Exhibit 99.1
Cohesant Technologies Reports Record Sales and Earnings For Fiscal
2004 Second Quarter and First Half
INDIANAPOLIS--(BUSINESS WIRE)--June 16, 2004--Cohesant
Technologies Inc. (Nasdaq:COHT) today reported the highest quarterly
sales and earnings per share since its founding in 1994. Cohesant also
reported record sales and earnings for the six month period ended May
31, 2004.
For the quarter ended May 31, 2004, net sales increased 23.5% to
$5,290,141 from $4,284,650 for the same quarter last year. Net income
for the quarter was $529,153, an increase of 56.4% over the $338,391
reported in the previous year. On a fully diluted per share basis, net
income was $.20 in the current quarter compared to $.13 last year.
Sales of Coatings and Grouts were up over 36% and sales of Equipment
and Parts increased more than 18% from the same quarter last year.
For the first six months of fiscal 2004, net sales increased 19.7%
to $9,525,591 from $7,955,878 for the same period last year. Net
income for the first half was $817,653, an increase of 46.1% over the
$559,625 reported in the previous year. On a fully diluted per share
basis, net income was $.31 in the current period compared to $.22 last
year. Sales of Coatings and Grouts were up more than 41% and sales of
Equipment and Parts increased over 12% from same period last year.
Morris H. Wheeler, the Company's President and Chief Executive
Officer, stated, "Cohesant has exceeded $5 million in quarterly sales
and earned $0.20 on a fully diluted per share basis for the first time
in its history. Coatings sales are on a record setting pace on an
annualized basis and strong International sales continue to energize
Glas-Craft's Equipment sales. While we are pleased with our current
performance and the returning strength of our markets, there remains
room for improvement in Glas-Craft's Domestic market. In that regard,
we are encouraged by sales volume building under the Supply Agreement
executed with Bondo Corporation late last year. Glas-Craft delivered
15 systems during the first half of the year and 28 systems are
scheduled for delivery during the second half of the year. The total
contract anticipates approximately $700,000 in additional system sales
under the contract through September 2005. We are hopeful that we can
continue our successes in Coatings and International Equipment sales
and make additional progress this year in revitalizing our Domestic
Equipment Market."
Cohesant Technologies Inc., based in Indianapolis, Indiana,
designs, develops, and manufactures specialized dispense 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 dispense equipment for
applying plural component materials such as polyesters, polyurethanes,
polyureas, and epoxies. Raven Lining Systems, Inc., manufactures and
sells the Raven and AquataPoxy line of high-performance coating
systems. These systems provide corrosion protection and structural
renewal when coating and rehabilitating all types of infrastructure in
water, wastewater and industrial markets.
(Table follows)
COHESANT TECHNOLOGIES INC.
Summary Financial Data (Unaudited)
- ----------------------------------------------------------------------
Three Months Ended Three Months Ended
May 31, 2004 May 31, 2003
- ----------------------------------------------------------------------
Net sales $5,290,141 $4,284,650
Income before income taxes 841,671 522,541
Net income $ 529,153 $ 338,391
Basic and diluted net income
per share $ 0.20 $ 0.13
Average number of common
shares outstanding:
Basic 2,587,632 2,580,778
Diluted 2,674,499 2,595,050
- ----------------------------------------------------------------------
Six Months Ended Six Months Ended
May 31, 2004 May 31, 2003
- ----------------------------------------------------------------------
Net sales $9,525,591 $7,955,878
Income before income taxes 1,301,426 877,230
Net income $ 817,653 $ 559,625
Net income per share
Basic $ 0.32 $ 0.22
Diluted $ 0.31 $ 0.22
Average number of common
shares outstanding
Basic 2,584,779 2,572,842
Diluted 2,671,495 2,591,871
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, 317-871-7611