"We just received an order for machining vents in the carbon fiber fuselage of a new generation helicopter," Ulland said. "To date our focus has been on sound deadening for aft liners and intake cowls, so fuselage machining represents an important new opportunity for our technology."
"We are in the process of evaluating an expansion to accommodate this anticipated growth in business," he added. "If the business case justifies the investment, we anticipate beginning construction in the spring of 2015 with manufacturing operations beginning that fall. We are seeking government assistance to help us with what would be a large investment for the company and one that entails some risk."
"Our traditional business units performed well during the quarter with Domestic Chromaline and Export setting all-time quarterly sales records and IKONICS Imaging posting a 13% growth in sales over the second quarter of 2013," Ulland said.
"DTX also has made some recent progress with new ink and substrate products that meet stringent customer demands and allow us to ship printed images and prototype parts to customers worldwide. I anticipate that DTX will be profitable by the end of year and will be a strong contributor to sales and profits in 2015," he said.
This press release contains forward-looking statements regarding sales, gross profits, net earnings, balance sheet position, industry trends and new products, technologies and businesses 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, the effects of federal budget sequestration, 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
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|CONDENSED STATEMENTS OF INCOME (unaudited)|
For the Three Months and Six Months Ended |
|Three Months Ended||Six Months Ended|
|Cost of goods sold||3,213,875||2,770,787||5,919,298||5,328,800|
|Income from operations||292,980||401,490||608,153||227,688|
|Income before income taxes||294,532||403,234||611,663||231,647|
|Income tax expense||96,100||110,122||208,316||26,285|
|Earnings per common share-diluted|
|Average shares outstanding-diluted||2,019,721||2,012,552||2,016,774||2,007,724|
|Condensed Balance Sheets|
As of |
|Property, plant and equipment, net||5,704,903||5,634,096|
|Intangible assets, net||348,350||322,647|
|Liabilities and Stockholders' Equity|
|Deferred income taxes||527,000||527,000|
|Long term debt||--||--|
|CONDENSED STATEMENTS OF CASH FLOWS (unaudited)|
For the Six Months Ended |
|Net cash provided by operating activities|
|Net cash provided by (used in) investing activities||(983,691)||219,933|
|Net cash provided by financing activities||44,730||63,492|
|Net increase (decrease) in cash and cash equivalents||(574,584)||301,533|
|Cash and cash equivalents at beginning of period||1,704,300||967,943|
|Cash and cash equivalents at end of period|
CONTACT: News Contact:
Bill UllandChairman, President & CEO (218) 628-2217