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IKONICS Reports Record Sales Quarter And 21% Net Earnings Increase

Stocks in this article: IKNX

DULUTH, Minn., Aug. 1, 2013 (GLOBE NEWSWIRE) -- IKONICS Corporation (Nasdaq:IKNX), a Duluth-based imaging technology company, reported second quarter net earnings of $293,000, or $0.15 per diluted share, a 21% increase over the second quarter of 2012. For the third consecutive quarter, IKONICS posted record quarterly sales with an all-time record of $4,655,000, a 2% increase over the comparable 2012 quarter.

Bill Ulland, Ikonics CEO, said, "I am pleased with this strong rebound in earnings from our first quarter of the year. Particularly heartening was the performance of our DTX technology, which made a healthy contribution to our gross profit. Micro-Machining continues to lay the base for growth later this year and beyond. Capital equipment is being installed to expand our capability to machine composite material for the aerospace industry, in anticipation of increased long-term orders beginning in the second half of 2013."

"Our traditional businesses remain stable and profitable." Mr. Ulland added. "Our domestic screen print supply division, Domestic Chromaline, had a record sales quarter and Ikonics Imaging sales were up 5% over the second quarter of 2012. Export sales were flat, with Asia continuing to be our strongest export market."

During the quarter Ikonics also was added to the Russell Microcap Index.

This press release contains forward-looking statements regarding sales, gross profits, net earnings, balance sheet position, industry trends and new products, technologies and businesses initiatives that involve risks and uncertainties. The Company's actual results could differ materially as a result of downturns in the aerospace industry, unexpected production delays by the Company's customers, lack of acceptance of new products and technologies, introduction of new products or technologies by competitors, the effects of federal budget sequestration, domestic and global economic conditions, inherent risk and uncertainty in the protection of intellectual property rights, the ability to control operating costs without impacting growth as well as the factors described in the Company's Forms 10-K, and 10-Q, and other reports on file with the SEC.

ISO 9001 Certified
NASDAQ Listed: IKNX
         
IKONICS Corporation
CONDENSED STATEMENTS OF INCOME (unaudited)
For the Three Months and Six Months Ended June 30, 2013 and 2012
         
   Three Months Ended  Six Months Ended
   6/30/13  6/30/12  6/30/13  6/30/12
Net sales $4,654,745 $4,547,080 $8,677,017 $8,556,704
         
Cost of goods sold 2,770,787 2,743,794 5,328,800 5,247,858
         
Gross profit 1,883,958 1,803,286 3,348,217 3,308,846
         
Operating expenses 1,482,468 1,438,636 3,120,529 3,040,547
         
Income from operations 401,490 364,650 227,688 268,299
         
Interest income 1,744 3,079 3,959 6,805
         
Income before income taxes 403,234 367,729 231,647 275,104
         
Income tax expense 110,122 124,646 26,285 94,427
         
Net income  $293,112 $243,083 $205,362 $180,677
         
Earnings per common share-diluted $0.15 $0.12 $0.10 $0.09
         
Average shares outstanding-diluted 2,012,552 1,991,311 2,007,724 1,990,129
     
Condensed Balance Sheets
As of June 30, 2013 and December 31, 2012
     
   6/30/13   12/31/12
    (unaudited)  
Assets    
Current assets $7,252,171 $7,417,041
Property, plant and equipment, net 5,523,014 5,461,878
Intangible assets, net 338,671 305,357
  $13,113,856 $13,184,276
Liabilities and Stockholders' Equity    
Current liabilities  $600,350 $1,023,531
Deferred income taxes 431,000 366,000
Long term debt  --   -- 
Stockholders' equity 12,082,506 11,794,745
  $13,113,856 $13,184,276
     
     
CONDENSED STATEMENTS OF CASH FLOWS (unaudited)
For the Six Months Ended June 30, 2013 and 2012
     
   6/30/13  6/30/12
Net cash provided by (used in) operating activities $18,108 $(187,898)
     
Net cash provided by (used in) investing activities 219,933 (152,675)
     
Net cash provided by financing activities 63,492 11,250
     
Net increase (decrease) in cash and cash equivalents 301,533 (329,323)
     
Cash and cash equivalents at beginning of period 967,943 1,867,165
     
Cash and cash equivalents at end of period $1,269,476 $1,537,842
     
CONTACT: Bill Ulland
         Chairman, President & CEO
         (218) 628-2217

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