<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

                                   (Mark One)

         [X] Quarterly Report under Section 13 or 15(d) of the Securities
             Exchange Act of 1934

         For the quarterly period ended      February 28, 2003
                                        ---------------------------------------

                                       or

         [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
             Exchange Act of 1934

         For the transition period from                  to
                                       -----------------    -------------------


         Commission File Number:  1-13484
                                  ---------------------------------------------


                           COHESANT TECHNOLOGIES INC.
-------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

             DELAWARE                                         34-1775913
-------------------------------------------------------------------------------
 (State or other jurisdiction of                           (I.R.S. Employer
 Incorporation or organization)                            Identification No.)

5845 West 82nd Street, Suite 102, Indianapolis, Indiana           46278
-------------------------------------------------------------------------------
(Address of principal executive offices)                        (Zip Code)

Issuer's telephone number, including area code      317-875-5592
                                              ---------------------------------

-------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

                                                              YES X   NO
                                                                 ---    -----

As of March 27, 2003, the Company has 2,580,865 shares of Common Stock, $.001
par value, outstanding.

Transitional Small Business Disclosure Format (check one)

                                                              YES       NO X
                                                                  -----   ---


<PAGE>






                           COHESANT TECHNOLOGIES INC.

                                      INDEX
<TABLE>
<CAPTION>
TABLE OF CONTENTS                                                                           PAGE
-----------------                                                                           ----
<S>                                                                                        <C>
PART I

Item 1.     Financial Information

            Cohesant Technologies Inc. Condensed Consolidated
                  Balance Sheet as of February 28, 2003 and November 30, 2002............... 1

            Cohesant Technologies Inc. Condensed Consolidated
                  Statements of Operations for the Three Months Ended
                  February 28, 2003 and February 28, 2002................................... 2

            Cohesant Technologies Inc. Condensed Consolidated
                  Statements of Cash Flows for the Three Months Ended
                  February 28, 2003 and February 28, 2002................................... 3

            Notes to Condensed Consolidated Financial Statements............................ 4

Item 2.     Management's Discussion and Analysis of Financial Condition
                  and Results of Operations................................................. 9

Item 3.     Controls and Procedures.........................................................12

PART II

Item 6.     Exhibits and Reports on Form 8-K................................................13

Signatures and Certifications
</TABLE>




<PAGE>

PART I

ITEM 1.   FINANCIAL INFORMATION

                           COHESANT TECHNOLOGIES INC.

                      CONDENSED CONSOLIDATED BALANCE SHEET

                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                               February 28, 2003           November 30, 2002
                                                                             ----------------------      ----------------------
<S>                                                                           <C>                         <C>
ASSETS:
     Cash and cash equivalents                                                         $ 1,767,846                 $ 1,816,238
     Accounts receivable, net of allowance for doubtful
          accounts of $359,920 and $350,000, respectively.                               3,197,459                   3,358,039
     Inventory                                                                           3,736,398                   3,246,811
     Prepaid expenses and other                                                            334,174                     619,043
     Deferred tax assets                                                                   265,000                     265,000
                                                                                       -----------                 -----------
               Total Current Assets                                                      9,300,877                   9,305,131

     Property, plant and equipment, net                                                    562,745                     508,252
     Patents and other intangibles, net                                                    113,765                     114,433
     Goodwill                                                                              840,254                     840,254
     Other noncurrent assets                                                                 1,815                       1,815
                                                                                       -----------                 -----------
               Total Assets                                                            $10,819,456                 $10,769,885
                                                                                       ===========                 ===========
LIABILITIES AND SHAREHOLDERS' EQUITY:
     Accounts payable                                                                    1,161,686                   1,071,902
     Accrued salaries, benefits and commissions                                            123,226                     524,509
     Accrued taxes                                                                         376,180                     242,725
     Other current liabilities                                                             192,650                     226,643
                                                                                       -----------                 -----------
               Total Current Liabilities                                                 1,853,742                   2,065,779

