<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     May 31, 2002
                              --------------------------------------------------

                                       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 June 24, 2002, the Company has 2,550,732 shares of Common Stock, $.001 par
value, outstanding.

Transitional Small Business Disclosure Format (check one) YES [ ]    NO [X]


<PAGE>







                           COHESANT TECHNOLOGIES INC.

                                      INDEX

Part I.  Financial Information                                            PAGE
------------------------------                                            ----

    Cohesant Technologies Inc. Condensed Consolidated
             Balance Sheet as of May 31, 2002............................... 1

    Cohesant Technologies Inc. Condensed Consolidated
             Statements of Operations for the Three Months Ended
             May 31, 2002 and May 31, 2001.................................. 2

    Cohesant Technologies Inc. Condensed Consolidated
             Statements of Operations for the Six Months Ended
             May 31, 2002 and May 31, 2001.................................. 3

    Cohesant Technologies Inc. Condensed Consolidated
             Statements of Cash Flows for the Six Months Ended
             May 31, 2002 and May 31, 2001.................................. 4

    Notes to Condensed Consolidated Financial Statements.................... 5

    Management's Discussion and Analysis of Financial Condition
             and Results of
Operations..................................................................10



Part II.    Other Information
-----------------------------

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


Signatures..................................................................14
















<PAGE>




                          PART I. FINANCIAL INFORMATION
                          -----------------------------

                           COHESANT TECHNOLOGIES INC.

                      CONDENSED CONSOLIDATED BALANCE SHEET
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                    May 31, 2002
                                                                                   -------------
<S>                                                                                <C>
ASSETS:
     Cash and cash equivalents                                                     $   1,247,163
     Accounts receivable, net of allowance
          for doubtful accounts of $299,779                                            3,592,827
     Inventory                                                                         3,723,333
     Prepaid expenses and other                                                          150,660
     Deferred tax assets                                                                 251,100
                                                                                   -------------
               Total Current Assets                                                    8,965,083

     Property, plant and equipment, net                                                  518,062
     Patents and other intangibles, net                                                  115,482
     Goodwill, net                                                                       840,254
     Other noncurrent assets                                                                 644
                                                                                   -------------
               Total Assets                                                        $  10,439,525
                                                                                   =============


LIABILITIES AND SHAREHOLDERS' EQUITY:
     Accounts payable                                                                  1,544,648
     Accrued salaries, benefits and commissions                                          291,528
     Accrued taxes                                                                       390,547
     Other current liabilities                                                           227,253
                                                                                   -------------
               Total Current Liabilities                                               2,453,976

Commitments and Contingencies

     Shareholders' Equity:
          Common stock ($.001 par value, 10,000,000
               shares authorized, 2,550,232 issued)                                        2,550
          Additional paid-in capital                                                   6,018,225
          Retained earnings                                                            1,964,774
                                                                                   -------------
                    Total Shareholders' Equity                                         7,985,549
                                                                                   -------------

                    Total Liabilities and Shareholders' Equity                     $  10,439,525
                                                                                   =============

</TABLE>












         The accompanying notes are an integral part of this Condensed
Consolidated Financial Statement.

                                        1
<PAGE>



                           COHESANT TECHNOLOGIES INC.

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

                                                            For the Three Months Ended
                                                          May 31, 2002         May 31, 2001
                                                         --------------       --------------

<S>                                                      <C>                  <C>
NET SALES                                                $    4,531,984       $    4,437,412
COST OF SALES                                                 2,344,932            2,556,044
                                                         --------------       --------------
     Gross profit                                             2,187,052            1,881,368

RESEARCH, DEVELOPMENT AND
    ENGINEERING EXPENSES                                        281,303              290,297
SELLING, GENERAL AND
     ADMINISTRATIVE EXPENSES                                  1,441,233            1,175,908
                                                         --------------       --------------
TOTAL OPERATING EXPENSES                                      1,722,536            1,466,205

