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4832 Grand Avenue
Duluth, MN 55807 USA
Phone: (218) 628-2217
Fax: (218) 628-3245
For Immediate Release
|Chairman, President & CEO||August 2, 2019|
IKONICS ANNOUNCES SECOND QUARTER RESULTS
DULUTH, MN - IKONICS Corporation (Nasdaq:IKNX), a Duluth-based imaging technology company, announced 2019 second quarter sales of $4,600,000, down 1%, compared with the second quarter of 2018. Second quarter earnings fell from $145,000, or $0.07 per diluted share, in 2018 to a loss of $116,000, or $0.06, per diluted share in 2019. Earnings for the first six months of the year have also decreased from net income of $15,000, or $0.01 per diluted share, in 2018 to a loss of $571,000, or $0.29 per diluted share, in 2019.
Bill Ulland, IKONICS CEO, said, “The earnings decline for first half of 2019 was partially attributable to a $72,000 customer credit due to product damaged from freezing during shipping, and a $144,000 increase in medical insurance expense compared to the first six months of 2018. We do not anticipate a continuation of the increasing medical expense or shipping issues for the rest of this year.”
He continued: “The rest of 2019 looks better: Our new IKONART product is gaining traction with major distributors, and our aerospace business is seeing a record number of new development leads across several industries. In addition, it appears that the trade war, which has affected our sales to China, may be cooling down.”
Ulland concluded, “We have repurchased 2,742 shares this year under our stock buy-back program and the program has 97,258 shares remaining available for future purchases.”
This press release contains forward-looking statements regarding sales, gross profits, net earnings (losses), balance sheet position, industry trends, customer agreements, new products, technologies and business initiatives that involve risks and uncertainties. The Company's actual results could differ materially as a result of downturns in the aerospace industry, unexpected production delays by the Company’s customers, lack of acceptance of new products and technologies, failure of customers to enter into anticipated agreements, introduction of new products or technologies by competitors, domestic and global economic conditions, inherent risk and uncertainty in the protection of intellectual property rights, the ability to control operating costs without impacting growth as well as the factors described in the Company's Forms 10-K, and 10-Q, and other reports on file with the SEC.
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The following information was filed by Ikonics Corp (IKNX) on Friday, August 2, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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