Commitments and Contingencies

     Shareholders' Equity:
          Common stock ($.001 par value, 10,000,000 shares authorized
                 and 2,636,465 and 2,614,465 shares issued, respectively)                    2,636                       2,615
          Additional paid-in capital                                                     6,232,493                   6,192,140
          Retained earnings                                                              2,924,675                   2,703,441
          Treasury stock at cost, (55,600 shares)                                        (194,090)                   (194,090)
                                                                                       -----------                 -----------
                    Total Shareholders' Equity                                           8,965,714                   8,704,106
                                                                                       -----------                 -----------
                    Total Liabilities and Shareholders' Equity                         $10,819,456                 $10,769,885
                                                                                       ===========                 ===========
</TABLE>




         The accompanying notes are an integral part of these Condensed
                       Consolidated Financial Statements.



                                       1
<PAGE>

                           COHESANT TECHNOLOGIES INC.

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                              For the Three Months Ended
                                           February 28, 2003   February 28, 2002
                                           -----------------   -----------------
<S>                                           <C>                 <C>
       NET SALES                              $ 3,671,228         $ 3,535,769
       COST OF SALES                            1,921,661           1,848,469
                                              -----------         -----------
            Gross profit                        1,749,567           1,687,300

       RESEARCH, DEVELOPMENT AND
           ENGINEERING EXPENSES                   238,617             266,135
       SELLING, GENERAL AND
            ADMINISTRATIVE EXPENSES             1,171,099           1,130,812
                                              -----------         -----------
       TOTAL OPERATING EXPENSES                 1,409,716           1,396,947
                                              -----------         -----------
           Income from operations                 339,851             290,353

       OTHER INCOME:
            Interest income                         1,993               1,207
            Other income, net                      12,845              20,051
                                              -----------         -----------
       INCOME BEFORE TAXES                        354,689             311,611

       INCOME TAX PROVISION                      (133,455)           (111,406)
                                              -----------         -----------
       NET INCOME                                 221,234             200,205
                                              ===========         ===========
        BASIC AND DILUTED EARNINGS PER
        COMMON SHARE  (Note 3)                $      0.09         $      0.08
                                              ===========         ===========
       AVERAGE SHARES OF COMMON STOCK
         OUTSTANDING:
          BASIC                                 2,564,729           2,535,690
                                              ===========         ===========
          DILUTED
                                                2,588,477           2,610,117
                                              ===========         ===========
</TABLE>



         The accompanying notes are an integral part of these Condensed
                       Consolidated Financial Statements.



                                       2
<PAGE>

                           COHESANT TECHNOLOGIES INC.

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                          For the Three Months Ended
                                                                    February 28, 2003    February 28, 2002
                                                                    -----------------    -----------------
<S>                                                                      <C>                 <C>
       CASH FLOWS PROVIDED BY (USED IN)
           OPERATING ACTIVITIES:
         Net income                                                      $   221,234         $   200,205
         Adjustments to reconcile net income to net cash
           Provided by (used in) operations -
            Depreciation and amortization                                     54,705              55,445
            Non-cash compensation                                              6,000               6,000
            Loss on asset disposal                                             9,806
                                                                         -----------         -----------
            Provision for doubtful accounts                                    9,920               1,500
            Net change in current assets and
             current liabilities-
              Accounts and notes receivable                                  150,660             (84,291)
              Inventories                                                   (493,663)           (410,864)
              Prepaid expenses and other                                     284,869                (482)
              Accounts payable                                                89,784             231,600
              Other current liabilities                                     (301,821)            (99,635)
              Other noncurrent assets                                         (1,822)                862
                                                                         -----------         -----------
              Net cash provided by (used in) operating activities             29,672             (99,660)

       CASH FLOWS USED IN INVESTING ACTIVITIES:
          Property and equipment additions                                  (112,438)            (31,424)
                                                                         -----------         -----------
               Net cash used in investing activities                        (112,438)            (31,424)
                                                                         -----------         -----------
       CASH FLOWS FROM FINANCING ACTIVITIES:
          Proceeds from exercise of stock options                             34,374              33,205
                                                                         -----------         -----------
               Net cash provided by financing activities                      34,374              33,205
                                                                         -----------         -----------
       NET DECREASE IN CASH
         AND CASH EQUIVALENTS                                                (48,392)            (97,879)
       CASH AND CASH EQUIVALENTS AT
         BEGINNING OF PERIOD                                               1,816,238           1,119,311
                                                                         -----------         -----------
       CASH AND CASH EQUIVALENTS AT
         END OF PERIOD                                                   $ 1,767,846         $ 1,021,432
                                                                         ===========         ===========
</TABLE>

         The accompanying notes are an integral part of these Condensed
                       Consolidated Financial Statements.


