Earnings out...EPS for the year was $.26, which means
the trailing PE is *6*
Cohesant Technologies Reports Record Fiscal1998 Fourth-Quarter and Year End Financial Results
December 22, 1998 03:57 PM
INDIANAPOLIS--(BUSINESS WIRE)--Dec. 22, 1998--Cohesant Technologies Inc. COHT today reported record financial results for its fiscal 1998 fourth quarter and full year, which ended November 30, 1998. The company's net sales for the fourth quarter of fiscal 1998 increased 20 percent to $2,897,142 from $2,410,058 for the comparable period last year. Income from continuing operations of $98,463, or $0.04 per share (basic and diluted), for the quarter improved significantly when compared to income from continuing operations in last year's fourth quarter of $24,099, or $0.01 per share. Last year's fourth quarter results reflected losses from discontinued operations of $57,795, or $0.02 per share, resulting in a net loss of $33,696, or $0.01 per share (basic and diluted), in the fourth quarter of a year ago. For the fiscal year ended November 30, 1998, net sales increased over 19 percent to $11,735,872 from $9,830,598 for all of fiscal 1997. Net income from continuing operations for the year increased substantially to $696,341, or $0.26 per share (basic and diluted), from $254,259, or $0.10 per share (basic and diluted) in fiscal 1997. A loss from discontinued operations last year of $1,712,136 resulted in a net loss for 1997 of $1,457,877. "Both of our operating subsidiaries, Glas-Craft, Inc. and Raven Lining Systems, had superior performance for the quarter and year." said Dwight D. Goodman, Cohesant's president and chief executive officer. "Both operations increased their business during the year, with Raven's sale of specialty epoxy coatings accounting for somewhat over half of the increase in volumes for the year." Cohesant Technologies Inc., based in Indianapolis, Indiana, designs, develops, and manufactures specialized spray finishing and coating application equipment and specialty coating products through its two subsidiaries: Glas-Craft, Inc., and Raven Lining Systems, Inc. Glas-Craft manufactures spray finishing and coating equipment for applying plural component materials such as polyesters, polyurethanes, and epoxies. Raven Lining Systems, Inc., manufactures and sells AquataPoxy(R) and the Raven line of high-performance coating systems that are resistant to water and corrosive breakdown by most acids and solvents and can be used in drinking water systems. (Table follows)
COHESANT TECHNOLOGIES INC.
Summary Financial Data (Unaudited)
----------------------------------------------------------------------
Three Months Three Months
Ended Ended
Nov. 30, 1998 Nov. 30, 1997
----------------------------------------------------------------------
Net sales $ 2,897,142 $ 2,410,058
Income from continuing operations
before income taxes 98,463 3,999
Income from continuing operations 98,463 24,099
Loss from discontinued operations -- (57,795)
Net income (loss) $ 98,463 $ (33,696)
Basic and diluted net income
(loss) per share
Continuing operations $ 0.04 0.01
Discontinued operations -- $ (0.02)
Basic and diluted net income
(loss) per common share $ 0.04 $ (0.01)
Average number of common
shares outstanding 2,556,958 2,688,343
----------------------------------------------------------------------
Twelve Months Twelve Months
Ended Ended
Nov. 30, 1998 Nov. 30, 1997
----------------------------------------------------------------------
Net sales $11,735,872 $ 9,830,598
Income from continuing operations
before income taxes 696,341 234,159
Income from continuing operations 696,341 254,259
Loss from discontinued operations -- (1,712,136)
Net income (loss) $ 696,341 $(1,457,877)
Basic and diluted net income
(loss) per share
Continuing operations $ 0.26 0.10
Discontinued operations -- $ (0.64)
Basic and diluted net income
(loss) per common share $ 0.26 $ (0.54)
Average number of common
shares outstanding 2,655,587 2,688,343
1997 quarterly results have been reclassified to properly reflect activities between continuing and discontinued operations. This reclassification had no effect on the earnings for the fiscal 1997 year. ---------------------------------------------------------------------- Certain statements contained in this report that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statement. These risks and uncertainties include, but are not limited to, a slow-down in domestic and foreign markets for plural component dispensing systems and a reduction in growth of markets for the Company's epoxy coating systems. ----------------------------------------------------------------------
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