.06 | ) |
| Net income per share assuming dilution                                             |   | $                          | .37     |   |                     | $      | .13 |   |   | $ | .68 |   |   | $ | .24 |   |

----

Index

United 

|                                                                              |   | Six Months EndedJune 30, |    |
|-----------------------------------------------------------------------------------|--------|--------------------------|---------|
|                                                                              |   | 2010                     |    |   | 2009 |   |
| Cash flows from operating activities:                                             |   |                     |    |   |   |   |
| Net income                                                                        |   | $                        | 6,656   |   |   | $ | 2,353 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                     |    |   |   |   |   |   |
| Depreciation and amortization                                                     |   |                     | 2,726   |   |   |   | 2,091 |   |
| Impairment of property held for sale, net of tax                                  |   |                     | — |   |   |   | 390 |   |
| Net (gain) loss on available-for-sale securities                                  |   |                     | (1,386  | ) |   |   | 104 |   |
| Net realized gains on derivative instruments                                      |   |                     | — |   |   |   | (139 | ) |
| Deferred income taxes                                                             |   |                     | 57      |   |   |   | (382 | ) |
| Other, net                                                                        |   |                     | (21     | ) |   |   | 354 |   |
| Changes in assets and liabilities:                                                |   |                     |    |   |   |   |   |   |
| Notes and accounts receivable, net                                                |   |                     | (1,959  | ) |   |   | 1,864 |   |
| Inventories                                                                       |   |                     | (124    | ) |   |   | 1,791 |   |
| Prepaid expenses and other current assets                                         |   |                     | 84      |   |   |   | 140 |   |
| Other assets                                                                      |   |                     | (385    | ) |   |   | (109 | ) |
| Accounts payable and accrued liabilities                                          |   |                     | 387     |   |   |   | (1,930 | ) |
| Income taxes payable                                                              |   |                     | (2,579  | ) |   |   | 4,739 |   |
| Other long-term liabilities                                                       |   |                     | (859    | ) |   |   | (311 | ) |
| Net cash provided by operating activities of continuing operations                |   |                     | 2,597   |   |   |   | 10,955 |   |
| Operating activities of discontinued operations                                   |   |                     | — |   |   |   | 194 |   |
| Net cash provided by operating activities                                         |   |                     | 2,597   |   |   |   | 11,149 |   |
|                                                                              |   |                     |    |   |   |   |   |   |
| Cash flows from investing activities:                                             |   |                     |    |   |   |   |   |   |
| Purchase of available-for-sale securities                                         |   |                     | — |   |   |   | (3,939 | ) |
| Proceeds/maturities from sale of available-for-sale securities                    |   |                     | 5,473   |   |   |   | 376 |   |
| Proceeds from sale of derivative instruments                                      |   |                     | — |   |   |   | 135 |   |
| Purchase of notes receivable                                                      |   |                     | — |   |   |   | (5,428 | ) |
| Principal payments on notes receivable                                            |   |                     | 23      |   |   |   | 22 |   |
| Acquisition of property, plant and equipment                                      |   |                     | (277    | ) |   |   | (453 | ) |
| Acquisition of/additions to real estate assets                                    |   |                     | (1,918  | ) |   |   | (1,112 | ) |
| Distributions from joint venture                                                  |   |                     | 389     |   |   |   | 389 |   |
| Net cash provided by (used in) investing activities                               |   |                     | 3,690   |   |   |   | (10,010 | ) |
|                                                                              |   |                     |    |   |   |   |   |   |
| Cash flows from financing activities:                                             |   |                     |    |   |   |   |   |   |
| Principal payments on mortgage obligations                                        |   |                     | (1,582  | ) |   |   | (2,217 | ) |
| Purchase and retirement of common stock                                           |   |                     | (23,594 | ) |   |   | (180 | ) |
| Proceeds from exercise of stock options                                           |   |                     | 7,387   |   |   |   | 4,359 |   |
| Tax benefit from exercise of stock options                                        |   |                     | 5,106   |   |   |   | 1,529 |   |
| Net cash (used in) provided by financing activities                               |   |                     | (12,683 | ) |   |   | 3,491 |   |
| Net (decrease) increase in cash and cash equivalents                              |   |                     | (6,396  | ) |   |   | 4,630 |   |
| Cash and cash equivalents, beginning of period                                    |   |                     | 124,354 |   |   |   | 138,142 |   |
| Cash and cash equivalents, end of period                                          |   | $                        | 117,958 |   |   | $ | 142,772 |   |
|                                                                              |   |                     |    |   |   |   |   |   |
| Supplemental disclosures of cash flow information:                                |   |                     |    |   |   |   |   |   |
| Cash paid during the period for:                                                  |   |                     |    |   |   |   |   |   |
| Interest                                                                          |   | $                        | 1,019   |   |   | $ | 1,039 |   |
| Taxes                                                                             |   | $                        | 839     |   |   | $ | 600 |   |

