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IKONICS Reports 2010 Record Sales

DULUTH, Minn., Feb. 14, 2011 (GLOBE NEWSWIRE) -- IKONICS Corporation (Nasdaq:IKNX), a Duluth based imaging technology company, announced record sales for 2010 of $16,517,000, a 9% increase over 2009 and earnings of $1,114,000 or $0.56 per share compared to a loss of $0.16 per share in 2009. The 2009 loss was caused by the write-off of an investment in Imaging Technologies International in the third quarter of 2009.

According to Bill Ulland, Ikonics CEO, the fourth quarter of 2010 was particularly gratifying with sales up 15% and net income up 66% over the fourth quarter of 2009. Commenting further, Ulland said:

"Our fourth quarter was enhanced by the sale of a Digital Texturing (DTX) V-Jet printer, sales of DTX consumables, Micro-Machining prototypes sold to a major electronics company, and Export shipments. This is the first quarter where our new business initiatives have had a significant impact on sales and earnings. We expect that trend to continue."

"However," Ulland cautioned, "in the future we anticipate many of the big ticket printer sales will be made directly by our strategic partner, Colour Scanner Technology GmbH (CST), and we will make the sales of consumables."

The arrangement with CST provides that CST manufactures, sells and services printers, which is their core strength, while IKONICS provides its proprietary consumables to the printer customers. "I believe this arrangement will facilitate the commercialization of our DTX technology and let us focus on our core competencies of fluid and substrate development. The timing of these consumables sales will be dependent on the delivery schedule of CST printers to the market," Ulland said. Ikonics is also offering another printer model to the DTX market manufactured by ITW Transtech.

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, balance sheet position, and new products and businesses initiatives 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, capital expenditure requirements, the ability to control operating 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 Twelve Months Ended December 31, 2010 and 2009
         
   Three Months Ended  Twelve Months Ended
   12/31/10  12/31/09  12/31/10  12/31/09
Net sales $4,443,614 $3,851,241 $16,517,338 $15,121,617
         
Cost of goods sold 2,619,788 2,229,117 9,713,054 9,054,771
         
Gross profit 1,823,826 1,622,124 6,804,284 6,066,846
         
Operating expenses 1,331,982 1,290,223 5,270,045 5,197,195
         
Income from operations 491,844 331,901 1,534,239 869,651
         
Gain on sale of investment  --  --  -- 29,762
         
Loss on investment  --  --  -- (918,951)
         
Interest income 6,009 2,988 19,681 8,178
         
Income (loss) before income taxes 497,853 334,889 1,553,920 (11,360)
         
Income tax expense 162,889 132,747 440,000 296,000
         
Net income (loss) $334,964 $202,142 $1,113,920 $(307,360)
         
Earnings (loss) per common share-diluted $0.17 $0.10 $0.56 $(0.16)
         
Average shares outstanding-diluted 1,976,618 1,969,420 1,973,447 1,973,739
 
CONDENSED BALANCE SHEETS
As of December 31, 2010 and 2009
     
    12/31/10   12/31/09
     
Assets    
Current assets $7,811,839 $6,417,488
Property, plant and equipment, net 5,012,933 5,234,244
Intangible assets 317,162 345,540
  $13,141,931 $11,997,272
Liabilities and Stockholders' Equity    
Current liabilities  $777,984 $809,186
Deferred income taxes 171,000 162,000
Long term debt  --   -- 
Stockholders' equity 12,192,947 11,026,086
  $13,141,931 $11,997,272
 
CONDENSED STATEMENTS OF CASH FLOW
For the Twelve Months Ended December 31, 2010 and 2009
     
   12/31/10  12/31/09
Net cash provided by operating activities $1,601,369 $1,374,112
     
Net cash used in investing activities (1,637,182) (847,420)
     
Net cash provided by (used in) financing activities 22,610 (123,844)
Net increase (decrease) in cash (13,203) 402,848
     
Cash at beginning of period 1,304,586 901,738
     
Cash at end of period $1,291,383 $1,304,586
CONTACT: Bill Ulland
         Chairman, President & CEO
         (218) 628-2217

IKONICS Corporation Logo

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