Ikonics, a Duluth-based imaging technology company, is reporting record sales of nearly $4.6 million for the second quarter.
That's a 26 percent increase over the year's first quarter and an 8 percent increase over the second quarter of 2010, according to a company news release.
But also in the second quarter, earnings fell 10 percent to $310,000 or
16 cents per share compared to 17 cents per share in the second quarter of 2010.
The drop in earnings is largely due to the rising cost of petrochemicals and expenses related to the company's new business initiatives, the release said.
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The boost in sales comes after the company saw both sales and earnings drop during the first quarter compared to the same period in 2010.
The growth in sales is welcome, CEO Bill Ulland said in a statement. He anticipates an increase in consumable sales in the second half of the year and accelerating thereafter as equipment becomes available.