                                       3
<PAGE>



                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 1 - BACKGROUND

Cohesant Technologies Inc. and its subsidiaries (the "Company" or "Cohesant")
are engaged in the design, development, manufacture and sale of specialized
dispense equipment systems, replacement parts and supplies used in the operation
of the equipment and the design, development, manufacture and sale of specialty
coating and grout products.

The Company's direct, wholly owned subsidiaries, Glas-Craft Inc. ("GCI") and
Raven Lining Systems Inc. ("Raven") sell their products through a network of
independent distributors and Certified Applicators in the United States and
overseas. Industries served include construction, transportation and marine.

NOTE 2 - BASIS OF PRESENTATION

The condensed consolidated interim financial statements included herein have
been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission for certain small business
issuers. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with accounting principles generally
accepted in the United States have been condensed or omitted pursuant to such
rules and regulations. However, in the opinion of management of the Company, the
condensed consolidated interim financial statements include all adjustments
necessary to present fairly the financial information for such periods.

These interim financial statements should be read in conjunction with the
Company's financial statements and the notes thereto included in the November
30, 2002 Annual Report to Shareholders on Form 10-KSB.

The consolidated financial statements include the accounts of the Company and
its direct, wholly owned subsidiaries, GCI and Raven. In the fiscal 2002 period
the consolidated financial statements also include GCI's 67% owned subsidiary
RTM Systems, which was liquidated in February 2003. Intercompany accounts and
transactions have been eliminated.

NOTE 3 - EARNINGS PER SHARE

Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings per
Share", requires dual presentation of basic and diluted earnings per share on
the face of the statement of operations. Basic earnings per share is computed by
dividing net income available to common shareholders by the weighted-average
number of common shares outstanding for the period. Diluted earnings per share
is computed based upon the weighted average shares that would have



                                       4
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

been outstanding if all dilutive potential common shares would have been
converted into shares at the earliest date possible. In determining diluted
earnings per share, stock options were included in the calculation as their
effect was dilutive.

In December 2002 the Company granted 100,000 options to its employees at an
exercise price of $4.12 with a vesting period of four years and a term of five
years. Further, the Company increased the reserve for stock options issuable
under the stock option plan by 184,000 to 600,000 shares of common stock. This
increase is subject to shareholders' approval at the 2003 Annual Shareholder
Meeting.

NOTE 4 - ACCOUNTING FOR STOCK-BASED COMPENSATION

During the first quarter of fiscal 2003, the Company adopted the fair value
recognition provisions of FASB Statement No. 123, Accounting for Stock-Based
Compensation, for stock-based employee compensation, effective as of the
beginning of the fiscal year. Under the modified prospective method of adoption
selected by the Company, stock-based employee compensation cost recognized in
2003 is the same as that which would have been recognized had the fair value
recognition provisions of Statement 123 been applied to all awards granted after
February 1, 1998. The following table illustrates the effect on net income and
earnings per share as if the fair value based method had been applied to all
outstanding awards in each period.

