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Profile:IKONICS Corporation, formerly known as The Chromaline Corporation, develops, manufactures and sells light-sensitive liquid coatings and films, as well as ink jet receptive films for commercial and industrial applications. The Company also markets ancillary chemicals, equipment and other consumables to provide a full line of products and services to its customers. Its products serve the screen-printing and abrasive etching markets. The screen printing products represent the Company`s largest product line. These products are used by screen printers to create stencil images. These images produce basic designs for fabric decoration and product identification, as well as complex designs for compact discs and electronic circuits. The abrasive etching products are used by consumers to create architectural glass, art pieces and awards and in various industrial applications. The Company also sells a line of ink jet receptive films used for the creation of photopositives and photonegatives.
http://www.ikonics.com
http://www.ikonics.com
IKONICS Reports 40% Increase in Profits for 2003
Monday February 23, 6:51 pm ET
DULUTH, Minn., Feb. 23 /PRNewswire-FirstCall/ -- IKONICS Corporation (Nasdaq: IKNX - News), a Duluth based imaging technology company, reported 2003 earnings of $503,000, or $0.40 per share, a 40% increase over 2002. Sales grew by 3% to a record level of $12,105,000.
Bill Ulland, IKONICS CEO, said that sales grew in spite of the abandonment of an unprofitable line of business and that the earnings increase is after a write down of $75,000 on an investment.
The company generated $1,401,000 in cash from operations in 2003, as compared to $249,000 in 2002 and ended the year with $1,508,000 in cash and cash equivalents. IKONICS has 1,263,404 shares outstanding on a diluted basis. "Although the timing of payments and investments in plant and equipment affects cash flow," said Ulland, "I believe these numbers reflect a financially very healthy company, as does our balance sheet."
The company recently announced a patent application for etchable metals and introduced a new film for laser imaging.
IKONICS stock is listed on the Nasdaq SmallCap market under the symbol IKNX.
This press release contains forward-looking statements regarding sales, earnings, and new products that involve risks and uncertainties. The company`s actual results could differ materially as a result of domestic and global economic conditions, competitive market conditions, acceptance of new products, the ability to identify and make suitable acquisitions, as well as the factors described in the company`s Form 10-KSB, Forms 10-QSB and other reports on file with the SEC.
IKONICS Corporation
Statements of Operations
For the Three Months and Twelve Months Ended December 31, 2003 and 2002
Three Months Ended Twelve Months Ended
12/31/03 12/31/02 12/31/03 12/31/02
Sales $3,051,246 $2,879,853 $12,105,127 $11,797,279
Costs, expenses, and
other income 2,829,797 2,782,666 11,398,045 11,336,462
Loss on investment 74,666
Income before income
taxes $221,449 $97,187 $632,416 $460,817
Federal and state
income tax
expense (benefit) 43,032 (22,528) 129,000 101,000
Net income $178,417 $119,715 $503,416 $359,817
Earnings per common
share-diluted $.14 $.10 $.40 $.29
Average shares
outstanding
-diluted 1,278,549 1,252,809 1,263,404 1,252,809
Balance Sheets
As of December 31, 2003 and December 31, 2002
Assets
12/31/03 12/31/02
Current assets $5,597,674 $4,630,281
Property, plant and equipment 1,110,159 1,204,627
Investment 112,834 187,500
Intangible assets 308,017 271,751
Deferred taxes 66,000 118,000
$7,194,684 $6,412,159
Liabilities and Equity
Current liabilities $826,334 $545,496
Long term debt 0 0
Stockholders` equity 6,368,350 5,866,663
$7,194,684 $6,412,159
Statements of Cash Flow
For the Twelve Months Ended December 31, 2003 and 2002
12/31/03 12/31/02
Cash flows from operating activities $1,400,756 $249,117
Cash flows used in investing activities $(277,069) $(336,200)
Cash flows used in financing activities $ $(72,489)
Net (decrease) increase in cash and
cash equivalents $1,123,687 $(159,572)
Cash and cash equivalents at beginning
of period $384,107 $543,679
Cash and cash equivalents at end of period $1,507,794 $384,107
--------------------------------------------------------------------------------
Source: IKONICS Corporation
Monday February 23, 6:51 pm ET
DULUTH, Minn., Feb. 23 /PRNewswire-FirstCall/ -- IKONICS Corporation (Nasdaq: IKNX - News), a Duluth based imaging technology company, reported 2003 earnings of $503,000, or $0.40 per share, a 40% increase over 2002. Sales grew by 3% to a record level of $12,105,000.
