Cohesant Technologies Reports Improved Financial Results for Fiscal 1998 First Quarter.INDIANAPOLIS--(BUSINESS WIRE)--March 20, 1998--Cohesant Technologies Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :COHT) today reported improved financial results for fiscal 1998's first quarter, which ended February 28, 1998. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the fiscal 1998 first quarter rose 21.7 percent to $2,603,617 from $2,138,898 for the comparable period last year. First-quarter income increased substantially to $169,706, or $0.06 per share, from a net loss of $92,408, or $0.03 per share, in fiscal 1997. The prior year's results included losses from the American Chemical Company subsidiary, which the company is in the process of discontinuing. Cohesant's Raven Linings System subsidiary, which contributed approximately 27 percent of total corporate sales for the 1998 first quarter, accounted for most of the improvement. Sales of Cohesant's Glas-Craft subsidiary were almost the same as they were a year ago. Although domestic sales of Glas-Craft's spray application equipment and systems were up 24 percent for the quarter, foreign sales were down 22 percent, reflecting a 53 percent drop in sales to the Asia/Pacific region. "Sales of Raven's high-performance coatings, including AquataPoxy, indicate growing interest in our products among civil engineers," said Dwight D. Goodman, Cohesant's president and chief executive officer. "Our products are being specified more and more for large diameter pipeline projects throughout the wastewater industry to improve flow capacity and to protect the pipe from corrosion and infiltration infiltration /in·fil·tra·tion/ (in?fil-tra´shun) 1. the pathological diffusion or accumulation in a tissue or cells of substances not normal to it or in amounts in excess of the normal. 2. infiltrate (2). . For example, a large rehabilitation rehabilitation: see physical therapy. project in Skokie, Illinois, sponsored by the Metropolitan Water Reclamation District of Greater Chicago The Metropolitan Water Reclamation District of Greater Chicago (MWRDGC) is a sanitary district, a type of special-purpose district, chartered in northern Illinois. It is an independent unit of local government, with an elected Board of Commissioners--despite its name, it is not , over 4,500 gallons of AquataPoxy coating was applied to 8,900 lineal That which comes in a line, particularly a direct line, as from parent to child or grandparent to grandchild. LINEAL. That which comes in a line. Lineal consanguinity is that which subsists between persons, one of whom is descended in a direct line from the other. feet of an existing 6.5-foot-wide concrete sewer. This coating will extend the life of the concrete pipe." "Fiscal 1998 is off to a great start and our outlook for the rest of the year is positive," Mr. Goodman added. Cohesant Technologies Inc., based in Indianapolis, Indiana “Indianapolis” redirects here. For other uses, see Indianapolis (disambiguation). Indianapolis (IPA: [ˌɪndiəˈnæpəlɪs]) is the capital city of the U.S. , designs, develops, and manufactures specialized spray finishing and coating application equipment and specialty coating products through its two subsidiaries: Glas-Craft, Inc., and Raven Lining Systems Inc. Glas-Craft manufactures spray finishing and coating equipment that meets strict new clean-air standards. Raven Lining Systems, Inc. manufactures and sells AquataPoxy(R) and the Raven line of high- performance coating systems that are resistant to water and corrosive corrosive /cor·ro·sive/ (kor-o´siv) producing gradual destruction, as of a metal by electrochemical reaction or of the tissues by the action of a strong acid or alkali; an agent that so acts. breakdown by most acids and solvents and can be used in drinking water drinking water supply of water available to animals for drinking supplied via nipples, in troughs, dams, ponds and larger natural water sources; an insufficient supply leads to dehydration; it can be the source of infection, e.g. leptospirosis, salmonellosis, or of poisoning, e.g. systems. -0-
COHESANT TECHNOLOGIES INC.
Summary Financial Data (Unaudited)
Three Months Ended Three Months Ended
February 28, 1998 February 28, 1997
Net sales $ 2,603,617 $ 2,138,898
Income from continuing
operations before income
taxes 169,706 7,282
Income from continuing
operations 169,706 7,282
Loss from discontinued
operations - (99,690)
Net income (loss) $ 169,706 $ (92,408)
Net income (loss) per share
Continuing operations $ 0.06 $ -
Discontinued operations - (0.03)
Basic and diluted earnings
(loss) per common share $ 0.06 $ (0.03)
Average number of common
shares outstanding 2,688,343 2,688,343
Certain statements contained in this report that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statement. These risks and uncertainties include, but are not limited to, a slow-down in domestic and foreign markets for plural component dispensing systems and a reduction in growth of markets for the Company's epoxy epoxy Any of a class of thermosetting polymers, polyethers built up from monomers with an ether group that takes the form of a three-membered epoxide ring. The familiar two-part epoxy adhesives consist of a resin with epoxide rings at the ends of its molecules and a curing coating systems. CONTACT: Cohesant Technologies Inc. Dwight D. Goodman, 317/875-5592 |
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