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Sales up, earnings down at Ikonics

Duluth-based Ikonics Corp. boosted its sales to $4.6 million in the second quarter but lost about $105,000 between April and June this year. That compares to a roughly $39,000 profit on $4.1 million in sales over the same period last year for the...

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This is the exterior of the Morgan Park expansion of Ikonics in the Atlas Industrial Park. (file / News Tribune)

Duluth-based Ikonics Corp. boosted its sales to $4.6 million in the second quarter but lost about $105,000 between April and June this year. That compares to a roughly $39,000 profit on $4.1 million in sales over the same period last year for the imaging firm.
Ikonics CEO Bill Ulland said in a statement the rest of 2017 is looking stronger as a major aerospace customer began reordering this summer.
“The customer has indicated that orders will continue on pace with the second half of last year, and we are adding other new aerospace customers,” he said.
Despite the quarterly loss that amounted to 5 cents per share, Ikonics had more money in the bank at the end of June compared to June 2016.
The company’s stock price was off 2.2 percent Thursday to close at $9.06. IKNX has traded as high as $13.03 and as low as $7.40 in the past year.

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