Bill Ulland, IKONICS CEO, said that sales grew in spite of the abandonment of an unprofitable line of business and that the earnings increase is after a write down of $75,000 on an investment.
The company generated $1,401,000 in cash from operations in 2003, as compared to $249,000 in 2002 and ended the year with $1,508,000 in cash and cash equivalents. IKONICS has 1,263,404 shares outstanding on a diluted basis. "Although the timing of payments and investments in plant and equipment affects cash flow," said Ulland, "I believe these numbers reflect a financially very healthy company, as does our balance sheet."
The company recently announced a patent application for etchable metals and introduced a new film for laser imaging.
IKONICS stock is listed on the Nasdaq SmallCap market under the symbol IKNX.
This press release contains forward-looking statements regarding sales, earnings, and new products that involve risks and uncertainties. The company`s actual results could differ materially as a result of domestic and global economic conditions, competitive market conditions, acceptance of new products, the ability to identify and make suitable acquisitions, as well as the factors described in the company`s Form 10-KSB, Forms 10-QSB and other reports on file with the SEC.
IKONICS Corporation
Statements of Operations
For the Three Months and Twelve Months Ended December 31, 2003 and 2002
Three Months Ended Twelve Months Ended
12/31/03 12/31/02 12/31/03 12/31/02
Sales $3,051,246 $2,879,853 $12,105,127 $11,797,279
Costs, expenses, and
other income 2,829,797 2,782,666 11,398,045 11,336,462
Loss on investment 74,666
Income before income
taxes $221,449 $97,187 $632,416 $460,817
Federal and state
income tax
expense (benefit) 43,032 (22,528) 129,000 101,000
Net income $178,417 $119,715 $503,416 $359,817
Earnings per common
share-diluted $.14 $.10 $.40 $.29
Average shares
outstanding
-diluted 1,278,549 1,252,809 1,263,404 1,252,809
Balance Sheets
As of December 31, 2003 and December 31, 2002
Assets
12/31/03 12/31/02
Current assets $5,597,674 $4,630,281
Property, plant and equipment 1,110,159 1,204,627
Investment 112,834 187,500
Intangible assets 308,017 271,751
Deferred taxes 66,000 118,000
$7,194,684 $6,412,159
Liabilities and Equity
Current liabilities $826,334 $545,496
Long term debt 0 0
Stockholders` equity 6,368,350 5,866,663
$7,194,684 $6,412,159
Statements of Cash Flow
For the Twelve Months Ended December 31, 2003 and 2002
12/31/03 12/31/02
Cash flows from operating activities $1,400,756 $249,117
Cash flows used in investing activities $(277,069) $(336,200)
Cash flows used in financing activities $ $(72,489)
Net (decrease) increase in cash and
cash equivalents $1,123,687 $(159,572)
Cash and cash equivalents at beginning
of period $384,107 $543,679
Cash and cash equivalents at end of period $1,507,794 $384,107
--------------------------------------------------------------------------------
Source: IKONICS Corporation
IKONICS Reports 75% Increase in Profits on Record Sales
Monday July 26, 6:31 pm ET
DULUTH, Minn., July 26 /PRNewswire-FirstCall/ -- IKONICS Corporation (Nasdaq: IKNX - News), a Duluth based imaging technology company, announced its second consecutive quarter of record sales. Sales for the second quarter of 2004 were $3,683,000, a 16% increase over the second quarter of 2003. Earnings were $274,000, or $0.14 per share, a 75% increase over the comparable quarter of last year. The second quarter of 2003 was negatively impacted by a $75,000 write down of an investment and positively impacted by a $42,000 tax refund.
For the first six months of 2004, sales are 18% ahead of the 2003 period and earnings are up by 134% to $0.22 cents per share. During the quarter, IKONICS affected a 3 for 2 stock split. Above per share earnings are adjusted for the new number of shares.
As was true in the first quarter, strong sales growth was experienced in all product groups and geographical markets. The company`s current financial structure of generally high margin products and relatively high fixed costs results in the acceleration of earnings as sales grow.
