Marine industry supplier reports record sales and earnings

INDIANAPOLIS – Cohesant Technologies Inc., a supplier of coating and spray finishing equipment to the marine industry, has reported the highest quarterly sales and earnings per share in its history and has also seen record sales and earnings for the six-month period ended May 31, the company said in a release this morning.

Cohesant said net sales increased 23.5 percent for the second quarter ended May 31, to $5,290,141 from $4,284,650 for the same quarter in 2003. Net income for the quarter was $529,153 – an increase of 56.4 percent over the $338,391 during the same span the year before.

For the first six months of fiscal 2004, Cohesant said its net sales increased 19.7 percent to $9,525,591 from $7,955,878 for the same period in 2003. The company’s net income for the first half was $817,653, an increase of 46.1 percent over the $559,625 reported in the previous year. Sales of coatings and grouts were up more than 41 percent, and sales of equipment and parts increased over 12 percent from same period in 2003, according to the company.

“Cohesant has exceeded $5 million in quarterly sales and earned $0.20 on a fully diluted per share basis for the first time in its history,” said Morris H. Wheeler, the company’s president and CEO. “Coatings sales are on a record setting pace on an annualized basis and strong International sales continue to energize [the company’s] equipment sales.”

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