Cohesant Technologies Reports Record Sales and Earnings for the Fourth Quarter Ended November 30, 2005.INDIANAPOLIS Indianapolis (ĭn'dēənă`pəlĭs), city (1990 pop. 731,327), state capital and seat of Marion co., central Ind., on the White River; selected 1820 as the site of the state capital (which was moved there in 1825), inc. 1847. -- Cohesant Technologies Inc. (Nasdaq:COHT) today reported record sales and earnings for the fourth quarter. Cohesant also reported record sales for the fiscal year ended November November: see month. 30, 2005 breaking $20 million in total sales for the first time in its history. For the quarter ended November 30, 2005, 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 41.6% to $6,612,956 from $4,670,324 for the same quarter last year. Coatings sales were up more than 49% and Equipment and Parts increased over 9% from the same quarter last year. Additionally, the Company generated $954,235 of Renewal revenue and $43,804 of Licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. revenues in the current period. Renewal revenue is comprised of revenues from restoration, replacement and protection of plumbing plumbing, piping systems inside buildings for water supply and sewage. The Romans had a highly developed plumbing system; water was brought to Rome by aqueducts and distributed to homes in lead pipes—hence the name plumbing from the Latin word plumbum lines by CuraFlo's Rehabilitation rehabilitation: see physical therapy. division. Licensee revenue is comprised of license fees, marketing fees and equipment rental as well as training and consulting fees generated by the Company's CuraFlo 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. divisions. Net income for the quarter increased 20.2% to $532,314 from $442,890 in the same quarter last 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 $.17 in the current quarter compared to $.16 last year. For the fiscal year ended November 30, 2005, net sales increased 14.9% to $22,197,702 from $19,312,180 for the same period last year. Sales of Coatings were up over 20% and sales of Equipment and Parts increased almost 5% from same period last year. Additionally, the Company generated $1,114,865 of Renewal revenue and $83,646 of Licensee revenues during the Fiscal Year; the Company had $74,100 of Licensee revenue in the prior year. Net income for fiscal 2005 was $1,628,179, a decrease of $174,088, or 9.7% from the $1,802,267 reported in the previous year. On a fully diluted per share basis, net income was $.57 in the current period compared to $.67 last year. Morris H. Wheeler, the Company's President and Chief Executive Officer, stated "I am proud that our Coatings and Equipment sales have both reached record levels this year. In addition, we are starting to see substantial revenues from our CuraFlo acquisition completed in August 2005. Together these factors have propelled Cohesant above $20 million in sales for the first time in its history. Despite these top line improvements, earnings are lower than in Fiscal 2004 due primarily to disappointing gross margins and increased administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. . I am encouraged by the progress we have made in improving gross margins on both Coatings and Equipment over the past two quarters. Nonetheless, we still have room for further improvement. We are hopeful that, if we are successful in improving margins and in continuing the upward sales trends, these factors will offset the higher administrative costs that we have undertaken in support of the anticipated growth of the Company." Cohesant Technologies Inc., based in Indianapolis, IN, designs, develops, and manufactures specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. dispensing dispensing provision of drugs or medicines as set out properly on a lawful prescription. A prescription can only be filled, the drugs supplied, by a registered pharmacist, veterinarian, dentist or member of the medical profession. equipment and specialty coating products under the GlasCraft, Raven and CuraFlo trade names. These systems and products offer innovative lining technology providing corrosion protection and renewal of infrastructure in commercial, institutional, municipal and residential sectors of the water, wastewater Wastewater is any water that has been adversely affected in quality by anthropogenic influence. It comprises liquid waste discharged by domestic residences, commercial properties, industry, and/or agriculture and can encompass a wide range of potential contaminants and and industrial markets. Additionally the Company licenses proprietary technology for the renewal and rehabilitation of small diameter water pipes as well as performs restoration, protection and replacement of plumbing lines.
COHESANT TECHNOLOGIES INC.
Summary Financial Data (Unaudited)
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Three Months Ended Three Months Ended
November 30, 2005 November 30, 2004
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Net sales $6,612,956 $4,670,324
Income before income taxes 755,401 737,386
Net income $532,314 $442,890
Net income per share
Basic $0.17 $0.17
Diluted $0.17 $0.16
Average number of common
shares outstanding:
Basic 3,118,434 2,604,845
Diluted 3,202,328 2,720,859
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Twelve Months Ended Twelve Months Ended
November 30, 2005 November 30, 2004
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Net sales $22,197,702 $19,312,180
Income before income taxes 2,526,827 2,901,034
Net income $1,628,179 $1,802,267
Net income per share
Basic $0.58 $0.69
Diluted $0.57 $0.67
Average number of common
shares outstanding
Basic 2,784,810 2,593,759
Diluted 2,879,598 2,698,662
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 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 components dispensing systems, 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, customer resistance to Company price increases, the successful integration of the CuraFlo acquisition and CuraFlo's ability to expand its licensing and services business. |
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