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Ikonics reports $105,638 profit in first quarter

Ikonics Corp., a Duluth-based manufacturer of imaging technology supplies, posted first-quarter earnings of $105,638 Thursday. That's 24 percent less than the $139,097 of net income it reported during the first three months of last year, but last...

Ikonics Corp., a Duluth-based manufacturer of imaging technology supplies, posted first-quarter earnings of $105,638 Thursday.

That's 24 percent less than the $139,097 of net income it reported during the first three months of last year, but last year's numbers included a one-time boost in early 2007 from the $55,000 sale of its interests in Apprise Technologies, plus another $55,000 in tax benefits. Were it not for either of those events last year, Ikonics would have bested its earnings during the first quarter of 2008.

The company reported $3.8 million in sales during the first three months of this year -- 7.8 percent more than it did during the same period in 2007.

Bill Ulland, Ikonics' CEO, said recent sales have been buoyed by demand for products in Europe and Asia, particularly in light of a weak dollar. However, he observed that the slowing U.S. economy has negatively affected domestic sales.

Ikonics continues to move ahead with plans to construct a new 35,000-square-foot manufacturing and warehouse facility in Morgan Park.

Related Topics: MANUFACTURING
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