----

Index

United 

|                                                     |   | Three Months EndedJune 30, |   |   | Six Months EndedJune 30, |   |
|----------------------------------------------------------|--------|----------------------------|--------|--------|--------------------------|--------|
|                                                     |   | 2010                       |   |   | 2009                     |   |   | 2010 |   |   | 2009 |   |
| Numerator:                                               |   |                       |   |   |                     |   |   |   |   |   |   |   |
| Income from continuing operations                        |   | $                          | 3,539  |   |                     | $      | 1,683 |   |   | $ | 6,656 |   |   | $ | 2,877 |   |
|                                                     |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Denominator:                                             |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Basic – weighted-average shares outstanding        |   |                       | 9,047  |   |                     |   | 9,076 |   |   |   | 9,057 |   |   |   | 8,877 |   |
| Dilutive effect of employee stock options                |   |                       | 559    |   |                     |   | 806 |   |   |   | 755 |   |   |   | 764 |   |
| Diluted – weighted-average shares outstanding      |   |                       | 9,606  |   |                     |   | 9,882 |   |   |   | 9,812 |   |   |   | 9,641 |   |
|                                                     |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings per share – continuing operations   |   | $                          | .39    |   |                     | $      | .19 |   |   | $ | .73 |   |   | $ | .33 |   |
| Diluted earnings per share – continuing operations |   | $                          | .37    |   |                     | $      | .17 |   |   | $ | .68 |   |   | $ | .30 |   |

----

Index

|               |   | Cost   |   |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | FairMarketValue |   |
|--------------------|--------|--------|--------|--------|----------------------|--------|--------|-----------------------|--------|--------|-----------------|--------|
| June 30, 2010:     |   |   |   |   |                 |   |   |                  |   |   |            |   |
| Equity securities  |   | $      | 16,592 |   |                 | $      | 7,149  |                  |   | $      | (791            | )      |   | $ | 22,950 |   |
| Bonds              |   |   | 72     |   |                 |   | 42     |                  |   |   | (2              | )      |   |   | 112 |   |
|               |   | $      | 16,664 |   |                 | $      | 7,191  |                  |   | $      | (793            | )      |   | $ | 23,062 |   |
| December 31, 2009: |   |   |   |   |                 |   |   |                  |   |   |            |   |   |   |   |   |
| Equity securities  |   | $      | 21,860 |   |                 | $      | 4,239  |                  |   | $      | (1,128          | )      |   | $ | 24,971 |   |
| Bonds              |   |   | 220    |   |                 |   | 41     |                  |   |   | (5              | )      |   |   | 256 |   |
|               |   | $      | 22,080 |   |                 | $      | 4,280  |                  |   | $      | (1,133          | )      |   | $ | 25,227 |   |

|                          |   | Six Months EndedJune 30, |    |
|-------------------------------|--------|--------------------------|---------|
|                          |   | 2010                     |    |   | 2009 |   |
| Proceeds/maturities           |   | $                        | 5,473   |   |   | $ | 376 |   |
| Gains recognized in earnings  |   | $                        | 1,386   |   |   | $ | — |   |
| Losses recognized in earnings |   | $                        | — |   |   | $ | (104 | ) |

|            |   | June 30,2010 |   |   | December 31, 2009 |   |
|-----------------|--------|--------------|--------|--------|-------------------|--------|
| Raw materials   |   | $            | 1,923  |   |              | $      | 1,817 |   |
| Work in process |   |         | 431    |   |              |   | 529 |   |
| Finished goods  |   |         | 2,220  |   |              |   | 2,104 |   |
|            |   | $            | 4,574  |   |              | $      | 4,450 |   |