Bill Ulland, IKONICS CEO, said, "IKONICS is planning a number of new product launches in the second half of this year, which we believe will further broaden our market base."
IKONICS stock is listed on the Nasdaq SmallCap market under the symbol IKNX.
This press release contains forward-looking statements regarding sales, earnings, and new products that involve risks and uncertainties. The company`s actual results could differ materially as a result of domestic and global economic conditions, competitive market conditions, acceptance of new products, the ability to identify and make suitable acquisitions, as well as the factors described in the company`s Form 10-KSB, Forms 10-QSB and other reports on file with the SEC.
IKONICS Corporation
Statements of Operations
For the Three and Six Month Periods Ended June 30, 2004 and 2003
Three Months Ended Six Months Ended
6/30/04 6/30/03 6/30/04 6/30/03
Sales $3,683,415 $3,161,731 $7,066,213 $5,992,378
Costs and expenses,
net of interest
income 3,312,347 2,911,455 6,475,520 5,696,444
Loss on Investment (74,666) (74,666)
Income before income
taxes $371,068 $175,610 $590,693 $221,268
Federal and state
income tax expense 96,655 19,131 155,622 35,111
Net income $274,413 $156,479 $435,071 $186,157
Earnings per common
share-diluted $.14 $.08 $.22 $.10
Average shares
outstanding-
diluted 2,016,595 1,881,449 2,004,158 1,879,606
Balance Sheets
As of June 30, 2004 and December 31, 2003
Assets 6/30/04 12/31/03
Current assets $6,457,466 $5,597,674
Property, equipment, patents & licenses 1,326,974 1,110,159
Investment 112,834 112,834
Other intangible 73,335 308,017
Deferred taxes 66,000 66,000
$8,036,609 $7,194,684
Liabilities and Equity
Current liabilities $1,062,631 $826,334
Long term debt 0 0
Stockholders` equity 6,973,978 6,368,350
$8,036,609 $7,194,684
Statements of Cash Flow
For the Six Months Ended June 30, 2004 and 2003
6/30/04 6/30/03
Cash flows from operating activities $498,851 $ 556,945
Cash flows used in investing activities $(95,643) $(119,199)
Cash flows provided by financing activities $165,736 $0
Net increase in cash and cash equivalents $568,944 $437,746
Cash and cash equivalents at beginning of
period $1,507,794 $384,107
Cash and cash equivalents at end of period $2,076,738 $821,853
--------------------------------------------------------------------------------
Source: IKONICS Corporation
Monday July 26, 6:31 pm ET
DULUTH, Minn., July 26 /PRNewswire-FirstCall/ -- IKONICS Corporation (Nasdaq: IKNX - News), a Duluth based imaging technology company, announced its second consecutive quarter of record sales. Sales for the second quarter of 2004 were $3,683,000, a 16% increase over the second quarter of 2003. Earnings were $274,000, or $0.14 per share, a 75% increase over the comparable quarter of last year. The second quarter of 2003 was negatively impacted by a $75,000 write down of an investment and positively impacted by a $42,000 tax refund.
For the first six months of 2004, sales are 18% ahead of the 2003 period and earnings are up by 134% to $0.22 cents per share. During the quarter, IKONICS affected a 3 for 2 stock split. Above per share earnings are adjusted for the new number of shares.
As was true in the first quarter, strong sales growth was experienced in all product groups and geographical markets. The company`s current financial structure of generally high margin products and relatively high fixed costs results in the acceleration of earnings as sales grow.
Bill Ulland, IKONICS CEO, said, "IKONICS is planning a number of new product launches in the second half of this year, which we believe will further broaden our market base."
IKONICS stock is listed on the Nasdaq SmallCap market under the symbol IKNX.
This press release contains forward-looking statements regarding sales, earnings, and new products that involve risks and uncertainties. The company`s actual results could differ materially as a result of domestic and global economic conditions, competitive market conditions, acceptance of new products, the ability to identify and make suitable acquisitions, as well as the factors described in the company`s Form 10-KSB, Forms 10-QSB and other reports on file with the SEC.
