Cohesant Technologies Reports Record Sales and Earnings For Fiscal 2004 Second Quarter and First Half.INDIANAPOLIS -- Cohesant Technologies Inc. (Nasdaq:COHT) today reported the highest quarterly sales and earnings per share since its founding in 1994. Cohesant also reported record sales and earnings for the six month period ended May 31, 2004. For the quarter ended May 31, 2004, 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 increased 23.5% to $5,290,141 from $4,284,650 for the same quarter last year. Net income for the quarter was $529,153, an increase of 56.4% over the $338,391 reported in the previous year. On a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. per share basis, net income was $.20 in the current quarter compared to $.13 last year. Sales of Coatings and Grouts were up over 36% and sales of Equipment and Parts increased more than 18% from the same quarter last year. For the first six months of fiscal 2004, net sales increased 19.7% to $9,525,591 from $7,955,878 for the same period last year. Net income for the first half was $817,653, an increase of 46.1% over the $559,625 reported in the previous year. On a fully diluted per share basis, net income was $.31 in the current period compared to $.22 last year. Sales of Coatings and Grouts were up more than 41% and sales of Equipment and Parts increased over 12% from same period last year. Morris H. Wheeler, the Company's President and Chief Executive Officer, stated, "Cohesant has exceeded $5 million in quarterly sales and earned $0.20 on a fully diluted per share basis for the first time in its history. Coatings sales are on a record setting pace on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis and strong International sales continue to energize en·er·gize v. en·er·gized, en·er·giz·ing, en·er·giz·es v.tr. 1. To give energy to; activate or invigorate: "His childhood Glas-Craft's Equipment sales. While we are pleased with our current performance and the returning strength of our markets, there remains room for improvement in Glas-Craft's Domestic market. In that regard, we are encouraged by sales volume building under the Supply Agreement executed with Bondo Corporation late last year. Glas-Craft delivered 15 systems during the first half of the year and 28 systems are scheduled for delivery during the second half of the year. The total contract anticipates approximately $700,000 in additional system sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. under the contract through September 2005. We are hopeful that we can continue our successes in Coatings and International Equipment sales and make additional progress this year in revitalizing re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. our Domestic Equipment Market." 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 dispense equipment and specialty coating products through its two subsidiaries: Glas-Craft, Inc., and Raven raven, common name for the largest member of the family Corvidae (crow family), ranging throughout the arctic and temperate regions of the Northern Hemisphere. The raven, Corvus corax, is a glossy black scavenging bird about 26 in. Lining Systems, Inc. Glas-Craft and, to a limited extent, Raven Lining Systems manufactures dispense equipment for applying plural PLURAL. A term used in grammar, which signifies more than one. 2. Sometimes, however, it may be so expressed that it means only one, as, if a man were to devise to another all he was worth, if he, the testator, died without children, and he died leaving one component materials such as polyesters, polyurethanes polyurethanes (pŏl'ēy  r`əthānz), group of plastics that may be either thermosetting or thermoplastic. Polyurethane can be made into both flexible and rigid foams. ,
polyureas, and epoxies This article is about the band named the Epoxies. For the adhesive, see Epoxy. The Epoxies are an American band from Portland, Oregon formed in 2000. Heavily influenced by punk rock and New Wave the band has described themselves as robot garage rock. . Raven Lining Systems, Inc., manufactures and sells the Raven and AquataPoxy line of high-performance coating systems. These systems provide corrosion protection and structural renewal when coating and rehabilitating all types of infrastructure in water, wastewater and industrial markets.
(Table follows)
COHESANT TECHNOLOGIES INC.
Summary Financial Data (Unaudited)
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Three Months Ended Three Months Ended
May 31, 2004 May 31, 2003
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Net sales $5,290,141 $4,284,650
Income before income taxes 841,671 522,541
Net income $ 529,153 $ 338,391
Basic and diluted net income
per share $ 0.20 $ 0.13
Average number of common
shares outstanding:
Basic 2,587,632 2,580,778
Diluted 2,674,499 2,595,050
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Six Months Ended Six Months Ended
May 31, 2004 May 31, 2003
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Net sales $9,525,591 $7,955,878
Income before income taxes 1,301,426 877,230
Net income $ 817,653 $ 559,625
Net income per share
Basic $ 0.32 $ 0.22
Diluted $ 0.31 $ 0.22
Average number of common
shares outstanding
Basic 2,584,779 2,572,842
Diluted 2,671,495 2,591,871
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 international 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. |
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