INDIANAPOLIS, Sept. 15, 2004 (BUSINESS WIRE) -- Cohesant Technologies Inc. announced record sales and earnings for its third quarter and nine months ended Aug. 31, marking its 14th consecutive quarter of record earnings.
Net income for the quarter was $541,724, an increase of 23.3% over the $439,347 reported in the previous year period. On a fully diluted per share basis, net income was $.20 in the current quarter compared to $.17 last year. The company's net sales for the third quarter of fiscal 2004 increased 12.0% to $5,116,265 from $4,570,128 for the same period last year.
For the first nine months of fiscal 2004, net income was $1,359,377, an increase of 36.1% over the $998,972 reported in the previous year period. On a fully diluted per share basis, net income was $.51 in the current period compared to $.39 last year. The company's net sales for the first nine months of fiscal 2004 increased 16.9% to $14,641,856 from $12,526,006 for the same period last year.
Company President and CEO Morris H. Wheeler said, "Cohesant has again topped $5 million in quarterly sales and earned $0.20 cents on a fully diluted basis. Equipment sales at GlasCraft were up 27% over the same period last year in its domestic market and GlasCraft's International equipment sales continued to be strong beating same period last year by 14%. Overall, Equipment sales were up over 17% for the quarter and are up over 14% for the first nine months of this year compared to last. Coatings sales remained on a record pace for the year with over a 24% increase over the first nine months of fiscal 2004, but were essentially flat for the quarter."
Cohesant Technologies Inc., based in Indianapolis, Ind., designs, develops, and manufactures specialized dispense equipment and specialty coating products through its two subsidiaries: GlasCraft, Inc., and Raven Lining Systems, Inc. GlasCraft 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.
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