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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ikonics Corporation | NASDAQ:IKNX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.90 | 29.99 | 34.00 | 0 | 01:00:00 |
Glenn Sandgren, IKONICS CEO, noted, “IKONICS traditionally has experienced financial challenges in the first quarter. 2020 was no exception, as we started the year with very strong January and February sales, but the impact of COVID-19 on March revenue was substantial, and is expected to continue and will overshadow much of our short-term progress. Nevertheless, there have been numerous positive events.”
Business Highlights:
Sandgren continued, “We have been responding aggressively to this global crisis by implementing new workplace controls to protect our people and by taking actions to improve our liquidity and reduce our operating costs including a temporary reduction in officer compensation and board fees. Compared with many similar companies, IKONICS has a favorable cash position, with approximately $3.0 million in cash and short-term investments as well as a $2.1 million open line of credit. Due to the unknown severity and duration of the COVID-19 pandemic and the related lack of visibility to the impact on the Company's served markets, it is impossible to predict the performance of the business at this juncture. Ultimately, we believe that the crisis could yield a number of strategic opportunities for IKONICS and other well positioned companies.”
IKONICS Corporation | ||||||||
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||
For the Three Months Ended March 31, 2020 and 2019 | ||||||||
Three Months Ended | ||||||||
3/31/20 | 3/31/19 | |||||||
Net sales | $ | 3,497,192 | $ | 3,528,691 | ||||
Cost of goods sold | 2,343,960 | 2,519,572 | ||||||
Gross profit | 1,153,232 | 1,009,119 | ||||||
Operating expenses | 1,964,600 | 1,560,807 | ||||||
Loss from operations | (811,368 | ) | (551,688 | ) | ||||
Interest expense | (21,484 | ) | (22,275 | ) | ||||
Other Income | 6,917 | 16,194 | ||||||
Loss before income taxes | (825,935 | ) | (557,769 | ) | ||||
Income tax benefit | (238,929 | ) | (102,738 | ) | ||||
Net loss | $ | (587,006 | ) | $ | (455,031 | ) | ||
Loss per common share-basic and diluted | $ | (0.30 | ) | $ | (0.23 | ) | ||
Average diluted shares outstanding | 1,976,354 | 1,983,553 | ||||||
CONDENSED BALANCE SHEETS | ||||||
As of March 31, 2020 and December 31, 2019 | ||||||
3/31/2020 | 12/31/2019 | |||||
Assets | (unaudited) | |||||
Current assets | $ | 7,508,435 | $ | 8,692,188 | ||
Property, plant, and equipment, net | 7,867,513 | 7,915,984 | ||||
Intangible assets, net | 268,004 | 271,369 | ||||
$ | 15,643,952 | $ | 16,879,541 | |||
Liabilities and Stockholders' Equity | ||||||
Current liabilities | $ | 1,316,536 | $ | 1,934,486 | ||
Long-term debt | 2,654,036 | 2,688,357 | ||||
Stockholders' equity | 11,673,380 | 12,256,698 | ||||
$ | 15,643,952 | $ | 16,879,541 | |||
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||
For the Three Months Ended March 31, 2020 and 2019 | |||||||
3/31/2020 | 3/31/2019 | ||||||
Net cash used in operating activities | $ | (427,276 | ) | $ | (617,996 | ) | |
Net cash provided by (used in) investing activities | 1,104,749 | (352,476 | ) | ||||
Net cash used in financing activities | (35,682 | ) | (35,419 | ) | |||
Net increase (decrease) in cash and cash equivalents | 641,791 | (1,005,891 | ) | ||||
Cash and cash equivalents at beginning of period | 963,649 | 1,623,137 | |||||
Cash and cash equivalents at end of period | $ | 1,605,440 | $ | 617,246 | |||
RECONCILIATION OF GAAP TO NON-GAAP LOSS
We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). We have provided non-GAAP loss in this press release to assist investors in comparing losses on a year-over-year basis and because management believes it is a useful metric in evaluating ongoing performance of our company. Non-GAAP adjusted loss reflects the add back of costs related to the 2020 first quarter chief executive officer transition including severance payments, signing bonus, relocation expenses and executive search consulting expenses. The presentation of this information is not meant to be a substitute for the corresponding financial measures prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of GAAP to non-GAAP financials measures below.
3/31/20 | 3/31/19 | % Change | |||||||||
Net loss | $ | (587,006 | ) | $ | (455,031 | ) | (29%) | ||||
Add: CEO transition costs | 365,000 | — | |||||||||
Non-GAAP adjusted loss | $ | (222,006 | ) | $ | (455,031 | ) | 51% | ||||
Non-GAAP adjusted loss per common share-basic and diluted | $ | (0.11 | ) | $ | (0.23 | ) | |||||
Average diluted shares outstanding | 1,976,354 | 1,983,553 | |||||||||
This press release contains forward-looking statements regarding sales, gross profits, net earnings, balance sheet position, new products, new business initiatives, customer behavior and market trends that involve risks and uncertainties. The Company's actual results could differ materially as a result of domestic and global economic conditions, downturns in the aerospace or automotive industries, unexpected production delays by customers using the Company’s products, competitive market conditions, changes in consumer preferences, inability to commercialize technologies the Company is developing on the anticipated timeline or at all, acceptance of new products the Company offers, introduction of new products or technologies by competitors, unexpected capital expenditure requirements, delays in completing planned expansions, the ability to control operating costs without impacting growth as well as the factors described in the Company's Forms 10-K, and 10-Q, and other reports on file with the SEC.
News Contact: | Glenn Sandgren |
Chief Executive Officer | |
(218) 628-2217 |
1 Year Ikonics Chart |
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