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IKONICS Reports Third Quarter Earnings

Stocks in this article: IKNX

DULUTH, Minn., Nov. 8, 2013 (GLOBE NEWSWIRE) -- IKONICS Corporation (Nasdaq:IKNX), a Duluth-based technology company, reported third quarter net earnings of $116,000, or $0.06 per diluted share, a 49% decrease compared to the third quarter of 2012. Sales for the third quarter of 2013 were $4,217,000, or flat when compared to last year's third quarter.

Bill Ulland, IKONICS CEO, said, "Increased expenses related to the ramping up of our Micro-Machining business and the end of a long-term sound deadening mask agreement depressed both sales and net income for the quarter. Year-to-date we have invested over $400,000 in highly productive machining equipment for Micro-Machining and have added two technical hires."

"For the quarter, our traditional Domestic and Export businesses showed good growth in sales and profits, and we remain in a strong financial condition with $3 million in cash and short-term investments and no long-term debt," Ulland said.

The company recently acquired an exclusive license for specified markets for patented Direct To Metal (DTM) inkjet printing technology from Hueck Engraving Gmbh of Germany. Commenting on the new license, Ulland said, "We view this as an opportunity to expand our Digital Texturing (DTX) business into new markets."

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
For the Three Months and Nine Months Ended September 30, 2013 and 2012
  Three Months Ended Nine Months Ended
  9/30/13 9/30/12 9/30/13 9/30/12
Net sales $4,217,125 $4,231,235 $12,894,142 $12,787,939
Cost of goods sold 2,575,557 2,478,358 7,904,357 7,726,216
Gross profit 1,641,568 1,752,877 4,989,785 5,061,723
Operating expenses 1,480,063 1,414,472 4,600,592 4,455,019
Income from operations 161,505 338,405 389,193 606,704
Interest income 1,372 2,572 5,331 9,377
Income before income taxes 162,877 340,977 394,524 616,081
Income tax expense 46,715 112,865 73,000 207,292
Net income $116,162 $228,112 $321,524 $408,789
Earnings per common share-diluted $0.06 $0.11 $0.16 $0.21
Average shares outstanding-diluted 2,015,125 1,993,429 2,010,334 1,990,485
Condensed Balance Sheets
As of September 30, 2013 and December 31, 2012
  9/30/13 12/31/12
Current assets $7,779,227 $7,417,041
Property, plant and equipment, net 5,610,088 5,461,878
Intangible assets, net 335,046 305,357
  $13,724,361 $13,184,276
Liabilities and Stockholders' Equity    
Current liabilities $1,090,702 $1,023,531
Deferred income taxes 431,000 366,000
Long term debt -- --
Stockholders' equity 12,202,659 11,794,745
  $13,724,361 $13,184,276
For the Nine Months Ended September 30, 2013 and 2012
  9/30/13 9/30/12
Net cash provided by operating activities $1,150,610 $566,939
Net cash used in investing activities (1,002,547) (214,892)
Net cash provided by financing activities 63,492 30,123
Net increase in cash and cash equivalents 211,555 382,170
Cash and cash equivalents at beginning of period 967,943 1,867,165
Cash and cash equivalents at end of period $1,179,498 $2,249,335
CONTACT: News Contact:
         Bill Ulland
         Chairman, President & CEO
         (218) 628-2217

IKONICS Corporation Logo

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