12/10/2012

PHOTO: IKONICS CEO BILL ULLAND

The board at Duluth-based IKONICS Corp. (IKNX) declared a one-time special cash dividend of $1 per share, payable on Dec. 31 to shareholders of record at the close of business on Dec. 20.

The total amount of the one-time dividend will be approximately $2 million based on the current number of shares outstanding. It will be paid with current cash reserves.

"This dividend reflects our strong balance sheet, steady performance over the past years, and our optimism for IKONICS' future," said Bill Ulland, CEO of the imaging technology company. "We believe this dividend, the first cash dividend in our company's history, is an appropriate way to reward our shareholders and maximize their benefit from this one-time event prior to potential tax rate increases in 2013."

After payment of the special dividend, the company plans to continue executing its existing growth plans with its remaining cash reserves and future cash generated from operations. IKONICS has no long term debt.

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