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IKONICS Reports Strong Second Quarter And Six Months Results

DULUTH, Minn., July 29, 2010 (GLOBE NEWSWIRE) -- IKONICS Corporation (Nasdaq:IKNX), a Duluth based imaging technology company, announced today that second quarter 2010 sales increased by 12% over the second quarter of 2009 and that earnings increased by 134% to $0.17 per share. For the six months ended June 30, 2010, sales were up 8% and net income increased by 146% to $0.25 per share. The company's cash and short term investment balance increased to $2,678,000.

Bill Ulland, IKONICS CEO, said, "I'm pleased to report a continuation of our strong recovery from last year's recession. All segments of the company contributed to these improved quarterly results, with the export business and our new business initiatives being particularly key to the improved financial results.

"I am optimistic that our new business initiatives will continue to generate sales increases for some time. As demonstrated by the second quarter results, our cost structure allows sales increases to have a very positive impact on profits."

The IKONICS Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5654

This press release contains forward-looking statements regarding sales, gross profits, net earnings, and new products and businesses 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, the ability to control costs without impacting growth as well as the factors described in the Company's Form s 10-K, and 10-Q, and other reports on file with the SEC.

IKONICS Corporation
CONDENSED STATEMENTS OF OPERATIONS
For the Three Months and Six Months Ended June 30, 2010 and 2009
         
   Three Months Ended  Six Months Ended
   06/30/10  06/30/09  06/30/10  06/30/09
Net sales $4,248,055 $3,786,501 $7,932,632 $7,349,713
         
Cost of goods sold 2,418,296 2,329,999 4,619,078 4,487,897
         
Gross profit 1,829,759 1,456,502 3,313,554 2,861,816
         
Operating expenses 1,326,973 1,251,832 2,688,066 2,640,696
         
Income from operations 502,786 204,670 625,488 221,120
         
Gain on sale of investment  -- 9,631  -- 29,762
         
Interest income 3,886 2,050 7,405 2,120
         
Income before income taxes 506,672 216,351 632,893 253,002
         
Income tax expense 163,400 69,603 141,280 53,119
         
Net income  $343,272 $146,748 $491,613 $199,883
         
Earnings per common share-diluted $0.17 $0.07 $0.25 $0.10
         
Average shares outstanding-diluted 1,974,158 1,973,514 1,970,587 1,981,677
 
Condensed Balance Sheets
As of June 30, 2010 and December 31, 2009
     
    6/30/10   12/31/09
    (unaudited)  
Assets    
Current assets $7,140,776 $6,417,488
Property, plant and equipment, net 5,144,978 5,234,244
Intangible assets, net 310,656 345,540
  $12,596,410 $11,997,272
Liabilities and Stockholders' Equity    
Current liabilities  $867,676 $809,186
Deferred income taxes 162,000 162,000
Long term debt  --   -- 
Stockholders' equity 11,566,734 11,026,086
  $12,596,410 $11,997,272
 
CONDENSED STATEMENTS OF CASH FLOW
For the Six Months Ended June 30, 2010 and 2009
     
   6/30/10  6/30/09
Net cash provided by operating activities $662,122 $733,433
     
Net cash used in investing activities (932,518) (629,304)
     
Net cash provided by (used in) financing activities 33,990 (123,844)
     
Net decrease in cash (236,406) (19,715)
     
Cash at beginning of period 1,304,586 901,738
     
Cash at end of period $1,068,180 $882,023
CONTACT:  IKONICS Corporation
          News Contact:
          Bill Ulland, Chairman, President & CEO
          (218) 628-2217

IKONICS Corporation Logo

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