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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.
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CONDENSED STATEMENTS OF INCOME (unaudited)
For the Three Months and Nine Months Ended September 30, 2013 and 2012
Three Months Ended
Nine Months Ended
Cost of goods sold
Income from operations
Income before income taxes
Income tax expense
Earnings per common share-diluted
Average shares outstanding-diluted
Condensed Balance Sheets
As of September 30, 2013 and December 31, 2012
Property, plant and equipment, net
Intangible assets, net
Liabilities and Stockholders' Equity
Deferred income taxes
Long term debt
CONDENSED STATEMENTS OF CASH FLOWS (unaudited)
For the Nine Months Ended September 30, 2013 and 2012
Net cash provided by operating activities
Net cash used in investing activities
Net cash provided by financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
CONTACT: News Contact:
Chairman, President & CEO