COHT - today reported increased sales and record first quarter pre-tax earnings.
For the quarter ending February 28, 1999, net sales increased 19% to $3,095,407 from $2,603,617 for the comparable period last year. Pre-tax earnings increased 32%, to $224,333 from $169,706 during 1998. The Company had first quarter net income of $141,330, or $.06 per common share, as compared to $169,706 or $.06 in the 1998 first quarter. The 1999 results reflect a provision for income taxes of $83,003. In the 1998 period, there was no provision for income taxes because of utilization of a net operating loss carryforward for which a valuation allowance was previously recorded. The comparability of net income per share is impacted by a reduction in the number of common shares outstanding in the 1999 period.
''Our Glas-Craft, Inc. subsidiary had a terrific first quarter with sales increasing over 41% over the 1998 period,'' said Dwight D. Goodman, Cohesant's president and chief executive officer. ''Demand for its polyurethane coating and dispensing systems was very strong, due in large part to new product offerings. Sales of specialty epoxy coatings by our Raven Linings subsidiary declined due to completion of certain large projects in 1998 and delays by contractors on current projects for which Raven products have been specified.''
''I believe that our growth should continue as we move on further into the fiscal year,'' Mr. Goodman added.
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