----

Index

|                     |   | Three Months EndedJune 30, 2009 |   |   | Six Months EndedJune 30, 2009 |   |
|--------------------------|--------|---------------------------------|--------|--------|-------------------------------|--------|
| Revenues                 |   | $                               | 59     |   |                          | $      | 123 |   |
| Depreciation expense     |   |                            | 97     |   |                          |   | 194 |   |
| Other operating expenses |   |                            | 56     |   |                          |   | 152 |   |
| Loss from operations     |   | $                               | (94    | )      |                          | $      | (223 | ) |

|               |   | Fair Value Measurements at Reporting Date Using |   |
|--------------------|--------|-------------------------------------------------|--------|
|               |   | TotalFair Value                                 |   |   | Quoted Prices in Active Markets for Identical Assets(Level 1) |   |   | Significant Other Observable Inputs(Level 2) |   |   | Significant Unobservable Inputs(Level 3) |   |
| June 30, 2010:     |   |                                            |   |   |   |   |   |   |   |   |   |   |
| Equity securities  |   | $                                               | 22,950 |   |   | $ | 21,215 |   |   | $ | 1,735 |   |   | $ | — |   |
| Bonds              |   |                                            | 112    |   |   |   | 107 |   |   |   | 5 |   |   |   | — |   |
|               |   | $                                               | 23,062 |   |   | $ | 21,322 |   |   | $ | 1,740 |   |   | $ | — |   |
| December 31, 2009: |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity securities  |   | $                                               | 24,971 |   |   | $ | 22,782 |   |   | $ | 2,189 |   |   | $ | — |   |
| Bonds              |   |                                            | 256    |   |   |   | 251 |   |   |   | 5 |   |   |   | — |   |
|               |   | $                                               | 25,227 |   |   | $ | 23,033 |   |   | $ | 2,194 |   |   | $ | — |   |

|                                      |   | June 30, 2010 |   |   | December 31, 2009 |   |
|-------------------------------------------|--------|---------------|--------|--------|-------------------|--------|
|                                      |   | Carrying      |   |   | Fair              |   |   | Carrying |   |   | Fair |   |
|                                      |   | Amount        |   |   | Value             |   |   | Amount |   |   | Value |   |
| Notes receivable                          |   | $             | 5,034  |   |              | $      | 5,895 |   |   | $ | 5,057 |   |   | $ | 6,024 |   |
| Note receivable – non-performing    |   | $             | 5,428  |   |              | $      | 5,428 |   |   | $ | 5,428 |   |   | $ | 5,428 |   |
| Long-term debt, including current portion |   | $             | 32,413 |   |              | $      | 27,786 |   |   | $ | 33,995 |   |   | $ | 30,847 |   |

----

Index

|                               |   | Three Months EndedJune 30, |    |   | Six Months EndedJune 30, |   |
|------------------------------------|--------|----------------------------|---------|--------|--------------------------|--------|
|                               |   | 2010                       |    |   | 2009                     |   |   | 2010 |   |   | 2009 |   |
| Service cost                       |   | $                          | (15     | )      |                     | $      | (61 | ) |   | $ | (30 | ) |   | $ | (141 | ) |
| Interest cost                      |   |                       | (171    | )      |                     |   | (189 | ) |   |   | (343 | ) |   |   | (379 | ) |
| Expected return on plan assets     |   |                       | 195     |   |                     |   | 134 |   |   |   | 394 |   |   |   | 272 |   |
| Amortization of net loss           |   |                       | — |   |                     |   | (61 | ) |   |   | — |   |   |   | (122 | ) |
| Net periodic pension income (cost) |   | $                          | 9       |   |                     | $      | (177 | ) |   | $ | 21 |   |   | $ | (370 | ) |

|                                                                                                                                                                                            |   | Three Months EndedJune 30, |   |   | Six Months EndedJune 30, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|--------|--------------------------|--------|
|                                                                                                                                                                                            |   | 2010                       |   |   | 2009                     |   |   | 2010 |   |   | 2009 |   |
| Net income                                                                                                                                                                                      |   | $                          | 3,539  |   |                     | $      | 1,236 |   |   | $ | 6,656 |   |   | $ | 2,353 |   |
| Other comprehensive (loss) income, net of tax:                                                                                                                                                  |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Change in net unrealized (loss) gain on available-for-sale securities,          net of tax effect of $97, ($1,891), ($1,623) and ($1,365), respectively |   |                       | (178   | )      |                     |   | 3,511 |   |   |   | 3,014 |   |   |   | 2,536 |   |
|                                                                                                                                                                                            |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Reclassification adjustment for net (gains) losses realized in net income,          net of tax effect of $485, $485 and ($36), respectively             |   |                       | (901   | )      |                     |   | — |   |   |   | (901 | ) |   |   | 68 |   |
| Comprehensive income                                                                                                                                                                            |   | $                          | 2,460  |   |                     | $      | 4,747 |   |   | $ | 8,769 |   |   | $ | 4,957 |   |

