Cohesant reports record earnings for 4Q
INDIANAPOLIS – Cohesant Technologies Inc., a supplier of coating and spray finishing equipment to the marine industry, reported record sales and earnings for the fiscal year and record earnings for the fourth quarter ended Nov. 30, in a press release yesterday.
For the fiscal year ended Nov. 30, net sales increased 12 percent to $19,312,180 – up from $17,276,183 in 2003. Net income increased 29 percent to $1,802,267, or $.67 per diluted share, compared to $1,400,609, or $.54 per diluted share last year.
Fourth-quarter net income was $442,890, an increase of 10 percent over the $401,637 reported in the previous year. Fully diluted per share earnings were $.16 per common share in the current period compared to $.15 in the prior year quarter.
However, net sales for the quarter decreased 2 percent to $4,670,324 from $4,750,177 recorded in the comparable period in 2003. Although equipment sales were stronger than the comparable period last year, inclement weather in key geographic areas delayed many construction projects and exhausted municipal maintenance budgets, both of which contributed to a decrease in material sales which offset the gains on the equipment side of the business.
“This marks our seventh-consecutive year of increased sales and earnings per share growth,” said Morris H. Wheeler, the company’s president and CEO. “A 14-percent increase in equipment sales and a 7-percent increase in sales of coatings and grouts accounted for the growth in our annual sales totals.
“In addition, margin improvements on the equipment side of our business and general cost-efficiency programs bolstered the bottom line growth. Cohesant’s earnings are beginning to show the positive effects of our one-year old program to streamline our business processes. Our next goal is to bolster and enhance our sales growth in both our lines of business.”
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