<TABLE>
<CAPTION>

                                                                3 MONTHS ENDED
                                                                  FEBRUARY 28
                                                         -----------------------------
                                                            2003              2002
                                                         -----------       -----------
<S>                                                      <C>               <C>
       Net income, as reported                           $   221,234       $   200,205
       Add: Stock-based employee compensation
          expense included in reported net
          income, net of related tax effects                   6,000             6,000
       Deduct:  Total stock-based employee
          compensation expense determined under
          fair value based method for all awards,
          net of related tax effects                         (21,096)          (21,235)
                                                         -----------       -----------
       Pro forma net income                              $   206,138       $   184,970
                                                         ===========       ===========
       Earnings per share:
           Basic--as reported                            $      0.09       $      0.08
                                                         ===========       ===========
           Basic--pro forma                              $      0.08       $      0.07
                                                         ===========       ===========
           Diluted--as reported                          $      0.09       $      0.08
                                                         ===========       ===========
           Diluted--pro forma                            $      0.08       $      0.07
                                                         ===========       ===========
</TABLE>




                                       5
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 5 - REVOLVING LINE OF CREDIT

On March 25, 2003, the Company renewed, through May 1, 2004, its $3,500,000
unsecured revolving line of credit facility. This facility accrues interest at
the bank's prime lending rate. Among other restrictions, the credit facility
requires that the Company meet certain covenants including financial ratios. As
of February 28, 2003, the Company was in compliance with all covenants and did
not have a balance outstanding under this facility.

NOTE 6- SEGMENT INFORMATION

The Company monitors its operations in two business divisions: GCI and Raven.
Certain corporate costs are not allocated to the business segments. Financial
information for the Company's business segments as of and for the period ended
February 28, 2003 and 2002 is as follows:

<TABLE>
<CAPTION>

Three Months Ended
February 28, 2003                                GCI               Raven           Corporate           Consolidated
-----------------                                ---               -----           ---------           ------------
<S>                                            <C>                <C>                <C>                <C>
       Net Sales                             $ 2,584,644        $ 1,086,584        $      --           $ 3,671,228
       Depreciation and amortization:             42,946             11,750                  9              54,705
       Interest expense:                            --                 --                 --                  --
       Net Income:                               231,241            105,964           (115,971)            221,234
       Identifiable assets:                    6,074,754          2,601,914          2,142,788          10,819,456
       Capital expenditures:                      58,027             54,411               --               112,438
</TABLE>

<TABLE>
<CAPTION>
Three Months Ended
February 28, 2002                                GCI               Raven           Corporate           Consolidated
-----------------                                ---               -----           ---------           ------------
<S>                                            <C>                <C>                <C>                <C>
       Net Sales                             $ 2,728,613        $   807,156        $      --           $ 3,535,769
       Depreciation and amortization:             47,429              8,007                  9              55,445
       Interest expense:                            --                 --                 --                  --
       Net Income:                               206,923             95,028           (101,746)            200,205
       Identifiable assets:                    5,998,916          2,493,697          1,307,908           9,800,521
       Capital expenditures:                      26,067              5,357               --                31,424
</TABLE>



                                       6
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

For the first quarter of fiscal 2003 and 2002, the Company's Raven division had
a Certified Applicator, which accounted for approximately 24% and 42%,
respectively, of Raven's total net sales and 48% and 50%, respectively, of
Raven's total trade accounts receivable outstanding as of February 28, 2003 and
2002. On a combined basis, this customer's accounts receivable balances
represented 17% of the Company's total trade accounts receivable in each of the
fiscal quarters ended February 28, 2003 and 2002.

The following table presents percentage of total revenues by region.

<TABLE>
<CAPTION>
                                      Three Months Ended           Three Months Ended
Region                                February 28, 2003            February 28, 2002
-------                               -----------------            -----------------
<S>                                          <C>                           <C>
United States                                74%                           73%
Asia/Pacific Rim                             13                            10
Europe/Middle East                            9                            13
Other                                         4                            4
                                  --------------------------    -------------------------
Total                                       100%                          100%
</TABLE>

