Cohesant Technologies reports fiscal 1996 first-quarter financial results.CLEVELAND--(BUSINESS WIRE)--March 29, 1996--Cohesant Technologies Inc. (Nasdaq:COHT) today reported financial results for its fiscal 1996 first quarter, which ended February February: see month. 29, 1996. Sales for the quarter decreased to $2,924,000 from $3,263,000 for the first quarter of fiscal 1995. The Company reported a net loss for the quarter of $171,000, or $0.06 per share, compared with net income $111,000, or $0.04 per share, for the first quarter of the previous year. "Lower sales at our American Chemical Company subsidiary accounted for most of the first-quarter sales decline," commented Michael L. Boeckman, Cohesant's president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "While the severe winter weather conditions had some bearing on our business, the lack of replacement business for a major coating project completed in 1995 also had an unfavorable impact. Some inventory rebalancing Rebalancing The process of realigning the weightings of one's portfolio of assets. Notes: For example, if your portfolio's proportion of stock has grown too large for your intended assets weightings and risk tolerance, you might rebalance by selling some stock and putting by customers for adhesives and sealants also occurred during the quarter." Mr. Boeckman reported that the acquisition of the assets and operations of 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., increased selling, general and administrative expenses by $70,000 for the quarter. In addition, certain nonrecurring charges Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". approximating $74,000 were taken for anticipated legal settlements and staff reductions at American Chemical. These staff reductions have already taken place. "The wastewater system restoration marketplace continues to hold outstanding growth opportunities for Cohesant," concluded Mr. Boeckman. "We are aggressively pursuing contract specifications for our Aquatapoxy products as well as our recently acquired high-build coatings by Raven Lining Systems. At the same time, our Glas-Craft sales and marketing organization is continuing its efforts to increase world-wide market share for its 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. spray equipment systems." Cohesant Technologies Inc. designs, develops, and manufactures specialized spray finishing and coating application equipment and specialty coating, adhesive adhesive, substance capable of sticking to surfaces of other substances and bonding them to one another. The term adhesive cement is sometimes used in place of adhesive, especially when referring to a synthetic 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
February 29, 1996 February 28, 1995
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Net sales $ 2,923,651 $ 3,262,958 Income (loss) before income taxes (274,071) 178,343 Net income (loss) (170,855) 110,758 Net income (loss) per share $ (0.06) $ 0.04 Average number of common shares outstanding 2,635,536 2,550,536 CONTACT: Cohesant Technologies Inc., Cleveland Michael L. Boeckman, 216/861-6266 |
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