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TheStreet Open House

IKONICS Reports 2013 Results And 2014 First Quarter Activity

Stocks in this article: IKNX

DULUTH, Minn., Feb. 20, 2014 (GLOBE NEWSWIRE) -- IKONICS Corporation (Nasdaq:IKNX), a Duluth-based imaging technology company, announced today 2013 sales of $17,491,000, a 1% increase over 2012 sales, while earnings fell by 2% to $682,000, or $0.34 per diluted share, compared to 2012. Fourth quarter earnings of $.0.18 per diluted share accounted for over half of 2013 earnings.

The Company also announced that in January 2014 it received the largest single order in the history of the Company as a stocking order for IKONICS Imaging products. Bill Ulland, IKONICS CEO, said, "I anticipate this order, which will be shipped in the first quarter of 2014, will result in record first quarter sales and earnings and will help solidify our leadership position in this profitable business segment."

Ulland added, "We are also seeing a ramp up of our Micro Machining aerospace business, and we plan to increase our capacity in the second quarter in anticipation of this business." Ulland cautioned, "This business is being driven by a new technology used by our customers, and its growth will be determined by industry acceptance of this technology. However, we believe that we are supplying the cutting edge of the aerospace industry and that growth is likely to be substantial as the technology is adopted. To manage Micro Machining, we have hired John Palmer, who has strong industry experience including working for IBM Global Engineering Solutions, Northrop Grumman, and Space Systems Loral. He will be responsible for meeting our current customer demand and bringing new business to IKONICS."

Continuing, Ulland reported, "Our DTX business has been slow to develop due to technical issues, but we are now seeing a demand for applications using a version of our technology for 3D texture printing and prototyping. Our technology offers higher precision and larger format prints that are not available with most other entries into this market."

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