NOTE 7- CONTINGENCIES

In November 1999, following the sale of certain assets of the Company's American
Chemical Company ("ACC") subsidiary, ACC contributed its land and building to
Marine Learning Institute ("MLI"), a not-for-profit environmental educational
organization operating under section 501(c)(3) of the United States Internal
Revenue Code. In connection with the contribution agreement, MLI indemnified the
Company and agreed to assume any costs arising from or out of the past, present
or future environmental condition of the site. Subsequent to the donation of the
St. Louis property, the Missouri Attorney General's office has raised questions
regarding the status of the contributed land and advised the Company that
additional clean-up efforts are necessary. Management has advised MLI of the
Missouri Attorney General's concerns. MLI has advised both the Company and the
Missouri Attorney General that, in its opinion, no further clean-up efforts are
necessary. Management intends to seek indemnification from MLI under the
contribution agreement for any further clean-up and legal costs. Further, the
Company had purchased a supplemental environmental insurance policy with respect
to the site and has filed a claim with the carrier. Although the insurance
carrier has issued a preliminary indication that the claim is outside the scope
of coverage of the policy, as more facts become available, the Company may
resubmit the claim or otherwise appeal this preliminary decision.

The Company is a party to certain other legal matters arising in the ordinary
course of business. Management believes the ultimate disposition of these
matters and the matter referred to above will not have a material adverse effect
on the Company's financial position or results of operations.



                                       7
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 8 - IMPACT OF RECENTLY ISSUED ACCOUNTING GUIDANCE

The FASB issued two new statements of financial accounting standards in July
2001: SFAS No. 141, "Business Combinations" (SFAS 141), and SFAS No. 142,
"Goodwill and Other Intangible Assets" (SFAS 142). These interrelated standards
change the accounting for business combinations and goodwill in two significant
ways. SFAS 141 requires that the purchase method of accounting be used for all
business combinations initiated after June 30, 2001. SFAS 142 changes the
accounting for goodwill from an amortization approach to an impairment-only
approach.

The adoption of SFAS 141 did not impact operations. Effective December 1, 2001,
the Company adopted SFAS 142 and no longer amortized goodwill, which
approximated $76,000 per year.

In July 2001, the FASB issued SFAS No. 143, "Accounting for Asset Retirement
Obligations" (SFAS 143). SFAS 143 requires entities to record the fair value of
a liability for an asset retirement obligation in the period in which it is
incurred. SFAS 143 is effective for fiscal years beginning after June 15, 2002,
with earlier application encouraged. The Company is currently assessing the
impact of adopting this standard and has not yet determined the effect of
adoption on its financial position or results of operations.

In December 2002, the FASB issued SFAS No. 148, "Accounting for Stock-Based
Compensation, Transition and Disclosure." SFAS No. 148 provides alternative
methods of transition for a voluntary change to the fair value based method of
accounting for stock-based employee compensation. SFAS No. 148 also requires
that disclosures of the pro forma effect of using the fair value method of
accounting for stock-based employee compensation be displayed more prominently
and in a tabular format. Additionally, SFAS No. 148 requires disclosure of the
pro forma effect in interim financial statements. The transition and annual
disclosure requirements of SFAS No. 148 are effective for the Company's fiscal
year 2003. The interim disclosure requirements are effective for the first
quarter of the Company's fiscal year 2003. The Company does not expect the
adoption of SFAS No. 148 to have a material impact on the Company's results of
operations or financial position. The Company adopted the disclosure provisions
of SFAS 148 as of February 28, 2003.



                                       8
<PAGE>

                           COHESANT TECHNOLOGIES INC.

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
           RESULTS

CRITICAL ACCOUNTING POLICIES

The Company has disclosed those accounting policies that it considers to be
significant in determining the amounts to be utilized for communicating its
consolidated financial position, results of operations and cash flows in the
notes to its consolidated financial statements.

The preparation of financial statements in conformity with these principles
requires management to make estimates and assumptions that affect amounts
reported in the financial statements and accompanying notes. Actual results are
likely to differ from these estimates, but management does not believe such
differences will materially affect the Company's financial position or results
of operations. The following accounting policies represent the most critical
based on management's analysis due the impact on the Company's results of
operations.

Revenue Recognition. The Company recognizes revenue from sales upon shipment of
goods at which time title and risks of ownership transfer to the buyer.

