Strong Fourth Quarter Lifts IKONICS DULUTH, Minn., Feb. 19, 2013 (GLOBE NEWSWIRE) -- IKONICS Corporation (Nasdaq:IKNX), a Duluth-based imaging technology company, reported a strong 2012 fourth quarter. Sales were up 8% and earnings, at $0.14 per share, were 109% higher than the fourth quarter of 2011 The Company ended 2012 with record sales of $17,312,000 – a 3% increase over 2011. Earnings for the year ended up at $0.35 per share – essentially the same as 2011. Bill Ulland, IKONICS CEO said: "Our patient investment in DTX and Micro-Machining technologies continues to depress earnings, but I believe we now are beginning to see the payoff, particularly with our Micro-Machining customers in the aerospace industry. "In addition to ongoing business related to the Boeing 747-8, we have received a blanket order associated with the Airbus A350, which we expect to grow as the A350 is placed into production. We also have orders beginning early in 2013 for acoustic liners from a major jet engine manufacturer; I anticipate that this product line will grow during the year," he said. "Consequently, we are expanding our manufacturing capability, adding both equipment and people. I believe that these exciting developments not only portend a profitable business for Ikonics but also are a validation of our unique technology by a very sophisticated industry." "During the year we also invested significantly in strengthening our patent position for both Micro-Machining and DTX," he continued. "Our domestic screen print market was a star performer in 2012, with sales up 7% over last year while competing in a difficult market." Ulland noted: "During the fourth quarter of 2012 we paid a $1.00 per share, one-time special cash dividend, amounting to approximately $2,000,000. We currently have cash and short-term investment of $2.4 million versus $3.9 million at the end of the third quarter of 2012, and we continue to generate a strong cash flow. I believe our current cash and its projected growth is more than sufficient to meet our growth plans. We have no long-term debt." The IKONICS Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5654 This press release contains forward-looking statements regarding sales, gross profits, net earnings, balance sheet position, new products and new business initiatives that involve risks and uncertainties. The Company's actual results could differ materially as a result of domestic and global economic conditions, downturns in the aerospace industry, unexpected production delays by customers using the Company's products, competitive market conditions, changes in consumer preferences, inability to commercialize technologies the Company is developing on the anticipated timeline or at all, acceptance of new products the Company offers, introduction of new products or technologies by competitors, unexpected capital expenditure requirements, the ability to control operating costs without impacting growth as well as the factors described in the Company's Form s 10-K, and 10-Q, and other reports on file with the SEC. IKONICS Corporation CONDENSED STATEMENTS OF INCOME For the Three Months and Twelve Months Ended December 31, 2012 and 2011 Three Months Ended Twelve Months Ended 12/31/2012 12/31/11 12/31/12 12/31/11 Net sales $4,524,468 $4,178,419 $17,312,407 $16,780,262 Cost of goods sold 2,641,347 2,469,645 10,367,563 10,070,852 Gross profit 1,883,121 1,708,774 6,944,844 6,709,410 Operating expenses 1,456,944 1,451,114 5,911,963 5,683,406 Income from operations 426,177 257,660 1,032,881 1,026,004 Interest income 2,673 3,882 12,050 17,253 Income before income taxes 428,850 261,542 1,044,931 1,043,257 Income tax expense 143,708 124,850 351,000 345,000 Net income $285,142 $136,692 $693,931 $698,257 Earnings per common $0.14 $0.07 $0.35 $0.35 share-diluted Average shares 1,994,802 1,989,106 1,990,847 1,986,041 outstanding-diluted CONDENSED BALANCE SHEETS As of December 31, 2012 and 2011 12/31/2012 12/31/2011 Assets Current assets $7,417,041 $8,404,194 Property, plant and equipment, net 5,461,878 5,436,902 Intangible assets 305,357 326,362 $13,184,276 $14,167,458 Liabilities and Stockholders' Equity Current liabilities $1,023,531 $838,915 Deferred income taxes 366,000 338,000 Long term debt -- Stockholders' equity 11,794,745 12,990,543 $13,184,276 $14,167,458 CONDENSED STATEMENTS OF CASH FLOWS For the Twelve Months Ended December 31, 2012 and 2011 12/31/2012 12/31/2011 Net cash provided by operating activities $1,181,950 $793,532 Net cash used in investing activities (171,725) (288,881) Net cash provided by (used in) financing activities (1,909,447) 71,131 Net increase (decrease) in cash and cash equivalents (899,222 575,782 Cash and cash equivalents at beginning of period 1,867,165 1,291,383 Cash and cash equivalents at end of period $967,943 $1,867,165 CONTACT: News: Bill Ulland Chairman, President & CEO (218) 628-2217 IKONICS Corporation Logo
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Strong Fourth Quarter Lifts IKONICS
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