Cohesant Technologies Reports Record Sales and Pre-Tax Earnings for Fiscal 1999 Second Quarter.INDIANAPOLIS--(BUSINESS WIRE)--June 22, 1999-- Cohesant Technologies Inc. (Nasdaq:COHT) today reported record sales and pre-tax earnings for its fiscal 1999 second quarter and increased sales and record pre-tax earnings for the first half of fiscal 1999. The company's 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 second quarter of fiscal 1999 increased 22 percent to $3,876,331 from $3,181,190 for the comparable period last year. Pre-tax earnings increased 70 percent, to $300,976 from $177,531 during 1998. The Company has second quarter net income of $195,527, or $.08 per common share, as compared to $177,531 or $.07 in the 1998 second quarter. The 1999 results reflect a provision for income taxes of $105,449. 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. The comparability of net income per share is impacted by a reduction of common shares outstanding in the 1999 period. "Both of our 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. had a strong second quarter with sales increasing 22 percent over the 1998 period, which resulted in our best quarterly sales performance," said Dwight D. Goodman, Cohesant's president and chief executive officer. "Demand for polyurethane polyurethane Any of a class of very versatile polymers that are made into flexible and rigid foams, fibres, elastomers (elastic polymers), surface coatings, and adhesives. coating dispensing systems remains strong and sales to OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and accounts have increased significantly. Sales of 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 increased due to the addition of Certified Applicators." For the first six months of fiscal 1999, net sales increased 21 percent to $6,971,738 from $5,784,807 for the same period of fiscal 1998. Pre-tax earnings increased 51 percent to $525,309 from $347,237 during 1998. During the first six months of fiscal 1999 the Company had net income of $336,857, or $.14 per common share, as compared to $347,237 or $.13 in the 1998 period. In the 1998 period, there was no provision for income taxes because of utilization of a net operating loss carryforward for which a valuation allowance was previously recorded. The comparability of net income per share is impacted by a reduction of common shares outstanding in the 1999 period. "So far in fiscal 1999, Cohesant is performing better than it did last year, which was a record year, and we expect to continue this strong start in the second half of the year," Mr. Goodman added. Separately, the Company has completed its stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. The Company repurchased 413,500 shares for approximately $730,000 and sold 61,890 shares out of treasury to the Company sponsored 401k plan for approximately $102,000. "We purchased all the shares well below book value which should be considered an excellent investment for our shareholders," Mr. Goodman concluded. 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 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. ,
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(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. (Table follows) -0-
COHESANT TECHNOLOGIES INC.
Summary Financial Data (Unaudited)
----------------------------------------------------------------------
Three Months Three Months
Ended Ended
May 31, 1999 May 31, 1998
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Net sales $3,876,331 $3,181,190
Income before income taxes 300,976 177,531
Net income $ 195,527 $ 177,531
Basic and diluted net income per
share $ 0.08 $ 0.07
Average number of common
shares outstanding 2,353,433 2,688,343
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Six Months Six Months
Ended Ended
May 31, 1999 May 31, 1998
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Net sales $6,971,738 $5,784,807
Income before income taxes 525,309 347,237
Net income $ 336,857 $ 347,237
Basic and diluted net income per
share $ 0.14 $ 0.13
Average number of common
shares outstanding 2,373,157 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 coating systems. ---------------------------------------------------------------------- |
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