2004 3rd Quarter Report
DULUTH, MN – IKONICS Corporation, a Duluth based imaging technology company, reported today 2004 earnings of $758,000 or $0.38 per share, a 51% increase over 2003. Sales grew by 13% to a record level of $13,682,000.
The earnings growth came despite startup costs associated with two new business units. These costs were particularly heavy in the fourth quarter and, combined with a lifo inventory reserve adjustment, resulted in a decline of fourth quarter earnings from 2003.
Bill Ulland, IKONICS CEO, said “I anticipate continued growth in 2005 and that the drag on earnings caused by launching new businesses and Sarbanes-Oxley compliance will be overcome by increased sales from our new and long-established businesses.” Ulland added that the new IKONSign Etch business unit is off to an encouraging start.