Accounts receivable. The Company evaluates the allowance for doubtful accounts
on a periodic basis and reviews any significant customers with delinquent
balances to determine future collectability. The determination includes a review
of legal issues (such as bankruptcy status), past payment history, current
financial and credit reports, and the experience of the credit representative.
Allowances are established in the period in which the account is deemed
uncollectable or questionable collectability. The Company believes, based on
past history and credit policies, that the net accounts receivable are of good
quality.

Based on a critical assessment of its accounting policies and the underlying
judgments and uncertainties affecting the application of those policies,
management believes that the Company's consolidated financial statements provide
a meaningful and fair perspective of the Company. This is not to suggest that
other risk factors such as changes in economic conditions, changes in material
costs, and others could not adversely impact the Company's consolidated
financial position, results of operations and cash flows in future periods.

RESULTS OF OPERATIONS

First quarter ended February 28, 2003 as compared to the same period in the
prior year.

Net sales for the three months ended February 28, 2003 were $3,671,228 compared
to $3,535,769 for the same period of the prior year, an increase of $135,459 or
3.8%. Net income was $221,234, a $21,029 or 10.5% increase over last year.



                                       9
<PAGE>

                           COHESANT TECHNOLOGIES INC.

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS

Net sales of dispense equipment and spare parts at GCI decreased $143,969 or
5.3%. This decrease was primarily attributable to decreased sales of fiberglass
dispense equipment and spare parts, which was partially offset by increased
sales of coatings and polyurethane dispense equipment and spare parts.
International dispense equipment and parts net sales decreased 15.4%, whereas
domestic dispense equipment and parts net sales increased 3.6%. The decrease in
international sales was primarily a result of decreased sales to Canada and
Europe/Middle East, partially offset by increased sales to the Asian/Pacific
Rim.

Specialty grout and epoxy net sales at Raven were $870,388 compared to $788,089
for the comparable year-ago period, an increase of $82,299 or 10.4%. In
addition, Raven had ancillary equipment and part sales of $216,196 compared to
$19,067 for the comparable period last year. This increase is a result of sales
of application equipment to both new and existing Certified Applicators this
year, whereas only parts were sold in the prior year. Typically, Raven does not
sell equipment unless new Certified Applicators are added or existing
applicators decide to increase their capacity by buying additional equipment.

The Company's gross margin increased to $1,749,567 from $1,687,300 in the 2002
period. This increase was due to the increased sales volume. The gross margin
percentage remained the same at 47.7%.

Operating expenses for the three months ended February 28, 2003 were $1,409,716
compared to $1,396,947 for the same period of the prior year, an increase of
$12,769, or less than 1.0%. This increase was primarily due to increased sales
and marketing expenses (principally higher personnel costs at both GCI and
Raven), which was partially offset by a decrease in research, development and
engineering expenses and administrative expenses. The decrease in research,
development and engineering expenses are primarily due to lower personnel costs
at GCI. The decrease in administrative expense was a result of lower legal fees.

LIQUIDITY AND CAPITAL RESOURCES

The Company's primary sources of liquidity are its cash reserves, cash provided
by operations, and availability under the revolving line of credit. At February
28, 2003 the Company has cash of $1,767,846, net working capital of $7,447,135
and $3,500,000 available under the revolving line of credit.

As of February 28, 2003 cash provided by operations was $29,672 compared to a
$99,660 usage of cash in the comparable period last year. This increase was due
to changes in working capital. Cash usage in investing activities increased from
$31,424 for the quarter ended February 28, 2002 to $112,438 in the current
quarter. This increase was due to increase spending on property and equipment.



                                       10
<PAGE>

                           COHESANT TECHNOLOGIES INC.

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS


On March 25, 2003, the Company renewed, through May 1, 2004, its $3,500,000
unsecured revolving line of credit facility. This facility accrues interest at
the bank's prime lending rate. Among other restrictions, the credit facility
requires that the Company meet certain covenants including financial ratios. As
of February 28, 2003, the Company was in compliance with all covenants and did
not have a balance outstanding under this facility.

The Company does not have any other significant commitments or guarantees,
except for rental commitments.

