IKONICS Announces First Quarter 2020 Results
Ikonics Corporation (IKNX)
US:NASDAQ Investor Relations:
ikonics.com/investor-relations
Company Research
Source: GlobeNewswire
DULUTH, Minn., April 30, 2020 (GLOBE NEWSWIRE) -- IKONICS Corporation (the “Company”) (Nasdaq:IKNX), a Duluth-based imaging technology company, announced first quarter 2020 earnings. Revenue was $3,497,000 compared to $3,529,000 in 2019, a decline of 1%. IKONICS posted a first quarter loss of $587,000, or $0.30 per diluted share, in 2020 compared to a loss of $455,000, or $0.23 per diluted share, in 2019. On a non-GAAP basis, IKONICS realized an adjusted net loss of $222,000, or $0.11 per diluted share (excluding one-time expenses relating to the Company’s Chief Executive Officer transition), a 51% improvement over the $455,000 loss, or $0.23 per diluted share, for the same quarter of 2019. 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 conti
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