Exhibit 99.1
Cohesant Technologies Reports Record Sales and Earnings For the Fourth
Quarter and Fiscal Year Ended November 30, 2003
INDIANAPOLIS--(BUSINESS WIRE)--Dec. 17, 2003--Cohesant
Technologies Inc. (Nasdaq:COHT) today reported record sales and
earnings for the fourth quarter and fiscal year ended November 30,
2003.
For the fourth quarter, net sales increased 10% to $4,750,177 from
$4,318,413 recorded in the comparable period last year. Net income for
the current quarter was $401,637, an increase of 17% over the $342,963
reported in the previous year. Fully diluted per share earnings were
$.15 per common share in the current period compared to $.13 in the
prior year quarter.
For the fiscal year ended November 30, 2003, net sales increased
4% to $17,276,183 from $16,675,375 for 2002. Net income increased 12%
to $1,400,609, or $.54 per diluted share, compared to $1,248,585, or
$.48 per diluted share last year.
Morris H. Wheeler, the Company's President and Chief Executive
Officer, stated, "Everyone in the Company has worked hard to achieve
our 6th consecutive year of sales, and earnings per share growth. A
15% increase in annual sales of Coatings and Grouts accounted for the
top-line improvement, while margin improvements on the Equipment side
of our business bolstered the bottom line growth. We will work even
harder next year to continue and extend both of these trends."
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 and, to a limited extent, Raven Lining Systems manufactures
spray finishing and coating equipment for applying plural component
materials such as polyesters, polyurethanes, polyureas, and epoxies.
Raven Lining Systems, Inc., manufactures and sells the Raven line of
high-performance coating systems as well as AquataPoxy. These coatings
are resistant to water and corrosive breakdown by most acids and
solvents and are used in many applications, including drinking water
distribution and sewage collection systems.
(Table follows)
COHESANT TECHNOLOGIES INC.
Summary Financial Data (Unaudited)
- ----------------------------------------------------------------------
Three Months Ended Three Months Ended
November 30, 2003 November 30, 2002
- ----------------------------------------------------------------------
Net sales $4,750,177 $4,318,413
Income before income taxes 639,868 530,867
Net income $401,637 $342,963
Net income per share
Basic $0.16 $0.13
Diluted $0.15 $0.13
Average number of common
shares outstanding:
Basic 2,579,305 2,559,635
Diluted 2,653,422 2,604,818
- ----------------------------------------------------------------------
Twelve Months Ended Twelve Months Ended
November 30, 2003 November 30, 2002
- ----------------------------------------------------------------------
Net sales $17,276,183 $16,675,375
Income before income taxes 2,205,359 1,933,821
Net income $1,400,609 $1,248,585
Net income per share
Basic $0.54 $0.49
Diluted $0.54 $0.48
Average number of common
shares outstanding
Basic 2,575,971 2,549,291
Diluted 2,611,213 2,613,554
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 international markets for plural
component dispensing systems and a reduction in growth of markets for
the Company's epoxy coating systems.
CONTACT: Cohesant Technologies Inc.
Morris H. Wheeler, 317-875-5592