This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:IKONICS Reports Second Quarter Results 2009-08-13 13:02 ET - News Release DULUTH, Minn., Aug. 13, 2009 (GLOBE NEWSWIRE) -- IKONICS Corporation (Nasdaq:IKNX), a Duluth-based imaging technology company, reported a 13% decline in 2009 second quarter sales to $3,787,000 compared to the same period in 2008. Earnings per share decreased by 59% to $0.07 per share, down from the $0.17 per share earned in the second quarter of 2008. Despite the sales and earnings decreases, the Company generated over $730,000 in cash from operating activities for the first six months of 2009.
Bill Ulland, IKONICS CEO, said, "The recession continues to impact our sales. Although we have recently experienced an increase in revenue from our new business initiatives, it has been insufficient to compensate for declines in some of our traditional markets, particularly European sales and our higher margin awards and recognition segment."
"I anticipate that our sales decline will begin to level off and start to trend upward in the second half of 2009, but gross profit will trail that trend until our new businesses accelerate their growth. In the meantime, we are controlling costs without neglecting our growth plans," added Ulland.
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