IKONICS Corporation
Statements of Operations
For the Three and Six Month Periods Ended June 30, 2004 and 2003
Three Months Ended Six Months Ended
6/30/04 6/30/03 6/30/04 6/30/03
Sales $3,683,415 $3,161,731 $7,066,213 $5,992,378
Costs and expenses,
net of interest
income 3,312,347 2,911,455 6,475,520 5,696,444
Loss on Investment (74,666) (74,666)
Income before income
taxes $371,068 $175,610 $590,693 $221,268
Federal and state
income tax expense 96,655 19,131 155,622 35,111
Net income $274,413 $156,479 $435,071 $186,157
Earnings per common
share-diluted $.14 $.08 $.22 $.10
Average shares
outstanding-
diluted 2,016,595 1,881,449 2,004,158 1,879,606
Balance Sheets
As of June 30, 2004 and December 31, 2003
Assets 6/30/04 12/31/03
Current assets $6,457,466 $5,597,674
Property, equipment, patents & licenses 1,326,974 1,110,159
Investment 112,834 112,834
Other intangible 73,335 308,017
Deferred taxes 66,000 66,000
$8,036,609 $7,194,684
Liabilities and Equity
Current liabilities $1,062,631 $826,334
Long term debt 0 0
Stockholders` equity 6,973,978 6,368,350
$8,036,609 $7,194,684
Statements of Cash Flow
For the Six Months Ended June 30, 2004 and 2003
6/30/04 6/30/03
Cash flows from operating activities $498,851 $ 556,945
Cash flows used in investing activities $(95,643) $(119,199)
Cash flows provided by financing activities $165,736 $0
Net increase in cash and cash equivalents $568,944 $437,746
Cash and cash equivalents at beginning of
period $1,507,794 $384,107
Cash and cash equivalents at end of period $2,076,738 $821,853
--------------------------------------------------------------------------------
Source: IKONICS Corporation
ikonics scheint mir unterbeweret zu sein!
IKONICS Posts 48% Increase in Profits on Record 3rd Quarter Sales
Friday October 22, 3:02 pm ET
DULUTH, Minn., Oct. 22 /PRNewswire-FirstCall/ -- IKONICS Corporation (Nasdaq: IKNX - News), a Duluth based imaging technology company, announced third quarter earnings of $205,000, or $0.10 per share, a 48% increase over the comparable quarter of 2003. Sales increased by 9% to $3,324,000, a third quarter record for the company. The company ended the quarter with a cash and cash equivalents balance of $2,600,000.
Year to date sales have increased by 15% over 2003 and profits are up by 97% to $640,000 or $0.32 per share for the nine month period.
During the quarter, the company launched SignEtch, a new business unit that is bringing a unique signage system to the market. Bill Ulland, IKONICS` CEO, said that he is very encouraged by the initial market reception to SignEtch. "I am pleased that profits grew significantly during the quarter despite the start up costs associated with the launch," said Ulland.
IKONICS stock is listed on the Nasdaq SmallCap market under the symbol IKNX.
This press release contains forward-looking statements regarding sales, earnings, and new products that involve risks and uncertainties. The company`s actual results could differ materially as a result of domestic and global economic conditions, competitive market conditions, acceptance of new products, the ability to identify and make suitable acquisitions, as well as the factors described in the company`s Form 10-KSB, Forms 10-QSB and other reports on file with the SEC.
