Cohesant Technologies Reports Record Sales For Third Quarter and First Nine Months of Fiscal 2005
14 Outubro 2005 - 3:32PM
Business Wire
Cohesant Technologies Inc. (Nasdaq:COHT) today reported record
sales for its third quarter and nine months ended August 31, 2005.
For the quarter ended August 31, 2005, net sales increased 9.9% to
$5,620,990 from $5,116,265 for the same quarter last year. Sales of
Coatings were up more than 29% while Equipment and Parts decreased
approximately 2% from the same quarter last year. Additionally, the
Company had $165,720 of Renewal revenue generated in the last two
weeks of the quarter by CuraFlo which was acquired on August 12,
2005. Renewal revenue is comprised of revenues from restoration,
replacement and protection of plumbing lines by CuraFlo's Services
division. Net income for the quarter was $451,244, approximately
$90,500 less than the same quarter last year. Although this
decrease in earnings is primarily the result of erosion in
Equipment margins, the downward trend of margins witnessed earlier
in the year has begun to reverse. On a fully diluted per share
basis, net income was $.16 in the current quarter compared to $.20
last year. For the first nine months of fiscal 2005, net sales
increased 6.4% to $15,584,746 from $14,641,856 for the same period
last year. Sales of Coatings were up over 10% and sales of
Equipment and Parts increased more than 3% from same period last
year. In addition, these figures include Renewal revenue generated
by CuraFlo's Services division during the last two weeks of August.
Net income for the first half was $1,095,865, a decrease of
approximately $263,500, or 19.4% from the $1,359,377 reported in
the previous year. On a fully diluted per share basis, net income
was $.40 in the current period compared to $.51 last year. Morris
H. Wheeler, the Company's President and Chief Executive Officer,
stated, "Our sales momentum from the second quarter continued into
our third quarter with coating sales leading the way to another
record quarter and our Probler P2 gun had another strong
performance which increased our Probler Series gun sales by 45%
over last year. In addition, although the CuraFlo acquisition was
only completed in mid-August, CuraFlo's Licensing division and its
Services division both contributed to our sales and profits for the
quarter. Despite these positive events, our earnings are lower than
the same periods last year. This decline is primarily due to lower
equipment margins caused by costs associated with the introduction
of the P2 gun and by an increase in the sales of some lower margin
dispense systems. Although the margins on the P2 gun improved from
last quarter, we still have room for further improvement. In
addition, in September, GlasCraft instituted a system price
increase to address the margin issue. We are hopeful that profits
will benefit from these moves in future quarters." Cohesant
Technologies Inc., based in Indianapolis, IN, designs, develops,
and manufactures specialized dispensing equipment and specialty
coating products under the GlasCraft, Raven and CuraFlo trade
names. These systems and products offer innovative lining
technology providing corrosion protection and renewal of
infrastructure in commercial, institutional, municipal and
residential sectors of the water, wastewater and industrial
markets. Additionally the Company licenses technology for the
renewal and rehabilitation of small diameter water pipes as well as
performs restoration, protection and replacement of plumbing lines.
-0- *T COHESANT TECHNOLOGIES INC. Summary Financial Data
(Unaudited)
----------------------------------------------------------------------
Three Months Ended Three Months Ended August 31, 2005 August 31,
2004
----------------------------------------------------------------------
Net sales $5,620,990 $5,116,265 Income before income taxes 731,714
862,222 Net income $451,244 $541,724 Net income per share Basic
$0.16 $0.21 Diluted $0.16 $0.20 Average number of common shares
outstanding: Basic 2,753,320 2,600,655 Diluted 2,839,734 2,717,603
----------------------------------------------------------------------
Nine Months Ended Nine Months Ended August 31, 2005 August 31, 2004
----------------------------------------------------------------------
Net sales $15,584,746 $14,641,856 Income before income taxes
1,771,426 2,163,648 Net income $1,095,865 $1,359,377 Net income per
share Basic $0.41 $0.52 Diluted $0.40 $0.51 Average number of
common shares outstanding Basic 2,674,008 2,590,090 Diluted
2,769,287 2,689,340 *T -0- *T
----------------------------------------------------------------------
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
components dispensing systems, a reduction in growth of markets for
the Company's epoxy coating systems, customer resistance to Company
price increases, the successful integration of the CuraFlo
acquisition and CuraFlo's ability to expand its licensing and
services business.
----------------------------------------------------------------------
*T
Cohesant (NASDAQ:COHT)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Cohesant (NASDAQ:COHT)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024