NEWS TRIBUNE
Ikonics Corp., a Duluth-based imaging technology company, saw its profits slip during the third quarter of this year.
Ikonics reported net income of $237,833 during its latest completed quarter -- down 33 percent from what it earned during the same quarter last year. For the first nine months of 2008, Ikonics achieved $701,908 of net income -- 14.9 percent less than it did during the same period last year.
However, Ikonics' revenues are up slightly. For the first nine months of this year, Ikonics reported $11.9 million in sales, nearly 4 percent more than it did during the same time last year.
Ikonics CEO Bill Ulland largely attributed the company's weakened performance to a downturn in the awards and recognition market.
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Its earnings also were squeezed by rising raw material prices and about $67,000 spent to cover the expense of patent applications.
"While I'm disappointed with the third-quarter results, I am encouraged by the increasing market acceptance of our new technologies, and I expect our new technologies to contribute more to sales in the upcoming quarters," Ulland said in a prepared statement.
