IKONICS Corporation

2014 IKONICS Annual Report

Through processes based in photochemistry, abrasive etching, chemical etching and other technologies, IKONICS participates in a diverse spectrum of markets. From traditional and high-tech screen printing, to decorative and industrial etching.

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COMPANY OVERVIEW IKONICS is a corporation with four important technology platforms: Ultraviolet (UV) chemistry, film coating and construction, industrial inkjet printing and technical abrasive etching. IKONICS combines these technologies in various ways to create products and services for screen printers, manufacturers of awards and trophies, manufacturers of textured molds for plastic injection, and the custom machining of advanced composite materials and electronic wafers. IKONICS' customer base includes over 25,000 end-users of its screen printing and awards and trophy products, suppliers to the worldwide automotive industry, and major civilian and military electronics and aerospace companies. IKONICS' products and services are used to manufacture products that range from T-shirts to the latest automobiles to the most advanced commercial and military aircraft. IKONICS' key technologies are developed internally, and IKONICS believes it has a strong patent and trade secret position. All manufacturing is done in Duluth. IKONICS believes this range of technologies and markets, and its strong financial condition, make IKONICS a very robust company that is buffered against many vagaries of the market and the economy. IKONICS' commitment to a range of new technologies gives it substantial growth potential. CONTENTS Letter to Shareholders............................................................................................1 Special Note Regarding Forward-Looking Statements..............................................2 Risk Factors..........................................................................................................2 Management's Discussion and Analysis of Financial Condition and Results of Operations.........................................................5 Critical Accounting Policies and Estimates...............................................................5 Results of Operations.............................................................................................6 Market for Common Equity and Related Stockholder Matters...................................................................................8 Management's Report............................................................................................8 Management's Annual Report on Internal Control Over Financial Reporting.................................................................9 Report of Independent Registered Public Accounting Firm......................................................................... 9 Balance Sheets....................................................................................................10 Statements of Income..........................................................................................11 Statements of Stockholders' Equity.......................................................................11 Statements of Cash Flows................................................................................... 12 Notes to Financial Statements..............................................................................13 Board of Directors/Corporate Officers...................................................................19 IKONICS Five-Year History.......................................................................Back Cover CORPORATE PROFILE 2014 Net Sales...................................................................................$18,489,837 2014 Earnings per common share (diluted)......................................................$0.32 Company founded...........................................................................................1952 Employees..........................................................................................................75 NASDAQ Symbol..............................................................................................IKNX

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