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) May 15, 2007

IKONICS CORPORATION

(Exact name of registrant as specified in its charter)

Minnesota	000-25727	41-0730027
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer 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):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02. Results of Operations and Financial Condition.
	Item 9.01. Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
Press Release

Item 2.02. Results of Operations and Financial Condition.

     On May 15, 2007, IKONICS Corporation (the “Company”) reported its revised financial results for the quarter ended March 31, 2007. See the Company’s press release dated May 15, 2007, which is furnished as Exhibit 99 hereto and incorporated by reference in this Item 2.02.

Item 9.01. Financial Statements and Exhibits.

(d)	Exhibit.
99	Press Release dated May 15, 2007

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: May 16, 2007	/s/ Jon Gerlach
	Jon Gerlach
	Chief Financial Officer and Vice President of Finance

3

EXHIBIT INDEX

		Method
Exhibit	Description	of Filing
99	Press Release dated May 15, 2007	Filed Electronically

EX-99

EXHIBIT 99

News Contact:	Bill Ulland	For Immediate Release
	Chairman, President & CEO	May 15, 2007
	(218) 628-2217

IKONICS Revises First Quarter Earnings Release

DULUTH, MN — IKONICS Corporation, a Duluth based imaging technology company, announced today a revision to its 2007 first quarter press release. For the period, the income tax benefit was increased by $45,000 resulting in a similar increase in earnings, and retained earnings was reduced by $137,000 as compared to the numbers previously reported on April 26, 2007.

The changes were the result of the first quarter adoption of a recent Financial Accounting Standards Board pronouncement regarding income taxes.

Compared to the same period last year, sales for the first quarter of 2007 increased by 4% to $3,508,000, and earnings increased by 42% to $139,000 or $0.07 per share. IKONICS earnings for the first quarter of 2007 were aided by the tax adjustment and a $55,000 gain on the sale of its interest in Apprise Technology Inc.

This press release contains forward-looking statements regarding sales, earnings, new products and acquisitions 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, complete and integrate 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 Ended March 31, 2007 and 2006

	Three Months Ended
	03/31/07			03/31/06
Sales	$	3,507,767		$	3,371,800
Costs and expenses		3,511,434			3,249,798
Income (Loss) from Operations		(3,667	)		122,002
Gain on sale of investment		55,159			—
Interest Income		32,907			23,788
Income before income taxes	$	84,399		$	145,790
Federal and state income tax (expense) benefit		54,698			(47,488	)
Net income		139,097			98,302
Earnings per common share-diluted	$	0.07		$	0.05
Average shares outstanding-diluted		2,064,511			2,019,238

Condensed Balance Sheets
As of March 31, 2007 and December 31, 2006

	3/31/07		12/31/06
	(Unaudited)
Assets
Current assets	$	8,327,872	$	8,229,210
Property, plant and equipment, net		1, 008,418		991,920
Investment in non-marketable equity securities		791,451		988,910
Intangible assets		496,155		485,421
Deferred income taxes		48,000		48,000
	$	10,671,896	$	10,743,461
Liabilities and Equity
Current liabilities	$	761,795	$	879,362
Long term debt		—		—
Stockholders’ equity		9,910,101		9,864,099
	$	10,671,896	$	10,743,461

Condensed Statements of Cash Flow (Unaudited)
For the Three Months Ending March 31, 2007 and 2006

	3/31/07		3/31/06
Net cash provided by operating activities		193,372		18,363
Net cash provided by (used in) investing activities		153,120		(217,178	)
Net cash provided by financing activities		28,384		121,221
Net increase (decrease) in cash and cash equivalents		374,876		(77,594	)
Cash and cash equivalents at beginning of period		3,428,186		3,412,072
Cash and cash equivalents at end of period	$	3,803,062	$	3,334,478