The Company believes that its cash flow from operating activities, existing cash
resources and working capital coupled with its bank line will be adequate to
meet its capital needs for the foreseeable future, including share repurchases,
if any. In September 2002, the Board of Directors extended the Company's 250,000
share repurchase program through November 30, 2003. As of February 28, 2003 the
Company repurchased 57,617 shares under the program.

FORWARD LOOKING STATEMENTS

Certain statements contained in this report that are not historical facts are
forward looking statements that are subject to certain risks and uncertainties
that could cause actual results to differ materially from those set forth in the
forward looking statement. These risks and uncertainties include, but are not
limited to, a slow-down in domestic and international markets for plural
component dispensing systems and a reduction in growth of markets for the
Company's epoxy coating systems.



                                       11
<PAGE>

                           COHESANT TECHNOLOGIES INC.

ITEM 3.     CONTROLS AND PROCEDURES

Based on their evaluation as of a date within 90 days of the filing date of this
Quarterly Report on Form 10-QSB, the Company's principal executive officer and
principal financial officer have concluded that the Company's disclosure
controls and procedures as defined in Rules 13a-14(c) and 15d-14(c) under the
Securities Exchange Act of 1934 (the Exchange Act) are effective to ensure that
information required to be disclosed by the Company in reports that it files or
submits under the Exchange Act is recorded, processed, summarized and reported
within the time periods specified in Securities and Exchange Commission rules
and forms.

There were no significant changes in the Company's internal controls or in other
factors that could significantly affect these controls subsequent to the date of
their evaluation and up to the filing date of this Quarterly Report on Form
10-QSB. There were no significant deficiencies or material weaknesses, and
therefore there were no corrective actions taken.

It should be noted that any system of controls, however well designed and
operated, can provide only reasonable, and not absolute, assurance that the
objectives of the system are met. In addition, the design of any control system
is based in part upon certain assumptions about the likelihood of future events.
Because of these and other inherent limitations of control systems, there can be
no assurance that any design will succeed in achieving its stated goals under
all potential future conditions, regardless of how remote.



                                       12
<PAGE>

                           COHESANT TECHNOLOGIES INC.

PART II

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

       (a)  Exhibit

            4.2 Amendment to Credit and Security Agreement, Dated March 25, 2003
            by and between Cohesant Technologies Inc. and Union Planters Bank
            N.A.

            99.1 Certification 906

       (b)   Reports on Form 8-K - none














                                       13
<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned there unto duly authorized.

         Dated:            March 27, 2003


                                  COHESANT TECHNOLOGIES INC.

                                  BY:      /s/ Morris H. Wheeler
                                           -----------------------------------
                                  Morris H. Wheeler
                                  President & Chief Executive Officer



                                  BY:      /s/ Robert W. Pawlak
                                           -----------------------------------
                                  Robert W. Pawlak
                                  Chief Financial Officer


<PAGE>

                Certification of the Principal Executive Officer

                     Pursuant to 15 U.S.C. 78m(a) or 78o(d)

                 (Section 302 of the Sarbanes-Oxley Act of 2002)

I, Morris H. Wheeler, the Chairman and Chief Executive Officer of Cohesant
Technologies Inc. (the "Company"), certify that:

            (1) I have reviewed this quarterly report on Form 10-QSB of the
            Company;

            (2) Based on my knowledge, this report does not contain any untrue
            statement of a material fact or omit to state a material fact
            necessary to make the statements made, in light of the circumstances
            under which such statements were made, not misleading with respect
            to the period covered by this report;

            (3) Based on my knowledge, the financial statements, and other
            financial information included in this quarterly report, fairly
            present in all material respects the financial condition, results of
            operations and cash flows of the Company as of, and for, the periods
            presented in this quarterly report;

            (4) The Company's other certifying officers and I are responsible
            for establishing and maintaining disclosure controls and procedures
            (as defined in Exchange Act Rules 13a-14 and 15d-14) for the Company
            and we have:

                        (a) designed such disclosure controls and procedures to
                        ensure that material information relating to the
                        Company, including its consolidated subsidiaries, is
                        made known to us by others within those entities,
                        particularly during the period in which this quarterly
                        report is being prepared;

