Duluth-based imaging technology firm IKONICS Corp. reported third quarter 2019 sales were $4,530,000, 3 percent below the record third quarter of 2018. The net loss for the third quarter of 2019 was $163,000, or 8 cents per diluted share, compared to a loss of $25,000 for the same quarter of 2018.
For the first nine months, the company posted a net loss of 37 cents per diluted share compared with a net loss of 1 cent per diluted share for 2018.
“These disappointing results partially reflect the markets we serve that are being adversely affected by the current trade war and resulting tariffs,” said CEO Bill Ulland. “However, there are some bright spots. Our newly introduced IKONART product, which we sell into the craft market, is substantially exceeding sales and profit expectations and will be featured on the Home Shopping Network in January and the new PBS show ‘Make It Artsy’ to be shown in various time slots. Sales of our IKONICS IMAGING business unit, which sells IKONART, are up 15 percent over the third quarter of 2018.”
“AMS, our aerospace business, is bidding on several major jet engine projects and feedback from these customers is encouraging, although the sales cycle in aerospace is long,” Ulland added. “Our mold etching joint research program, which combines our DTX patented films with AKK’s patented printing technology, is progressing as we have just received the AKK printer to accelerate the test work.”