IKONICS Reports Record Sales For Third Quarter And Nine Month Periods
DULUTH, Minn., Oct. 28, 2010 (GLOBE NEWSWIRE) -- IKONICS Corporation (Nasdaq:IKNX), a Duluth based imaging technology company, reported record sales for the quarter ending September 30, 2010 of $4,141,000, a 6% increase over the third quarter of 2009. Earnings were $287,000 or $0.15 per share compared to a 2009 third quarter loss of $709,000 due to the write off of the Company's $919,00 investment in Imaging Technology International (iTi). The first nine months of 2010 produced record sales of $12,074,000, a 7% increase over the same period of 2009, and near record earnings of $0.39 per share.
Bill Ulland, IKONICS CEO, stated, "We have rebounded from the poorest quarterly earnings in our company's history—third quarter 2009—and a sluggish world economy to set a new sales record and near record earnings for this current nine month period. Not only have we recovered financially from the failure of iTi, but we have established stronger new sources for the digital printers that iTi was supplying to our Digital Texturing (DTX) program. DTX is now a growing product line, and we have been awarded a European patent on the process and have applied for a U.S. patent."
Ulland added, "The sales growth for both the quarter and nine month periods was primarily driven by increased export sales and our new business initiatives—namely DTX."Concluding, Ulland said, "Over the past two years we have experienced both increased capital expenditures and operating costs associated with the start up of our new business initiatives. These include increased expenditures for patent applications, as we add to our intellectual property portfolio; an additional chemist hired to advance our DTX program; increased depreciation related to the new facility that houses our new business initiatives as well as shipping for the company. However, sales are growing, profits are at near record levels, and we have a cash and short term investments position at the end the quarter of $2,670,000, with no long term debt. I believe these trends will continue through 2011."
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