                        (b) evaluated the effectiveness of the Company's
                        disclosure controls and procedures as of a date within
                        90 days prior to the filing date of this quarterly
                        report (the "Evaluation Date"); and


                        (c) presented in this quarterly report our conclusions
                        about the effectiveness of the disclosure controls and
                        procedures based on our evaluation as of the Evaluation
                        Date;

            (5) The Company's other certifying officers and I have disclosed,
            based on our most recent evaluation, to the Company's auditors and
            the audit committee of Company's board of directors (or persons
            performing the equivalent function):



<PAGE>

                        (a) all significant deficiencies in the design or
                        operation of internal controls which could adversely
                        affect the Company's ability to record, process,
                        summarize and report financial data and have identified
                        for the Company's auditors any material weaknesses in
                        internal controls; and


                        (b) any fraud, whether or not material, that involves
                        management or other employees who have a significant
                        role in the Company's internal controls; and

            (6) The Company's other certifying officers and I have indicated in
            this quarterly report whether or not there were significant changes
            in internal controls or in other factors that could significantly
            affect internal controls subsequent to the date of our most recent
            evaluation, including any corrective actions with regard to
            significant deficiencies and material weaknesses.


/s/ Morris H. Wheeler
---------------------

Morris H. Wheeler
Cohesant Technologies Inc.
President and Chief Executive Officer

March 27, 2003


<PAGE>

                Certification of the Principal Executive Officer

                     Pursuant to 15 U.S.C. 78m(a) or 78o(d)

                 (Section 302 of the Sarbanes-Oxley Act of 2002)

I, Robert W. Pawlak, the Chief Financial Officer of Cohesant Technologies Inc.
(the "Company"), certify that:

            (1) I have reviewed this quarterly report on Form 10-QSB of the
            Company;

            (2) Based on my knowledge, this report does not contain any untrue
            statement of a material fact or omit to state a material fact
            necessary to make the statements made, in light of the circumstances
            under which such statements were made, not misleading with respect
            to the period covered by this report;

            (3) Based on my knowledge, the financial statements, and other
            financial information included in this quarterly report, fairly
            present in all material respects the financial condition, results of
            operations and cash flows of the Company as of, and for, the periods
            presented in this quarterly report;

            (4) The Company's other certifying officers and I are responsible
            for establishing and maintaining disclosure controls and procedures
            (as defined in Exchange Act Rules 13a-14 and 15d-14) for the Company
            and we have:

                        (a) designed such disclosure controls and procedures to
                        ensure that material information relating to the
                        Company, including its consolidated subsidiaries, is
                        made known to us by others within those entities,
                        particularly during the period in which this quarterly
                        report is being prepared;

                        (b) evaluated the effectiveness of the Company's
                        disclosure controls and procedures as of a date within
                        90 days prior to the filing date of this quarterly
                        report (the "Evaluation Date"); and

                        (c) presented in this quarterly report our conclusions
                        about the effectiveness of the disclosure controls and
                        procedures based on our evaluation as of the Evaluation
                        Date;

            (5) The Company's other certifying officers and I have disclosed,
            based on our most recent evaluation, to the Company's auditors and
            the audit committee of Company's board of directors (or persons
            performing the equivalent function):

<PAGE>


                        (a) all significant deficiencies in the design or
                        operation of internal controls which could adversely
                        affect the Company's ability to record, process,
                        summarize and report financial data and have identified
                        for the Company's auditors any material weaknesses in
                        internal controls; and

                        (b) any fraud, whether or not material, that involves
                        management or other employees who have a significant
                        role in the Company's internal controls; and

            (6) The Company's other certifying officers and I have indicated in
            this quarterly report whether or not there were significant changes
            in internal controls or in other factors that could significantly
            affect internal controls subsequent to the date of our most recent
            evaluation, including any corrective actions with regard to
            significant deficiencies and material weaknesses.


/s/ Robert W. Pawlak
--------------------

Robert W. Pawlak
Cohesant Technologies Inc.
Chief Financial Officer

March 27, 2003