0001104659-13-058937.txt : 20130801 0001104659-13-058937.hdr.sgml : 20130801 20130801160216 ACCESSION NUMBER: 0001104659-13-058937 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130801 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130801 DATE AS OF CHANGE: 20130801 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: 131002656 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 a13-17635_18k.htm 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)  August 1, 2013

 

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))

 

 

 



 

Item 2.02.             Results of Operations and Financial Condition.

 

On August 1, 2013, IKONICS Corporation (the “Company”) reported its financial results for the quarter and six months ended June 30, 2013.  See the Company’s press release dated August 1, 2013, 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 August 1, 2013

 

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: August 1, 2013

/s/ Jon Gerlach

 

Jon Gerlach

 

Chief Financial Officer

 

and Vice President of Finance

 

3



 

EXHIBIT INDEX

 

Exhibit

 

Description

 

Method
of Filing

 

 

 

 

 

99

 

Press Release dated August 1, 2013

 

Filed Electronically

 

4


EX-99 2 a13-17635_1ex99.htm EX-99

Exhibit 99

 

 

4832 Grand Avenue
Duluth, MN 55807 USA
Phone: (218) 628-2217
Fax: (218) 628-3245
Email: info@ikonics.com
Website: www.ikonics.com

 

News Contact:

Bill Ulland

 

For Immediate Release

 

Chairman, President & CEO

 

August 1, 2013

 

(218) 628-2217

 

 

 

IKONICS REPORTS RECORD SALES QUARTER

AND 21% NET EARNINGS INCREASE

 

DULUTH, MN - IKONICS Corporation (NASDAQ:IKNX), a Duluth-based imaging technology company, reported second quarter net earnings of $293,000, or $0.15 per diluted share, a 21% increase over the second quarter of 2012.  For the third consecutive quarter, IKONICS posted record quarterly sales with an all-time record of $4,655,000, a 2% increase over the comparable 2012 quarter.

 

Bill Ulland, Ikonics CEO, said, “I am pleased with this strong rebound in earnings from our first quarter of the year. Particularly heartening was the performance of our DTX technology, which made a healthy contribution to our gross profit. Micro-Machining continues to lay the base for growth later this year and beyond.  Capital equipment is being installed to expand our capability to machine composite material for the aerospace industry, in anticipation of increased long-term orders beginning in the second half of 2013.”

 

“Our traditional businesses remain stable and profitable.” Mr. Ulland added. “Our domestic screen print supply division, Domestic Chromaline, had a record sales quarter and Ikonics Imaging sales were up 5% over the second quarter of 2012.  Export sales were flat, with Asia continuing to be our strongest export market.”

 

During the quarter Ikonics also was added to the Russell Microcap Index.

 

This press release contains forward-looking statements regarding sales, gross profits, net earnings, balance sheet position, industry trends and new products, technologies and businesses 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, introduction of new products or technologies by competitors, the effects of federal budget sequestration, 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.

 

ISO 9001 Certified

NASDAQ Listed: IKNX

 



 

IKONICS Corporation

CONDENSED STATEMENTS OF INCOME (unaudited)

For the Three Months and Six Months Ended June 30, 2013 and 2012

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

6/30/13

 

6/30/12

 

6/30/13

 

6/30/12

 

Net sales

 

$

4,654,745

 

$

4,547,080

 

$

8,677,017

 

$

8,556,704

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

2,770,787

 

2,743,794

 

5,328,800

 

5,247,858

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

1,883,958

 

1,803,286

 

3,348,217

 

3,308,846

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,482,468

 

1,438,636

 

3,120,529

 

3,040,547

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

401,490

 

364,650

 

227,688

 

268,299

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

1,744

 

3,079

 

3,959

 

6,805

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

403,234

 

367,729

 

231,647

 

275,104

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

110,122

 

124,646

 

26,285

 

94,427

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

293,112

 

$

243,083

 

$

205,362

 

$

180,677

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share-diluted

 

$

0.15

 

$

0.12

 

$

0.10

 

$

0.09

 

 

 

 

 

 

 

 

 

 

 

Average shares outstanding-diluted

 

2,012,552

 

1,991,311

 

2,007,724

 

1,990,129

 

 

Condensed Balance Sheets

As of June 30, 2013 and December 31, 2012

 

 

 

6/30/13

 

12/31/12

 

 

 

(unaudited)

 

 

 

Assets

 

 

 

 

 

Current assets

 

$

7,252,171

 

$

7,417,041

 

Property, plant and equipment, net

 

5,523,014

 

5,461,878

 

Intangible assets, net

 

338,671

 

305,357

 

 

 

$

13,113,856

 

$

13,184,276

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Current liabilities

 

$

600,350

 

$

1,023,531

 

Deferred income taxes

 

431,000

 

366,000

 

Long term debt

 

 

 

Stockholders’ equity

 

12,082,506

 

11,794,745

 

 

 

$

13,113,856

 

$

13,184,276

 

 

CONDENSED STATEMENTS OF CASH FLOWS (unaudited)

For the Six Months Ended June 30, 2013 and 2012

 

 

 

6/30/13

 

6/30/12

 

Net cash provided by (used in) operating activities

 

$

18,108

 

$

(187,898

)

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

219,933

 

(152,675

)

 

 

 

 

 

 

Net cash provided by financing activities

 

63,492

 

11,250

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

301,533

 

(329,323

)

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

967,943

 

1,867,165

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

1,269,476

 

$

1,537,842

 

 


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