GLOBE NEWSWIRE -- IKONICS Corporation (Nasdaq:IKNX - News), a Duluth based imaging technology company, reported sales for 2009 of $15,122,000, a 4.6% decrease compared to 2008. Income from operations declined by 10% for the year to $870,000. Cash provided by operations grew by 22% to $1,374,000 over 2008. Reported income for the year was adversely affected by the $919,000 write off of the Company's investment in Imaging Technology International (iTi). After the write off, the loss for the year was $307,000 or $0.16 per share compared to income of $814,000 or $0.40 per share for 2008. The iTi write off was a non-cash event, and cash and cash equivalents grew by 45% during the year to $1,305,000.
