Cohesant Technologies Reports Results For the Fourth Quarter and Fiscal Year Ended November 30, 2007
February 08 2008 - 9:09AM
Business Wire
Cohesant Technologies Inc. (Nasdaq: COHT) today reported results
for the fourth quarter and fiscal year ended November 30, 2007. For
the quarter ending November 30, 2007, consolidated net sales
increased 6.9% to $7,392,596 from $6,914,425 realized in the fourth
quarter of fiscal 2006. This increase was a result of increased
sales at both the Rehabilitation division and GlasCraft of 23.7%
and 12.7%, respectively. This increase was partially offset by a
10.9% decrease in sales at the Franchise and Licensing division.
The Company had fourth quarter consolidated net income of $14,445,
which included $380,704 of transaction costs associated with the
proposed sale of its GlasCraft business to Graco Inc.
(NYSE:GGG)("Graco"), compared to $316,258 earned in the comparable
fiscal 2006 period. On a fully diluted per share basis, net income
was $0.00 (or break-even) in the fiscal 2007 fourth quarter
compared to $0.10 in the fiscal 2006 fourth quarter. For the fiscal
year ended November 30, 2007, consolidated net sales increased
10.3% to $29,273,861 from $26,543,175 realized in the 2006 period.
GlasCraft�s sales increased 20.9%. This increase was partially
offset by decreased sales at the Rehabilitation division and the
Franchise and Licensing division of 2.7% and 3.8%, respectively.
The Company had consolidated net income of $470,582, which included
$380,704 of costs associated with the proposed sale of its
GlasCraft business to Graco, compared to $1,577,157 earned in the
prior year period. On a fully diluted per share basis, net income
was $0.14 for fiscal 2007 compared to $0.48 last year. Morris H.
Wheeler, the Company�s President and Chief Executive Officer,
stated, �Besides the outstanding performance at GlasCraft this year
we had several other significant accomplishments: 1) in early
December the Company announced the proposed sale of its GlasCraft
business --which is expected to close on or about February 27th and
will result in a payment of between $9.05 and $9.55 to each
shareholder; 2) CuraFlo Franchising was launched in mid-2007 and is
anticipated to be a significant growth vehicle in the future; 3) we
refocused our rehabilitation efforts to pipe lining work rather
than repipe work and grew our pipe lining sales by 68% in fiscal
2007; 4) CuraFlo Spincast completed it�s first project in the 4th
quarter and we anticipate it to be a solid contributor in fiscal
2008.� As previously announced, on December 3, 2007, the Company
entered into a definitive agreement pursuant to which Graco would
acquire the Company�s GlasCraft business. The acquisition will be
accomplished through a merger with the Company, immediately
preceded by a spin off of all the non-GlasCraft business operations
(collectively, CIPAR) to the Company�s stockholders. The total
transaction value is $35 million including indebtedness assumed by
Graco at the closing and transaction expenses. The transaction is
subject to customary conditions including approval by the Company�s
stockholders. Cohesant Technologies Inc., based in Indianapolis,
Indiana is engaged in the protection and renewal of drinking water
distribution systems and wastewater collection systems for
municipal, industrial, commercial and residential infrastructure,
the design, development, manufacture and sale of specialized
dispense equipment systems, replacement parts and supplies used in
the operation of the equipment in the Composites, Polyurethane
Foam, Polyurea, and Specialty Coatings markets, and the design,
development, manufacture and sale of specialty coatings. The
Company markets its products under numerous trade names including;
AquataPoxy, CuraFlo, CuraPoxy, GlasCraft, Guardian, Probler and
Raven. Merger/Special Dividend/CIPAR Information In connection with
the proposed merger with Graco, the Company has filed a definitive
proxy/information statement with the SEC. Stockholders and
investors are advised to read the proxy/information statement
because it contains important information about the merger, the
Company and CIPAR�the spun-off businesses. Stockholders and
investors may obtain a free copy of the proxy/information statement
and other documents filed by the Company with the SEC at the SEC's
web site at www.sec.gov. Free copies of the proxy/information
statement and the Company's other filings with the SEC may be
obtained from the Company at www.cohesant.com by clicking on the
"Investors" tab and then following the link to "SEC Filings." Free
copies of the Company's filings may be obtained by directing a
written request to 5845 W. 82nd St. Indianapolis, IN 46278,
Attention: Corporate Secretary or by telephone at 317-871-7611.
Participants in the Solicitation The Company and its directors,
executive officers and other members of its management may be
deemed to be soliciting proxies from the Company's stockholders in
favor of the merger. Investors and stockholders may obtain more
detailed information regarding the direct and indirect interests in
the merger of persons who may, under the rules of the SEC, be
considered participants in the solicitation of the Company's
stockholders in connection with the merger by reading the
definitive proxy/information statement regarding the merger, which
will has been filed with the SEC. Information about the Company's
directors and executive officers may be found in the Company's
definitive proxy statement filed with the SEC on May 4, 2007. These
documents are available free of charge at the SEC's web site at
www.sec.gov or by directing a request to the Company as described
above. [Table follows] COHESANT TECHNOLOGIES INC.Summary Financial
Data (Unaudited) � Three Months Ended November 30, 2007 � Three
Months Ended November 30, 2006 Net sales $ 7,392,596 � $ 6,914,425
� (Loss) income before income taxes (69,804 ) 511,827 � Net income
$ 14,445 $ 316,258 � Net income per share basic and diluted $ 0.00
$ 0.10 � Average number of commonshares outstanding: Basic
3,331,662 3,190,145 Diluted 3,340,629 3,286,716 � � � � � Twelve
Months Ended November 30, 2007 � Twelve Months Ended November 30,
2006 Net sales $ 29,273,861 $ 26,543,175 Income before income taxes
703,310 2,545,536 � Net income $ 470,582 $ 1,577,157 Net income per
share Basic $ 0.14 $ 0.50 Diluted $ 0.14 $ 0.48 Average number of
commonshares outstanding Basic 3,297,050 3,148,986 Diluted
3,318,166 3,268,543 Except for the factual information contained
herein, the matters set forth in this press release, including
statements identified by words such as "expects" "anticipates" and
similar expressions are forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, including Section 27A(i) of the
"safe harbor" provisions of the Securities Act of 1933 and Section
21E(i) of the Securities Exchange Act of 1934. These
forward-looking statements are made subject to significant risks
and uncertainties that could cause actual results to differ
materially from those stated. You should not place undue reliance
on these forward-looking statements, which speak only as of the
date of this press release. Cohesant undertakes any obligation to
publicly release any revisions to these forward looking statements
to reflect events or circumstances after the date of this press
release or to reflect the occurrence of unanticipated events.
Cohesant (NASDAQ:COHT)
Historical Stock Chart
From Sep 2024 to Oct 2024
Cohesant (NASDAQ:COHT)
Historical Stock Chart
From Oct 2023 to Oct 2024