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Cohesant Technologies Reports Record Sales and Earnings For Fiscal 2001 Second Quarter and First Half
INDIANAPOLIS--June 15, 2001--Cohesant Technologies Inc. (Nasdaq:COHT) today reported record sales and earnings for its fiscal 2001 second quarter and six months ended May 31, 2001.
The company's net sales for the second quarter of fiscal 2001 increased 4% to $4,437,412. Net income for the current quarter was $266,970, an increase of 14% over the $233,488 reported in the previous year. Fully diluted per share earnings were $0.11 per common share in the current period compared to $0.10 in the prior period. For the first six months of fiscal 2001, net sales were $7,789,664 compared to $7,755,555 in the fiscal 2000 period. Net income of $427,546 was 8% higher than the $397,665 reported last year. On a fully diluted basis, net income was $.18 per share in the current six month period compared to $0.17 last year. "Our performance so far this year has been led by our Raven Lining Systems subsidiary, where sales of epoxy coatings and grouts for infrastructure rehabilitation increased 76% in the quarter and 52% for the first half," Dwight D. Goodman, Cohesant's president and chief executive officer stated. "Sales at our Glas-Craft subsidiary, which manufactures specialized spray finishing and coating application equipment declined 10% in the quarter and 11% for the six months, due to a drop in export sales," Mr. Goodman added. Cohesant Technologies Inc., based in Indianapolis, Indiana, designs, develops, and manufactures specialized spray finishing and coating application equipment and specialty coating products through its two subsidiaries: Glas-Craft, Inc., and Raven Lining Systems, Inc. Glas-Craft, Inc., manufactures spray finishing and coating equipment for applying plural component materials such as polyesters, polyurethanes, and epoxies. Raven Lining Systems, Inc., manufactures and sells AquataPoxy and the Raven line of high-performance coating systems that are resistant to water and corrosive breakdown by most acids and solvents and can be used in drinking water systems. [Table follows] COHESANT TECHNOLOGIES INC. Summary Financial Data (Unaudited) ---------------------------------------------------------------------- Three Months Ended Three Months Ended May 31, 2001 May 31, 2000 ---------------------------------------------------------------------- Net sales $ 4,437,412 $ 4,266,822 Income before income taxes 416,534 341,589 Net income $ 266,970 $ 233,488 Basic and diluted net income per share $ 0.11 $ 0.10 Average number of common shares outstanding: Basic 2,389,738 2,339,497 Diluted 2,422,466 2,406,737 ---------------------------------------------------------------------- Six Months Ended Six Months Ended May 31, 2001 May 31, 2000 ---------------------------------------------------------------------- Net sales $ 7,789,664 $ 7,755,555 Income before income taxes 651,469 594,877 Net income $ 427,546 $ 397,665 Basic and diluted net income per share $ 0.18 $ 0.17 Average number of common shares outstanding Basic 2,369,990 2,338,122 Diluted 2,413,181 2,401,423 Certain statements contained in this report that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statement. These risks and uncertainties include, but are not limited to, a slow-down in domestic and foreign markets for plural component dispensing systems and a reduction in growth of markets for the Company's epoxy coating systems.
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