Boston, MA 03/10/2014 (wallstreetpr) – IKONICS Corporation (NASDAQ:IKNX) engaged in the development, manufacture and selling of photosensitive liquids has announced that it has entered into a contractual distribution agreement with JDS industries which is a leading product supplier in the awards and recognition industry.
The agreement will help in the distribution of IKONICS Corporation (NASDAQ:IKNX) products to more than 14 distribution centers that JDS operates in, in the US markets. JDS will help in availing IKONICS Corporation imaging products to customers it has dealt with over the years.
JDS industries management exudes in confidence that the partnership with IKONICS Corporation will work out to benefit both parties as they work to boost their inventory. Peter Norman a Corporate accountants at IKONICS Corporation was also enthusiastic about the agreement as JDS would be more than able to provide the much needed distribution channel
IKONICS Corporation10-K Report as of December 31, 2013
Income taxes
IKONICS Corporation (NASDAQ:IKNX) as of December 31 had net current deferred tax assets worth $150, 000 with net non-current tax liabilities worth $527,000. The company’s deferred tax assets and liabilities resulted from accrued expenses and inventory reserves as well as property and equipment. The company’s valuation allowance as of December 31, 2013 stood at $326,000 with $17,000 of the amount related to Minnesota research and development credit and the remaining $309,000 related to the US federal capital loss carryovers.
Sales
IKONICS Corporation (NASDAQ:IKNX) sales for the full year increased by 1% coming in at a record $17.5 million compared to net sales of $17.3 million reported in 2012. Domestic sales increased by 2% with chemical and emulsion sales being stronger for the year as a result of improved distribution in the US
Gross profit
IKONICS Corporation (NASDAQ:IKNX)’s gross profit for the year stayed put at $6.9 million similar to levels recorded in 2012 but at the back of 39.7% of sales compared to 40.1% of sales for 2012.
IKONICS Corporation net income for the full year drooped to $7,000 compared to highs of $12,000 reported in 2012
IKONICS Corporation (NASDAQ:IKNX) dropped in Friday trading session by 6.47% to close the day at low trading margins of $28.70
