2015 3rd Quarter Report
DULUTH, MN – IKONICS Corporation (NASDAQ:IKNX), a Duluth-based imaging technology company, announced results for the third quarter of 2015. Compared to the same quarter of 2014, sales increased by 1.4% to $4,543,000 while earnings declined by $22,000 to $117,000 or $0.06 per diluted share. Export sales rebounded during the quarter, primarily, led by sales to Asia. Domestic Chromaline sales declined as did those of Ikonics Imaging, which was adversely affected by a change in glass suppliers. DTX experienced a strong quarter in sales and profits partially attributable to a large annual order which normally falls in the fourth quarter. AMS again showed strong growth with sales being up 124% for the quarter over the same period last year.
Bill Ulland, IKONICS CEO, commented: “Even though 2015 earnings are down compared to last year, I was pleased to see that 2015 third quarter operating income improved by 7.2% over the third quarter of 2014.”
During the quarter AMS shipped its 200th acoustic panel, with 99% of the production being within specifications. This is part of an ongoing program. Also, a significant new customer was added during the quarter and equipment upgrades are increasing productivity. The construction of the new AMS manufacturing facility is progressing towards scheduled completion in March of 2016, and the criteria for the State’s job creation incentive program are being met.