Cohesant Technologies Reports Record Sales and Earnings For the Fourth Quarter and Fiscal Year Ended November 30, 2002.Business Editors INDIANAPOLIS--(BUSINESS WIRE)--Dec. 19, 2002 Cohesant Technologies Inc. (Nasdaq:COHT) today reported record sales and earnings for the fourth quarter and fiscal year ended November 30, 2002. For the fourth quarter, 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 5% to $4,318,412 from $4,095,201 recorded in the comparable period last year. Net income for the current quarter was $342,963, an increase of 16% over the $294,976 reported in the previous year. 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 earnings were $.13 per common share in the current period compared to $.12 in the prior year quarter. For the fiscal year ended November 30, 2002, net sales increased 2% to $16,675,374 from $16,391,583 for 2001. Net income increased 17% to $1,248,585, or $.48 per diluted share, compared to $1,066,978, or $.44 per diluted share last year. The Company purchased 57,617 shares of its common stock in the fourth quarter of 2002 at an average price of $3.50. Morris H. Wheeler, the Company's President and Chief Executive Officer, stated, "We finished the year strong with a 13% increase in equipment sales for the quarter, which was partially offset by an 11% decrease in material sales. For fiscal 2002 material sales increased 8% and equipment sales were essentially flat compared to the prior year. We are pleased to add another year of consecutive sales and earning increases to our history." 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 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 spray finishing and coating 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 line of high-performance coating systems as well as AquataPoxy. These coatings 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 are used in many applications, including 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. distribution and sewage collection systems Sewage collection systems Configurations of inlets, catch basins, manholes, pipes, drains, mains, holding basins, pump stations, outfalls, controls, and special devices to move wastewaters from points of collection to discharge. . (Table follows)
COHESANT TECHNOLOGIES INC.
Summary Financial Data (Unaudited)
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Three Months Ended Three Months Ended
November 30, 2002 November 30, 2001
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Net sales $ 4,318,412 $ 4,095,201
Income before income taxes 530,867 468,057
Net income $ 342,963 $ 294,976
$0.13 $0.12
Average number of common
shares outstanding:
Basic 2,559,635 2,458,554
Diluted 2,604,831 2,492,266
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Twelve Months Ended Twelve Months Ended
November 30, 2002 November 30, 2001
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Net sales $16,675,374 $16,391,583
Income before income taxes 1,933,821 1,666,280
Net income $ 1,248,585 $ 1,066,978
Net income per share
Basic $ 0.49 $ 0.44
Diluted $ 0.48 $ 0.44
Average number of common
shares outstanding
Basic 2,549,291 2,404,368
Diluted 2,613,559 2,442,339
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. |
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