Tuesday, February 07, 2012

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

Contact: Morris H. Wheeler, Chairman  & Chief Executive Officer
Cohesant Inc.
(216) 910-1700

For Immediate Release

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

Beachwood, Ohio October 7, 2009--Cohesant Inc. (Pink Sheets: COHY) today 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.”

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.

[Table Follows]

COHESANT  INC.
Summary Financial Data (Unaudited)

 

  Three Months Ended
August 31, 2009
Three Months Ended
August 31, 2008

Net sales $  3,107,453
$  3,316,454
     
Loss before income taxes (132,410)
(199,300)
     
Net loss $   (212,372)
$   (236,264)
     
Basic and diluted net loss  per share $        (0.06)
$        (0.07)
     
Average number of common
shares outstanding basic and diluted
3,382,281
3,460,357
     

  Nine Months Ended
August 31, 2009
Nine Months Ended
August 31, 2008

Net sales $  7,577,290
$  8,880,339
     
Loss before income taxes (908,739)
(985,524)
     
Net loss $(1,028,042)
$   (777,947)
     
Basic and diluted net loss  per share $        (0.30)
$         (0.22)
     
Average number of common
shares outstanding basic and diluted
3,400,244
3,460,357


Safe Harbor Statement

This communication contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, particularly those preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” or similar expressions.  Forward-looking statements relating to expectations about future results or events are based upon information available as of today’s date, and there is no assumed obligation to update any of these statements.  The forward-looking statements are not guarantees of future performance, and actual results may vary materially from the results and expectations discussed.  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 Inc. undertakes no 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.


Posted on Wednesday, October 07, 2009
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