----

Index

|                                  |   | Three Months EndedJune 30, |   |   | Six Months EndedJune 30, |   |
|---------------------------------------|--------|----------------------------|--------|--------|--------------------------|--------|
|                                  |   | 2010                       |   |   | 2009                     |   |   | 2010 |   |   | 2009 |   |
| Net revenues and sales:               |   |                       |   |   |                     |   |   |   |   |   |   |   |
| Real estate investment and management |   | $                          | 5,323  |   |                     | $      | 5,068 |   |   | $ | 10,301 |   |   | $ | 9,904 |   |
| Hotel operations                      |   |                       | 7,006  |   |                     |   | 3,429 |   |   |   | 14,575 |   |   |   | 6,545 |   |
| Engineered products                   |   |                       | 7,649  |   |                     |   | 5,201 |   |   |   | 15,237 |   |   |   | 10,985 |   |
|                                  |   | $                          | 19,978 |   |                     | $      | 13,698 |   |   | $ | 40,113 |   |   | $ | 27,434 |   |

| Operating income (loss):                              |   |   |   |   |   |   |   |   |   |   |   |   |
|-------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Real estate investment and management                 |   | $      | 3,059  |   |   | $      | 3,211  |   |   | $      | 6,111  |   |   | $ | 6,136 |   |
| Hotel operations                                      |   |   | 633    |   |   |   | 13     |   |   |   | 1,614  |   |   |   | (415 | ) |
| Engineered products                                   |   |   | 338    |   |   |   | (555   | )      |   |   | 796    |   |   |   | (874 | ) |
| General corporate expenses                            |   |   | (1,324 | )      |   |   | (949   | )      |   |   | (2,218 | )      |   |   | (1,966 | ) |
|                                                  |   |   | 2,706  |   |   |   | 1,720  |   |   |   | 6,303  |   |   |   | 2,881 |   |
| Other income                                          |   |   | 2,283  |   |   |   | 951    |   |   |   | 3,177  |   |   |   | 1,677 |   |
| Income from continuing operations before income taxes |   | $      | 4,989  |   |   | $      | 2,671  |   |   | $      | 9,480  |   |   | $ | 4,558 |   |

----

Index

ITEM 

----

Index

|                      |   | Three Months EndedJune 30, 2010 |   |   | Six Months EndedJune 30, 2010 |   |
|---------------------------|--------|---------------------------------|--------|--------|-------------------------------|--------|
|                      |   | RealEstate                      |   |   | HotelOperations               |   |   | Total |   |   | RealEstate |   |   | HotelOperations |   |   | Total |   |
| Revenues                  |   | $                               | 5,323  |   |                          | $      | 7,006 |   |   | $ | 12,329 |   |   | $ | 10,301 |   |   | $ | 14,575 |   |   | $ | 24,876 |   |
| Mortgage interest expense |   |                            | 86     |   |                          |   | 415 |   |   |   | 501 |   |   |   | 176 |   |   |   | 863 |   |   |   | 1,039 |   |
| Depreciation expense      |   |                            | 608    |   |                          |   | 620 |   |   |   | 1,228 |   |   |   | 1,217 |   |   |   | 1,246 |   |   |   | 2,463 |   |
| Other operating expenses  |   |                            | 1,570  |   |                          |   | 5,338 |   |   |   | 6,908 |   |   |   | 2,797 |   |   |   | 10,852 |   |   |   | 13,649 |   |
| Income from operations    |   | $                               | 3,059  |   |                          | $      | 633 |   |   | $ | 3,692 |   |   | $ | 6,111 |   |   | $ | 1,614 |   |   | $ | 7,725 |   |

|                          |   | Three Months EndedJune 30, 2009 |   |   | Six Months EndedJune 30, 2009 |   |
|-------------------------------|--------|---------------------------------|--------|--------|-------------------------------|--------|
|                          |   | RealEstate                      |   |   | HotelOperations               |   |   | Total |   |   | RealEstate |   |   | HotelOperations |   |   | Total |   |
| Revenues                      |   | $                               | 5,068  |   |                          | $      | 3,429 |   |   | $ | 8,497 |   |   | $ | 9,904 |   |   | $ | 6,545 |   |   | $ | 16,449 |   |
| Mortgage interest expense     |   |                            | 37     |   |                          |   | 483 |   |   |   | 520 |   |   |   | 97 |   |   |   | 955 |   |   |   | 1,052 |   |
| Depreciation expense          |   |                            | 570    |   |                          |   | 390 |   |   |   | 960 |   |   |   | 1,125 |   |   |   | 775 |   |   |   | 1,900 |   |
| Other operating expenses      |   |                            | 1,250  |   |                          |   | 2,543 |   |   |   | 3,793 |   |   |   | 2,546 |   |   |   | 5,230 |   |   |   | 7,776 |   |
| Income (loss) from operations |   | $                               | 3,211  |   |                          | $      | 13 |   |   | $ | 3,224 |   |   | $ | 6,136 |   |   | $ | (415 | ) |   | $ | 5,721 |   |

