Cohesant Technologies Reports Record Sales and Income from Continuing Operations for the Fourth Quarter and Year Ended November 30, 1999.Business Editors INDIANAPOLIS--(BUSINESS WIRE)--Dec. 20, 1999 Cohesant Technologies Inc. (Nasdaq:COHT) today reported record sales and net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the fourth quarter and fiscal year ended November 30, 1999. 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 17% to $3,375,409 from $2,897,142 from the comparable period last year. Income from continuing operations increased substantially to $314,988, or $.13 per share compared to $98,463, or $.04 per share, in the 1998 period. Income from continuing operations in the 1999 period reflects an adjustment to the valuation allowance for tax carryforward benefits of $175,716, or $.07 per share. A loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $225,000, or $.09 was realized in the 1999 period, reflecting the contribution of the Company's St. Louis property (American Chemical Company's adhesive, private label and tolling facility which was discontinued in fiscal 1997) to a not-for-profit environmental educational organization. Net income for the quarter was $89,988, or $.04 per share which is similar to the 1998 net income results. The not-for-profit organization receiving the property has agreed to assume the cost of any environmental clean-up that may be required at the site. For the fiscal year ended November 30, 1999, net sales increased 21% to $14,191,450 from $11,735,872 for all of 1998. Income from continuing operations increased to $892,912, or $.37 per share, compared to $696,341, or $.26 per share in fiscal 1998. After the loss from discontinued operations, net income was $667,912 or $.28 per share in fiscal 1999, compared to $696,341 or $.26 per share in 1998. The 1999 results reflect a provision for income taxes of $222,338. In the 1998 period, there was no provision for income taxes because of utilization of a net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carryforward for which a valuation allowance was previously recorded. "Sales and earnings growth in 1999 were driven by the equipment side of our business," said Dwight D. Goodman, Cohesant's president and chief executive officer. "Demand for our polyurethane foam Noun 1. polyurethane foam - a foam made by adding water to polyurethane plastics polyfoam polyurethan, polyurethane - any of various polymers containing the urethane radical; a wide variety of synthetic forms are made and used as adhesives or plastics or and coating dispense systems was at record levels. Sales of our specialty 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 coatings, which were slow earlier, improved dramatically in the fourth quarter." Mr. Goodman also stated, "The donation of the St. Louis property permits the Company to focus its efforts on its operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. and should eliminate any concerns regarding costs to the Company for any environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a ." 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, Inc., manufactures spray finishing and coating equipment for applying plural 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. ,
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 AquataPoxy 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. (Table follows)
COHESANT TECHNOLOGIES INC.
Summary Financial Data (Unaudited)
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Three Months Ended Three Months Ended
November 30, 1999 November 30, 1998
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Net sales $ 3,375,409 $ 2,897,142
Income from continuing
operations before income taxes 217,398 98,463
Income from continuing operations 314,988 98,463
Loss from discontinued operations (225,000) --
Net income 89,988 98,463
Basic and diluted net income
(loss) per share
Continuing operations $ 0.13 $ 0.04
Discontinued operations $ (0.09) --
Basic and diluted net income
(loss) per common share $ 0.04 $ 0.04
Average number of common
shares outstanding 2,336,733 2,556,958
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Twelve Months Twelve Months
Ended Ended
November 30, 1999 November 30, 1998
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Net sales $ 14,191,450 $ 11,735,872
Income from continuing
operations before income taxes 1,115,250 696,341
Income from continuing operations 892,912 696,341
Loss from discontinued operations (225,000) --
Net income 667,912 696,341
Basic and diluted net income
(loss) per share
Continuing operations $ 0.37 $ 0.26
Discontinued operations $ (0.09) --
Basic and diluted net income
(loss) per common share $ 0.28 $ 0.26
Average number of common
shares outstanding 2,354,895 2,655,587
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 coating systems. |
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