IKONICS Corp. (IKNX), announced today that its largest aerospace customer will resume ordering in June now that its inventory is in line with production forecasts. Assuming no further disruptions, the company’s AMS division now expects a continuous stream of business in line with a long-term agreement with the customer that runs into 2021.
The company also announced that it is resuming its previously announced share buy-back program. The company has board authorization to repurchase up to 250,000 shares. So far, 206,640 shares have been repurchased. Shares may be repurchased in the open market or directly from shareholders who contact the company in privately negotiated transactions.
Two of IKONICS’ industrial inkjet DTXJet V printers were delivered in May to facilities in Europe, where customers are now using them in regular production. These sales will have a positive effect on second quarter revenue, the Duluth-based imaging technology company said in a news release.
“We anticipate strong and continuing orders of ink and patented substrates based on the sales of these printers,” IKONICS CEO Bill Ulland said. “We also expect further sales of the new DTXJet V series printers.”
The DTX technology is used to put textures in steel molds for plastic injection molding used primarily in the automotive market.