IKONICS Corporation

2015 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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20 IKONICS CORPORATION STATEMENTS OF INCOME YEARS ENDED DECEMBER 31, 2015 AND 2014 2015 2014 NET SALES $ 17,562,066 $ 18,489,837 COST OF GOODS SOLD 11,417,474 11,786,608 GROSS PROFIT 6,144,592 6,703,229 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 5,263,372 5,124,764 RESEARCH AND DEVELOPMENT EXPENSES 660,402 664,999 INCOME FROM OPERATIONS 220,818 913,466 OTHER 4,189 5,304 INCOME BEFORE INCOME TAXES 225,007 918,770 FEDERAL AND STATE INCOME TAXES (Note 2) 90,000 270,000 NET INCOME $ 135,007 $ 648,770 EARNINGS PER COMMON SHARE: Basic $ 0.07 $ 0.32 Diluted $ 0.07 $ 0.32 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic 2,018,253 2,017,144 Diluted 2,018,591 2,018,334 See notes to financial statements.

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