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Cohesant Inc. Reports Results For Third Quarter and First Nine Months of Fiscal 2009

Published on 2009-10-09. Author : SpecialChem

BEACHWOOD, Ohio -- Cohesant Inc. reported results for the third quarter and first nine months of fiscal 2009.

The Company's net sales were $3,107,453 for the three months ended August 31, 2009 compared to $3,316,454 in the prior year period. Consolidated gross margins were $1,540,973, or 49.6% of net sales, in the 2009 period compared to $1,500,617, or 45.3% of net sales, in the 2008 period. Operating expenses were $1,601,686 in the third quarter of fiscal 2009 compared to $1,715,605 in the prior year period. The Company had a net loss of ($212,372), or ($0.06) per share for the current period compared to a net loss of ($236,264), or ($0.07) per share in the prior year period.

For the nine months ended August 31, 2009 the Company's net sales were $7,577,290 compared to $8,880,339 in the prior year period. Consolidated gross margins were $3,829,261, or 50.5% of net sales, in the 2009 period compared to $4,187,441, or 47.2% of net sales, in the 2008 period. Operating expenses were $4,682,282 in the first nine months of fiscal 2009 compared to $5,195,352 in the prior year period. The Company had a net loss of ($1,028,042), or ($0.30) per share for the current period compared to a net loss of ($777,947), or ($0.22) per share in the prior year period.

Morris H. Wheeler, Chairman and Chief Executive Officer of the Company, noted "After weathering an extremely difficult first quarter, the management changes implemented at the end of last year combined with cost saving measures are beginning to pay off. Although the downturn has dragged down our year to date results, our steadily improving sales pipeline and balance sheet improvements brought by our focus on achieving cost efficiencies have put us in a good position to take advantage of the coming economic recovery."

About Cohesant Inc.:

Cohesant Inc., based in Beachwood, Ohio, is engaged in the protection and renewal of drinking water distribution systems and wastewater collection systems for municipal, industrial, commercial and residential infrastructure and the design, development, manufacture and sale of specialty coatings and equipment used to apply such coatings. The Company markets its products under numerous trade names including; AquataPoxy, CuraFlo, CuraPoxy, and Raven.

Source: Cohesant Inc.


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