-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FprtaxPKzLdSwu8eSLTOxw9tYanjuJt1gUXZ2lTISd+wI2yalH40OfOb+dNNeZJU 5YXsZOvLau5tFCD3OHTHDA== 0000950134-04-005713.txt : 20040422 0000950134-04-005713.hdr.sgml : 20040422 20040422114727 ACCESSION NUMBER: 0000950134-04-005713 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040420 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IKONICS CORP CENTRAL INDEX KEY: 0001083301 STANDARD INDUSTRIAL CLASSIFICATION: PHOTOGRAPHIC EQUIPMENT & SUPPLIES [3861] IRS NUMBER: 410730027 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25727 FILM NUMBER: 04747380 BUSINESS ADDRESS: STREET 1: 4832 GRAND AVENUE CITY: DULUTH STATE: MN ZIP: 55807 BUSINESS PHONE: 2186282217 MAIL ADDRESS: STREET 1: 4832 GRAND AVENUE CITY: DULUTH STATE: MN ZIP: 55807 FORMER COMPANY: FORMER CONFORMED NAME: CHROMALINE CORP DATE OF NAME CHANGE: 19990405 8-K 1 c84743e8vk.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) April 20, 2004 --------------- IKONICS CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) MINNESOTA 000-25727 41-0730027 ---------------------------- ----------------------- ------------------- (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 4832 GRAND AVENUE DULUTH, MINNESOTA 55807 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (218) 628-2217 ---------------- Item 7. Financial Statements and Exhibits. (c) Exhibits 99 Press Release dated April 20, 2004 Item 12. Results of Operations and Financial Condition. On April 20, 2004, IKONICS Corporation (the "Company") reported its financial results for the quarter ended March 31, 2004. See the Company's press release dated April 20, 2004, which is furnished as Exhibit 99 hereto and incorporated by reference in this Item 12. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. IKONICS CORPORATION Date: April 22, 2004 /s/ Jon Gerlach ------------------------------------------ Jon Gerlach Chief Financial Officer and Vice President of Finance 3 EXHIBIT INDEX
Method Exhibit Description of Filing ------- ----------- --------- Filed 99 Press Release dated April 20, 2004 ...................... Electronically
EX-99 3 c84743exv99.txt PRESS RELEASE EXHIBIT 99 [IKONICS CORPORATION LOGO] 4832 Grand Ave. - Duluth, MN 55807 PH: 218-628-2217 - Fax: 218-628-3245 www.ikonics.com - info@ikonics.com [NEWS RELEASE] NEWS CONTACT: Bill Ulland FOR IMMEDIATE RELEASE Chairman, President & CEO April 20, 2004 (218) 628-2217 IKONICS REPORTS 20% INCREASE IN SALES DULUTH, MN - IKONICS Corporation, a Duluth based imaging technology company, announced record sales for the first quarter of 2004. IKONICS reported sales of $3,383,000, a 20% increase over the first quarter of 2003, and earnings of $161,000, or $0.12 per share, compared to $0.02 per share for the comparable quarter of 2003. The company also generated $254,000 in cash flow from operations for the quarter compared to $49,000 in the first quarter of 2003. Sales growth was experienced across all product groups and market areas. New products, increasing market share, a strong Euro, and economic growth in Asia and North America all contributed to these results. Bill Ulland, IKONICS CEO, said "This performance is in line with our plan for 2004 and we are optimistic about our prospects for the year." During the quarter, the company introduced a line of advanced equipment to complement its new RapidMask photoresist film. "The marriage of Crystal Blast equipment and RapidMask is enhancing the sales of both products by increasing the capabilities of abrasive etching," said Ulland. The company also reported continued progress towards the commercialization of IKONMetals, its newly developed suite of composite metals that can be imaged through abrasive etching. IKONICS stock is listed on the Nasdaq SmallCap market under the symbol IKNX. This press release contains forward-looking statements regarding sales, earnings, and new products that involve risks and uncertainties. The company's actual results could differ materially as a result of domestic and global economic conditions, competitive market conditions, acceptance of new products, the ability to identify and make suitable acquisitions, as well as the factors described in the company's Form 10-KSB, Forms 10-QSB and other reports on file with the SEC. IKONICS CORPORATION STATEMENTS OF OPERATIONS For the Three Month Periods Ended March 31, 2004 and 2003
THREE MONTHS ENDED 3/31/04 3/31/03 ------------- -------------- Sales $ 3,382,798 $ 2,830,649 Costs and expenses, net of interest income 3,163,173 2,784,991 Income before income taxes $ 219,625 $ 45,658 Federal and state income tax expense 58,967 15,980 ------------- -------------- Net income $ 160,658 $ 29,678 ============= ============== Earnings per common share-diluted $ .12 $ .02 ============= ============== Average shares outstanding-diluted 1,288,369 1,254,045
BALANCE SHEETS AS OF MARCH 31, 2004 AND DECEMBER 31, 2003
ASSETS 3/31/04 12/31/03 ------- -------- Current assets $5,971,876 $5,597,674 Property, plant and equipment 1,087,783 1,110,159 Investment 112,834 112,834 Intangible assets 302,350 308,017 Deferred taxes 66,000 66,000 ---------- ---------- $7,540,843 $7,194,684 ========== ========== LIABILITIES AND EQUITY Current liabilities $ 932,387 $ 826,334 Long term debt 0 0 Stockholders' equity 6,608,456 6,368,350 ---------- ---------- $7,540,843 $7,194,684 ========== ==========
STATEMENTS OF CASH FLOW For the Three Months Ended March 31, 2004 and 2003
3/31/04 3/31/03 ----------- --------- Cash flows from operating activities $ 253,516 $ 49,251 Cash flows provided by (used in) investing activities $ 6,857 $ (58,498) Cash flows provided by financing activities $ 75,445 $ 0 ----------- --------- Net increase (decrease) in cash and cash equivalents $ 335,818 $ (9,247) Cash and cash equivalents at beginning of period $ 1,507,794 $ 384,107 ----------- --------- Cash and cash equivalents at end of period $ 1,843,612 $ 374,860 =========== =========
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