----

Index

|                                         |   | Three Months Ended June 30, |   |   | Six Months Ended June 30, |   |
|----------------------------------------------|--------|-----------------------------|--------|--------|---------------------------|--------|
|                                         |   | 2010                        |   |   | 2009                      |   |   | 2010 |   |   | 2009 |   |
| Net sales                                    |   | $                           | 7,649  |   |                      | $      | 5,201 |   |   | $ | 15,237 |   |   | $ | 10,985 |   |
| Cost of sales                                |   |                        | 5,756  |   |                      |   | 4,290 |   |   |   | 11,397 |   |   |   | 8,802 |   |
| Selling, general and administrative expenses |   |                        | 1,555  |   |                      |   | 1,466 |   |   |   | 3,044 |   |   |   | 3,057 |   |
| Operating income (loss)                      |   | $                           | 338    |   |                      | $      | (555 | ) |   | $ | 796 |   |   | $ | (874 | ) |

----

Index

|                                             |   | Three Months EndedJune 30, |    |   | Six Months EndedJune 30, |   |
|--------------------------------------------------|--------|----------------------------|---------|--------|--------------------------|--------|
|                                             |   | 2010                       |    |   | 2009                     |   |   | 2010 |   |   | 2009 |   |
| Net gain (loss) on available-for-sale securities |   | $                          | 1,386   |   |                     | $      | — |   |   | $ | 1,386 |   |   | $ | (104 | ) |
| Net realized gains on derivative instruments     |   |                       | — |   |                     |   | 134 |   |   |   | — |   |   |   | 139 |   |
| Other, net                                       |   |                       | (9      | )      |                     |   | (10 | ) |   |   | (14 | ) |   |   | (20 | ) |
|                                             |   | $                          | 1,377   |   |                     | $      | 124 |   |   | $ | 1,372 |   |   | $ | 15 |   |

----

Index

----

Index

ITEM 

----

Index

ITEM 

PART 

ITEM 

----

Index

ITEM 

ITEM 

| Period                               |   | Total Number of Shares Purchased |    |   | Average Price Paid per Share |   |   | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |   |   | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs |   |
|--------------------------------------|--------|----------------------------------|---------|--------|------------------------------|--------|--------|----------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------|--------|
| April 1, 2010 – April 30, 2010 |   |                             | 888,749 |   |                         | $      | 24.47  |                                                                             |   |   | 10,749                                                                         |   |   |   | 292,792 |   |
| May 1, 2010 – May 31, 2010     |   |                             | 45,144  |   |                         | $      | 22.87  |                                                                             |   |   | 5,144                                                                          |   |   |   | 287,648 |   |
| June 1, 2010 – June 30, 2010   |   |                             | 11,855  |   |                         | $      | 22.98  |                                                                             |   |   | 11,855                                                                         |   |   |   | 275,793 |   |
|                                 |   |                             | 945,748 |   |                         | $      | 24.37  |                                                                             |   |   | 27,748                                                                         |   |   |   |   |   |

----

Index

ITEM 

| 31.1 | Certification of the Chief Executive Officer pursuant to Rule 13a-15(e) and 15d-15(e). |
|------|----------------------------------------------------------------------------------------|

| 31.2 | Certification of the Chief Financial Officer pursuant  to Rule 13a-15(e) and 15d-15(e). |
|------|---------------------------------------------------------------------------------------------------|

| 32.1 | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.2 | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

SIGNATURES

|                            | UNITED CAPITAL CORP. |
|---------------------------------|----------------------|
|                            |                 |   |
| Date:  August 9, 2010 |                 |   |
|                            | By:                  | /s/ Anthony J. Miceli |
|                            |                 | Anthony J. Miceli |
|                            |                 | Chief Financial Officer, Secretary and |
|                            |                 | Director (Principal Financial Officer and |
|                            |                 | Principal Accounting Officer) |

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Index