-----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, JR/SdnRv2+RJEVFBrG3ksgZFQ6AU0JaoFU+IdfTiftG6K/z6l7+Q2LpCHq6Zampc QD3F/2JjAmOm/uElGIyQ1A== 0000950134-05-020146.txt : 20051101 0000950134-05-020146.hdr.sgml : 20051101 20051101092942 ACCESSION NUMBER: 0000950134-05-020146 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051101 DATE AS OF CHANGE: 20051101 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: 051168094 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 c99567e8vk.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) October 31, 2005 ------------------------------- 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 ----------------------------- Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ Item 2.02. Results of Operations and Financial Condition. --------------------------------------------- On October 31, 2005, IKONICS Corporation (the "Company") reported its financial results for the quarter and nine months ended September 30, 2005. See the Company's press release dated October 31, 2005, which is furnished as Exhibit 99 hereto and incorporated by reference in this Item 2.02. Item 9.01. Financial Statements and Exhibits. --------------------------------- (c) Exhibit. ------- 99 Press Release dated October 31, 2005 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: October 31, 2005 /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 October 31, 2005 .......................................... Electronically
EX-99 2 c99567exv99.txt PRESS RELEASE EXHIBIT 99 [IKONICS CORPORATION LOGO] NEWS CONTACT: Bill Ulland FOR IMMEDIATE RELEASE Chairman, President & CEO October 31, 2005 (218) 628-2217 IKONICS REPORTS 40% INCREASE IN PROFITS ON RECORD THIRD QUARTER SALES DULUTH, MN - IKONICS Corporation, a Duluth based imaging technology company, reported record third quarter sales of $3,462,000, a 4% increase over the third quarter of 2004. Earnings for the third quarter of 2005 increased by 40% over the same period in 2004 to $287,000, or $0.14 per diluted share. Bill Ulland, IKONICS CEO, said that the strong earnings reflect higher margins related to an improved product mix and reduced expenses. He added, "I am pleased with these bottom line results in an environment of increasing raw material costs, and I am optimistic for the rest of the year." IKONICS recently introduced a new patent applied for photoresist film called UltraVinyl targeted at the monument and architectural markets. According to Ulland, UltraVinyl opens up new market opportunities for the company and market tests here and in Europe have been very encouraging. This press release contains forward-looking statements regarding sales, net 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 CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) For the Three Months and Nine Months Ended September 30, 2005 and 2004
THREE MONTHS ENDED NINE MONTHS ENDED 9/30/05 9/30/04 9/30/05 9/30/04 ------- ------- ------- ------- Net sales $ 3,462,253 $ 3,324,135 $ 10,532,775 $ 10,390,348 Costs and expenses net of interest income 3,045,639 3,045,228 9,702,465 9,520,748 ------------ ------------- ------------ ------------ Income before income taxes 416,614 278,907 830,310 869,600 Income tax expense 129,150 73,672 243,929 229,294 ------------ ------------- ------------ ------------ Net income $ 287,464 $ 205,235 $ 586,381 $ 640,306 ============ ============= ============ ============ Earnings per common share-diluted $ .14 $ .10 $ .30 $ .32 ============ ============= ============ ============ Average shares outstanding-diluted 1,986,033 2,014,707 1,980,151 2,008,202
CONDENSED BALANCE SHEETS As of September 30, 2005 and December 31, 2004
ASSETS 9/30/05 12/31/04 ------- -------- (UNAUDITED) Current assets $7,373,868 $ 6,906,349 Property, plant and equipment, net 899,502 1,028,830 Intangible assets 304,034 292,349 Deferred income taxes 65,000 65,000 Investment in non-marketable equity securities 450,790 197,460 ---------- ----------- $9,093,194 $ 8,489,988 ========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $1,008,707 $ 1,075,772 Long term debt 0 0 Stockholders' equity 8,084,487 7,414,216 ---------- ----------- $9,093,194 $ 8,489,988 ========== ===========
CONDENSED STATEMENTS OF CASH FLOW (UNAUDITED) For Nine Months Ended September 30, 2005 and 2004
9/30/05 9/30/04 ------- ------- Cash flows provided by operating activities $ 606,004 $ 1,079,265 Cash flows used in investing activities (334,476) (152,410) Cash flows provided by financing activities 55,094 182,372 ----------- ----------- Net increase in cash and cash equivalents 326,622 1,109,227 Cash and cash equivalents at beginning of period 2,737,460 1,507,794 ----------- ----------- Cash and cash equivalents at end of period $ 3,064,082 $ 2,617,021 =========== ===========
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