2005 2nd Quarter Report
DULUTH, MN – IKONICS Corporation, a Duluth based imaging technology company, reported sales for the second quarter of 2005 of $3,742,000 and earnings of $275,000. Sales improved by 12% over the first quarter of the year and were slightly above the record second quarter of 2004. Earnings for the second quarter of 2005 were $275,000, or $0.14 per share, compared to $0.01 per share for the first quarter of 2005, and slightly ahead of the second quarter of 2004.
Bill Ulland, IKONICS CEO, said, “I am pleased that sales have rebounded to a record level and earnings, in spite of costs associated with a new product line start-up and an unfavorable $54,000 inflation related LIFO inventory adjustment, matched our strong 2004 second quarter performance.”
IKONICS was recently named one of the fastest growing small public companies in America by Fortune magazine.