Cohesant Technologies reports financial results for fiscal 1996 second-quarter and first-half.CLEVELAND--(BUSINESS WIRE)--July 15, 1996--Cohesant Technologies Inc. (Nasdaq:COHT) today announced its financial results for its fiscal 1996 second quarter and first six months, which ended on May 31, 1996. 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 1996 decreased six percent to $3,578,991 from $3,807,191 for the comparable period a year ago. The net loss for the quarter was $302,166, or $0.11 per share, which compares with net income of $186,841, or $0.07 per share, in the prior year's second quarter. Cohesant's American Chemical subsidiary had lower sales to the heating, ventilating ventilating Natural or mechanically induced movement of fresh air into or through an enclosed space. The hazards of poor ventilation were not clearly understood until the early 20th century. Expired air may be laden with odors, heat, gases, or dust. , and air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. industry and less "private-label" business during the quarter. These decreases were offset in part by sales of the 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 offered by 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, which was acquired in December 1995, and by a modest increase in sales of Aquatapoxy(R) coating systems. Cohesant's Glas-Craft subsidiary had lower sales during the quarter as well. Gross margin for the second quarter narrowed to 30 percent from 35 percent a year ago because the decrease in volume hampered production efficiencies. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in the second quarter of 1996 were higher than they were in the prior-year quarter principally because of the expenses of operating the newly acquired Raven Lining Systems and because of legal fees for Glas-Craft to pursue previously reported patent-infringement litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . "The second quarter's financial results were disappointing," commented Morton A. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Cohesant's chairman and president. "Since the quarter ended, however, we have seen orders pick up. Our balance sheet remains strong: Our current ratio is over three to one, and there is no long-term funded debt Funded Debt Long-term debt that matures after more than one year. Notes: This is usually issued as a bond or a long-term note. See also: Bond, Debt, Maturity, Note Funded debt Debt maturing after more than one year. ." For the first six months of fiscal 1996, net sales of $6,502,642 were eight percent lower than the $7,070,149 recorded for fiscal 1995's first half. The net loss for the six-month period was $473,022, or $0.18 per share, which compares with net income of $297,599, or $0.11 per share, in the prior year. Cohesant Technologies Inc. designs, develops and manufactures specialized spray finishing and coating application equipment and specialty coating, adhesive, and sealant Sealant A thin plastic substance that is painted over teeth as an anti-cavity measure to seal out food particles and acids produced by bacteria. Mentioned in: Tooth Decay sealant see bone sealant. products through its two subsidiaries: Glas-Craft, Inc. and American Chemical Company. Glas-Craft manufactures spray finishing and coating equipment that meets strict new clean-air standards. American Chemical Company manufactures and sells over 250 coating, adhesive, and sealant products, including Aquatapoxy(R) and the recently acquired 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. -0-
COHESANT TECHNOLOGIES INC.
Summary Financial Data (Unaudited)
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Three Months Ended Three Months Ended
May 31, 1996 May 31, 1995
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Net sales $3,578,991 $3,807,191 Income (loss) before income taxes (302,166) 296,142 Net Income (loss) (302,166) 186,841 Net Income (loss) per share $ (0.11) $ 0.07 Average number of common shares outstanding 2,662,671 2,635,536
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Six Months Ended Six Months Ended
May 31, 1996 May 31, 1995
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Net sales $6,502,642 $7,070,149 Income (loss) before income taxes (576,238) 474,485 Net Income (loss) (473,022) 297,599 Net Income (loss) per share $ (0.18) $ 0.11 Average number of common shares outstanding 2,659,409 2,593,503 CONTACT: Cohesant Technologies Inc., Cleveland Morton A. Cohen, 216/861-6266 |
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