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Ikonics reports record sales quarter

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business Duluth,Minnesota 55802
Duluth News Tribune
Ikonics reports record sales quarter
Duluth Minnesota 424 W. First St. 55802

Ikonics Corp. is reporting another quarter of record sales.

Sales for the Duluth-based imaging technology company reached nearly $4.5 million for its first quarter ending in March. That’s 11 percent higher than last year’s $4 million, according to the latest company data.


Meanwhile, earnings totaled $205,000 or 10 cents per diluted share, compared to a $88,000 loss or 4 cents per share for the same quarter in 2013.

The record first-quarter sales follow record sales in the fourth quarter of 2013, according to the publicly traded company.

In a news release, CEO Bill Ulland attributed the strong first quarter to a substantial order placed with the company’s imaging division.

Moreover, he said the company is well-positioned for growing sales and profits in the future. That includes production orders as a second-tier supplier for new Airbus and Bombardier aircraft that are being manufactured and are to begin commercial service in 2015.

“We expect substantial recurring business as this production ramps up,”

Ulland said in a statement. “We also anticipate entering into contracts with additional aerospace companies in the third and fourth quarters.”

While Ikonics has enough space at its West Duluth facility for additional business, more equipment will be needed to fulfill the contracts, he said.