IKONICS Corporation

2017 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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12 PART II Item 5. Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Company's Common Stock is traded on the Nasdaq Capital Market under the symbol IKNX. The following table sets forth, for the fiscal quarters indicated, the high and low sales prices for the Company's Common Stock as reported on the Nasdaq Capital Market for the periods indicated. High Low Fiscal Year Ended December 31, 2017: First Quarter $ 12.00 $ 9.50 Second Quarter 10.14 7.40 Third Quarter 9.39 8.20 Fourth Quarter 8.80 7.34 Fiscal Year Ended December 31, 2016: First Quarter $ 12.33 $ 10.29 Second Quarter 11.95 10.20 Third Quarter 13.95 10.25 Fourth Quarter 12.00 10.47 As of February 23, 2018, the Company had 534 shareholders. The Company has not declared cash dividends in the past two years and does not currently have plans to pay any cash dividends in the future. Any future declaration and payment of dividends is within the sole discretion of the Company's board of directors. The Company repurchased shares as indicated in the table below during the fourth quarter of 2017 (1) : (c) Total Number of (a) Total (b) Average Shares Purchased as (d) Maximum Number Number Price Part of Publicly of Shares that May of Shares Paid per Announced Yet Be Purchased Under Purchased Share Plans or Programs The Plans or Programs Oct. 1, 2017 through Oct. 31, 2017 — $ — — 75,000 Nov. 1, 2017 through Nov 30, 2017 7,649 $ 7.83 7,649 67,351 Dec. 1, 2017 through Dec. 31, 2017 851 $ 8.00 851 66,550 Total 35,450 35,450 (1) In prior years, the Company's board of directors had authorized the repurchase of up to 250,000 shares of common stock. A total of 219,589 shares were repurchased under this program including 1,950 shares repurchased during the second quarter of 2017. As of August 2, 2017, the plan allowed for an additional 30,411 shares to be repurchased. On August 3, 2017, the Company's board of directors approved a new repurchase authorization for up to100,000 shares of the Company's common stock, which replaced all prior authorizations. Shares repurchased under this new authorization may be made through open market and privately negotiated transactions from time to time. The new share repurchase authorization does not have an expiration date. Item 6. Selected Financial Data Not applicable Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following management discussion and analysis focuses on those factors that had a material effect on the Company's financial results of operations and financial condition during 2017 and 2016 and should be read in conjunction with the Company's audited financial statements and notes thereto for the years ended December 31, 2017 and 2016, included herein.

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