DULUTH, Minn., Nov. 05, 2015 (GLOBE NEWSWIRE) -- 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.  

This press release contains forward-looking statements regarding sales, gross profits, net earnings, balance sheet position, industry trends and new products, technologies and business initiatives that involve risks and uncertainties. The Company's actual results could differ materially as a result of downturns in the aerospace industry, unexpected production delays by the Company’s customers, lack of acceptance of new products and technologies, introduction of new products or technologies by competitors, domestic and global economic conditions, inherent risk and uncertainty in the protection of intellectual property rights, the ability to control operating costs without impacting growth as well as the factors described in the Company's Forms 10-K, and 10-Q, and other reports on file with the SEC.


IKONICS Corporation
CONDENSED STATEMENTS OF OPERATIONS (unaudited)
For the Three and Nine Months Ended September 30, 2015 and 2014
            
  Three Months Ended  Nine Months Ended
  9/30/15  9/30/14  9/30/15  9/30/14
Net Sales$4,542,730 $4,478,014 $ 12,794,167  $13,867,337
            
Cost of goods sold 2,925,062  2,850,049   8,436,082   8,769,347
            
Gross profit 1,617,668  1,627,965   4,358,085   5,097,990
            
Operating Expenses 1,428,280  1,451,306   4,444,781   4,313,178
            
Income (loss) from operations 189,388  176,659   (86,696)  784,812
            
Other 825  103   4,031   3,613
            
Income (loss) before income taxes 190,213  176,762   (82,665)  788,425
            
Income tax expense 73,457  37,791   1,802   246,107
            
Net Income (loss)$116,756 $138,971 $ (84,467) $542,318
            
Earnings (loss) per common share-diluted$0.06 $0.07 $ (0.04) $0.27
            
Average shares outstanding-diluted 2,018,574  2,019,806   2,018,253   2,018,237 


 Condensed Balance Sheets
 As of September 30, 2015 and December 31, 2014
        
   9/30/2015  12/31/2014 
   (unaudited)    
Assets       
Current assets $8,278,003 $8,857,243 
Property, plant and equipment, net 6,692,256  5,416,848 
Intangible assets, net 330,806  353,871 
  $15,301,065 $14,627,962 
Liabilities and Stockholders' Equity      
Current liabilities $1,485,979 $744,497 
Deferred income taxes 545,000  545,000 
Long term debt  -  - 
Stockholders' equity 13,270,086  13,338,465 
  $15,301,065 $14,627,962 
        


CONDENSED STATEMENTS OF CASH FLOWS (unaudited)
For the Nine Months Ended September 30, 2015 and 2014
           
      9/30/2015  9/30/2014 
Net cash provided by operating activities $796,792 $ 1,177,031  
           
Net cash provided by (used in) investing activities 303,521   (722,107) 
           
Net cash provided by financing activities  -   44,730  
           
Net increase in cash and cash equivalents  1,100,313   499,654  
           
Cash and cash equivalents at beginning of period 1,936,214   1,704,300  
           
Cash and cash equivalents at end of period $3,036,527 $ 2,203,954  
           


News Contact:  Bill Ulland			
Chairman, President & CEO	
(218) 628-2217