Cohesant Technologies Inc. (Nasdaq: COHT) reported net income of $0.00 per share–or break even–for the fourth quarter and fiscal year ended November 30, 2007.
The company said consolidated net sales increased 6.9% to $7,392,596 in Q407, up from $6,914,425 in Q406. This increase was a result of increased sales at both the Rehabilitation division and the company’s subsidiary GlasCraft, according to a company release, which also stated the increase was partially offset by a 10.9% decrease in sales at the Franchise and Licensing division.
The company reported Q4 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 ), compared to $316,258 earned in Q406.
The company said consolidated net sales increased 10.3% to $29,273,861, up from $26,543,175 realized in the Q406.
GlasCraft’s sales increased 20.9%. T
The company reported consolidated net income of $470,582 for the entire fiscal year, compared to $1,577,157 earned in 2006. On a fully diluted per share basis, net income was $0.14 for FY07 compared to $0.48 for FY06.
Morris H. Wheeler, the Company’s President and CEO said the proposed sale of GlasCraft 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.
About Cohesant Technologies Inc.,
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.
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