2005 3rd Quarter Report
DULUTH, MN – IKONICS Corporation, a Duluth based imaging technology company, reported record third quarter sales of $3,462,000, a 4% increase over the third quarter of 2004. Earnings for the third quarter of 2005 increased by 40% over the same period in 2004 to $287,000, or $0.14 per diluted share.
Bill Ulland, IKONICS CEO, said that the strong earnings reflect higher margins related to an improved product mix and reduced expenses. He added, “I am pleased with these bottom line results in an environment of increasing raw material costs, and I am optimistic for the rest of the year.”
IKONICS recently introduced a new patent applied for photoresist film called UltraVinyl targeted at the monument and architectural markets. According to Ulland, UltraVinyl opens up new market opportunities for the company and market tests here and in Europe have been very encouraging.