Cohesant reports record sales and earnings
INDIANAPOLIS – Cohesant Technologies Inc., a supplier of coating and spray finishing equipment to the marine industry, today reported record sales and earnings for its third quarter and nine months ended Aug. 31, marking the company’s 14th consecutive quarter of record earnings, the company said in a press release.
Net income for the quarter was $541,724, an increase of 23.3 percent 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.
Cohesant’s net sales for the third quarter of fiscal 2004 increased 12.0 percent 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 percent over the $998,972 reported in the previous year period. On a fully diluted per share basis, net income was $0.51 in the current period compared to $0.39 last year. The Company’s net sales for the first nine months of fiscal 2004 increased 16.9 percent to $14,641,856 from $12,526,006 for the same period last year.
“Overall, equipment sales were up over 17 percent for the quarter and over 14 percent for the first nine months of this year compared to last,” said Morris H. Wheeler, Cohesant’s president and CEO. “Coatings sales remained on a record pace for the year with over a 24-percent increase over the first nine months of fiscal 2004, but were essentially flat for the quarter.”
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