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DULUTH, Minn., April 24, 2014 (GLOBE NEWSWIRE) -- IKONICS Corporation (Nasdaq:IKNX), a Duluth-based imaging technology company, announced record first quarter sales in 2014 of $4,465,000, 11% higher than last year's first quarter sales of $4,022,000. The company also posted first quarter earnings of $205,000, or $0.10 per diluted share, in the first quarter of 2014, compared with a loss of $88,000, $0.04 per share, for the comparable quarter in 2013.
"The strong quarter was primarily attributable to a stocking order placed with our IKONICS Imaging division," said IKONICS CEO Bill Ulland. "This record first quarter sales followed 2013 fourth quarter record sales, and I believe the company is well positioned for future growth in sales and profits."
Ulland continued: "Our Micro-Machining business, which is comprised of both composite and electronic wafer machining, is now making good headway -- especially in the aerospace industry. For the second quarter of 2014, we have solid production orders as a second tier supplier to Airbus and Bombardier. The new Airbus and Bombardier aircraft we supply are currently being manufactured and are anticipated to begin commercial service in 2015. We expect substantial recurring business as this production ramps up. We also anticipate entering into contracts with additional aerospace companies in the third and fourth quarters."
"We have sufficient space at our existing facilities to handle anticipated production into 2015, although additional equipment will be required. If sales grow as expected, we may require additional space in the 2015-2016 time frame. In light of our financial position and undeveloped land at our IKONICS West site, we do not anticipate any problems funding any necessary expansion."
Ulland said other markets are showing indications of potential future business. "Our Micro-Machining electronic wafer operation is also seeing renewed interest, with two premier technology companies asking for quotations on large volumes. Our screen print stencil products, engineered for use in the electronic touch pad and solar industries, are getting a positive response from the market. We also believe we have resolved the technical problems associated with our DTX program; I anticipate a return to a robust business."