-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G9on/LZfE0vzM2OzCvxsGW4G329OkmVbK0IsWzMWvbWZZta22Ao0GXoUuduhd/Av PVVXa5hVS0k69teo/9O5rw== 0000950134-06-009199.txt : 20060509 0000950134-06-009199.hdr.sgml : 20060509 20060509105757 ACCESSION NUMBER: 0000950134-06-009199 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060509 DATE AS OF CHANGE: 20060509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IKONICS CORP CENTRAL INDEX KEY: 0001083301 STANDARD INDUSTRIAL CLASSIFICATION: PHOTOGRAPHIC EQUIPMENT & SUPPLIES [3861] IRS NUMBER: 410730027 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25727 FILM NUMBER: 06819179 BUSINESS ADDRESS: STREET 1: 4832 GRAND AVENUE CITY: DULUTH STATE: MN ZIP: 55807 BUSINESS PHONE: 2186282217 MAIL ADDRESS: STREET 1: 4832 GRAND AVENUE CITY: DULUTH STATE: MN ZIP: 55807 FORMER COMPANY: FORMER CONFORMED NAME: CHROMALINE CORP DATE OF NAME CHANGE: 19990405 8-K 1 c05174e8vk.txt FORM 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) April 27, 2006 ------------------------------- IKONICS CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) MINNESOTA 000-25727 41-0730027 - ---------------------------- ------------------------ ------------------- (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 4832 GRAND AVENUE DULUTH, MINNESOTA 55807 - ----------------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (218) 628-2217 ----------------------------- Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ Item 2.02. Results of Operations and Financial Condition. --------------------------------------------- On April 27, 2006, IKONICS Corporation (the "Company") reported its financial results for the quarter ended March 31, 2006. See the Company's press release dated April 27, 2006, which is furnished as Exhibit 99 hereto and incorporated by reference in this Item 2.02. Item 9.01. Financial Statements and Exhibits. --------------------------------- (d) Exhibit. ------- 99 Press Release dated April 27, 2006 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. IKONICS CORPORATION Date: May 9, 2006 /s/ Jon Gerlach ---------------------------------- Jon Gerlach Chief Financial Officer and Vice President of Finance 3 EXHIBIT INDEX
Method Exhibit Description of Filing ------- ----------- --------- Filed 99 Press Release dated April 27, 2006 ............................................ Electronically
EX-99 2 c05174exv99.txt PRESS RELEASE EXHIBIT 99 [IKONICS CORPORATION LETTERHEAD] NEWS RELEASE NEWS CONTACT: Bill Ulland FOR IMMEDIATE RELEASE Chairman, President & CEO April 27, 2006 (218) 628-2217 IKONICS ANNOUNCES INCREASE IN FIRST QUARTER PROFITS DULUTH, MN - IKONICS Corporation, a Duluth based imaging technology company, reported earnings for the first quarter of 2006 of $98,000, or $0.05 per share, compared to $0.01 per share for the first quarter of 2005. Sales were $3,372,000, a 1% increase over 2005. The strong increase in earnings reflects reduced expenses and higher margins resulting from a more favorable product mix. Sales to India continue to be slow, although the company anticipates a rebound in the second quarter. Bill Ulland, Ikonics CEO, said, "Historically, the first quarter tends to be our weakest, affected by cold weather shipping delays and the Asian New Year holiday season. We look to our new business initiatives to lessen the affect of this seasonality." "Our new initiatives are gaining traction," Ulland said. "We are producing IKONMetal and assigning distributors; our IKONBraille prototype was received very positively at the recent International Sign Expo in Orlando, and we are starting to build an inventory of this product." IKONMetal is a unique metal composite that can be etched by rotary engraving or abrasive etching into a high-quality, low-cost metallic sign, award or trophy. IKONBraille is a patent-applied-for product designed to be made into high-quality, low-cost custom Braille signage using abrasive etching. This press release contains forward-looking statements regarding sales, earnings, and new products that involve risks and uncertainties. The company's actual results could differ materially as a result of domestic and global economic conditions, competitive market conditions, acceptance of new products, the ability to identify and make suitable acquisitions, as well as the factors described in the company's Form 10-KSB, Forms 10-QSB and other reports on file with the SEC. IKONICS CORPORATION CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) For the Three Months Ended March 31, 2006 and 2005
THREE MONTHS ENDED 03/31/06 03/31/05 ---------- ---------- Sales $3,371,800 $3,328,527 Costs and expenses net of interest income 3,226,010 3,313,761 Income before income taxes $ 145,790 $ 14,766 Federal and state income tax expense (benefit) 47,488 (8,889) ---------- ---------- Net income 98,302 23,655 ========== ========== Earnings per common share-diluted $ 0.05 $ 0.01 ========== ========== Average shares outstanding-diluted 2,019,238 1,984,051
CONDENSED BALANCE SHEETS As of March 31, 2006 and December 31, 2005
ASSETS 3/31/06 12/31/05 ------- -------- (UNAUDITED) Current assets $7,440,824 $7,728,358 Property, plant and equipment, net 930,772 951,565 Investment in non-marketable equity securities 700,788 450,790 Intangible assets 283,393 279,086 Deferred income taxes 61,000 61,000 ---------- ---------- $9,416,777 $9,470,799 ========== ========== LIABILITIES AND EQUITY Current liabilities $ 713,828 $ 992,294 Long term debt 0 0 Stockholders' equity 8,702,949 8,478,505 ---------- ----------- $9,416,777 $ 9,470,799 ========== ===========
CONDENSED STATEMENTS OF CASH FLOW (UNAUDITED) For the Three Months Ending March 31, 2006 and 2005
3/31/06 3/31/05 ---------- ---------- Cash flows provided by (used in) operating activities 18,363 ($143,021) Cash flows provided by (used in) investing activities (217,178) 260 Cash flows provided by financing activities 121,221 75,363 ---------- ---------- Net decrease in cash and cash equivalents (77,594) (67,398) Cash and cash equivalents at beginning of period 3,412,072 2,737,460 ---------- ---------- Cash and cash equivalents at end of period $3,334,478 $2,670,062 ========== ==========
-----END PRIVACY-ENHANCED MESSAGE-----