IKONICS Corporation
Statements of Operations
For the Three and Nine Month Periods Ended September 30, 2004 and 2003
Three Months Ended Nine Months Ended
9/30/04 9/30/03 9/30/04 9/30/03
Sales $3,324,135 $3,061,503 $10,390,348 $9,053,881
Costs and expenses,
net of interest
income 3,045,228 2,871,804 9,520,748 8,568,248
Loss on Investment 0 0 0 (74,666)
Income before income
taxes $278,907 $189,699 $869,600 $410,967
Federal and state
income tax expense 73,672 50,858 229,294 85,968
Net income $205,235 $138,841 $640,306 $324,999
Earnings per common
share-diluted $.10 $.07 $.32 $.17
Average shares
outstanding-diluted 2,014,707 1,900,446 2,008,202 1,888,131
Balance Sheets
As of September 30, 2004 and December 31, 2003
Assets 9/30/04 12/31/03
Current assets $6,784,203 $5,597,674
Property, plant & equipment 1,075,284 1,110,159
Investment 112,834 112,834
Other intangible 291,028 308,017
Deferred taxes 66,000 66,000
$8,329,349 $7,194,684
Liabilities and Equity
Current liabilities $ 1,131,276 $826,334
Long term debt 0 0
Stockholders` equity 7,198,073 6,368,350
$ 8,329,349 $ 7,194,684
Statements of Cash Flow
For the Nine Months Ended September 30, 2004 and 2003
9/30/04 9/30/03
Cash flows from operating
activities $ 1,079,265 $ 1,061,979
Cash flows used in investing
activities $ (152,410) $ (195,779)
Cash flows provided by
financing activities $ 182,372 $ 0
Net increase in cash and
cash equivalents $ 1,109,227 $ 866,200
Cash and cash equivalents
at beginning of period $ 1,507,794 $ 384,107
Cash and cash equivalents
at end of period $ 2,617,021 $ 1,250,307
--------------------------------------------------------------------------------
Source: IKONICS Corporation
Friday October 22, 3:02 pm ET
DULUTH, Minn., Oct. 22 /PRNewswire-FirstCall/ -- IKONICS Corporation (Nasdaq: IKNX - News), a Duluth based imaging technology company, announced third quarter earnings of $205,000, or $0.10 per share, a 48% increase over the comparable quarter of 2003. Sales increased by 9% to $3,324,000, a third quarter record for the company. The company ended the quarter with a cash and cash equivalents balance of $2,600,000.
Year to date sales have increased by 15% over 2003 and profits are up by 97% to $640,000 or $0.32 per share for the nine month period.
During the quarter, the company launched SignEtch, a new business unit that is bringing a unique signage system to the market. Bill Ulland, IKONICS` CEO, said that he is very encouraged by the initial market reception to SignEtch. "I am pleased that profits grew significantly during the quarter despite the start up costs associated with the launch," said Ulland.
IKONICS stock is listed on the Nasdaq SmallCap market under the symbol IKNX.
This press release contains forward-looking statements regarding sales, earnings, and new products that involve risks and uncertainties. The company`s actual results could differ materially as a result of domestic and global economic conditions, competitive market conditions, acceptance of new products, the ability to identify and make suitable acquisitions, as well as the factors described in the company`s Form 10-KSB, Forms 10-QSB and other reports on file with the SEC.
IKONICS Corporation
Statements of Operations
For the Three and Nine Month Periods Ended September 30, 2004 and 2003
Three Months Ended Nine Months Ended
9/30/04 9/30/03 9/30/04 9/30/03
Sales $3,324,135 $3,061,503 $10,390,348 $9,053,881
Costs and expenses,
net of interest
income 3,045,228 2,871,804 9,520,748 8,568,248
Loss on Investment 0 0 0 (74,666)
Income before income
taxes $278,907 $189,699 $869,600 $410,967
Federal and state
income tax expense 73,672 50,858 229,294 85,968
Net income $205,235 $138,841 $640,306 $324,999
Earnings per common
share-diluted $.10 $.07 $.32 $.17
Average shares
outstanding-diluted 2,014,707 1,900,446 2,008,202 1,888,131
Balance Sheets
As of September 30, 2004 and December 31, 2003
Assets 9/30/04 12/31/03
Current assets $6,784,203 $5,597,674
Property, plant & equipment 1,075,284 1,110,159
Investment 112,834 112,834
Other intangible 291,028 308,017
Deferred taxes 66,000 66,000
$8,329,349 $7,194,684
Liabilities and Equity
Current liabilities $ 1,131,276 $826,334
Long term debt 0 0
Stockholders` equity 7,198,073 6,368,350
$ 8,329,349 $ 7,194,684
Statements of Cash Flow
For the Nine Months Ended September 30, 2004 and 2003
9/30/04 9/30/03
Cash flows from operating
activities $ 1,079,265 $ 1,061,979
Cash flows used in investing
activities $ (152,410) $ (195,779)
Cash flows provided by
financing activities $ 182,372 $ 0
Net increase in cash and
cash equivalents $ 1,109,227 $ 866,200
Cash and cash equivalents
at beginning of period $ 1,507,794 $ 384,107
Cash and cash equivalents
at end of period $ 2,617,021 $ 1,250,307
--------------------------------------------------------------------------------
Source: IKONICS Corporation
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