    Income from operations                                      464,516              415,163

OTHER INCOME (EXPENSE):
     Interest expense                                              --                 (8,088)
     Interest income                                                292                 --
     Other income, net                                           13,146                9,459
                                                         --------------       --------------

INCOME BEFORE INCOME TAXES                                      477,954              416,534

INCOME TAX PROVISION                                           (168,241)            (149,564)
                                                         --------------       --------------

NET INCOME                                                      309,713              266,970
                                                         ==============       ==============

 BASIC AND DILUTED EARNINGS PER
 COMMON SHARE  (Note 3)                                  $         0.12       $         0.11
                                                         ==============       ==============

AVERAGE SHARES OF COMMON STOCK
  OUTSTANDING:
   BASIC                                                      2,550,224            2,389,738
                                                         ==============       ==============
   DILUTED                                                    2,618,658            2,422,466
                                                         ==============       ==============

</TABLE>







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




                                        2
<PAGE>

                           COHESANT TECHNOLOGIES INC.

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                    For the Six Months Ended
                                               May 31, 2002         May 31, 2001
                                              --------------       --------------

<S>                                           <C>                  <C>
NET SALES                                     $    8,067,753       $    7,789,664
COST OF SALES                                      4,193,401            4,398,361
                                              --------------       --------------
     Gross profit                                  3,874,352            3,391,303

RESEARCH, DEVELOPMENT AND
    ENGINEERING EXPENSES                             547,438              561,533
SELLING, GENERAL AND
     ADMINISTRATIVE EXPENSES                       2,572,045            2,172,385
                                              --------------       --------------
TOTAL OPERATING EXPENSES                           3,119,483            2,733,918

    Income from operations                           754,869              657,385

OTHER INCOME (EXPENSE):
     Interest expense                                   --                (17,805)
     Interest income                                   1,499                 --
     Other income, net                                33,197               11,889
                                              --------------       --------------

INCOME BEFORE INCOME TAXES                           789,565              651,469

INCOME TAX PROVISION                                (279,647)            (223,923)
                                              --------------       --------------

NET INCOME                                           509,918              427,546
                                              ==============       ==============

 BASIC AND DILUTED EARNINGS PER
 COMMON SHARE  (Note 3)                       $         0.20       $         0.18
                                              ==============       ==============

AVERAGE SHARES OF COMMON STOCK
  OUTSTANDING:
   BASIC                                           2,543,037            2,369,990
                                              ==============       ==============
   DILUTED                                         2,614,560            2,413,181
                                              ==============       ==============
</TABLE>







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




                                        3
<PAGE>

                           COHESANT TECHNOLOGIES INC.

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


                                                                     For the Six Months Ended
                                                                  May 31, 2002         May 31, 2001
                                                                 --------------       --------------

<S>                                                              <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                                     $      509,918       $      427,546
  Adjustments to reconcile net income to net cash
     provided by operations -
     Depreciation and amortization                                      114,342              149,779
     Loss on disposal of equipment                                         --                  2,591
     Provision for doubtful accounts                                     43,000               15,000
     Net change in current assets and
      current liabilities-
       Accounts and notes receivable                                   (492,675)            (303,199)
       Inventory                                                       (522,005)             126,486
       Prepaid expenses and other                                        88,023              (18,389)
       Accounts payable                                                 712,256              480,058
       Other current liabilities                                       (258,560)            (697,850)
       Other noncurrent assets                                             (286)              (5,549)
                                                                 --------------       --------------
       Net cash provided by operating activities                        194,013              176,473

CASH FLOWS USED IN INVESTING ACTIVITIES:
   Property and equipment additions                                    (112,926)             (41,657)
   Payments from unconsolidated affiliate                                  --                 40,639
                                                                 --------------       --------------
        Net cash used in investing activities                          (112,926)              (1,018)
                                                                 --------------       --------------

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
   Payments under revolving line of credit                                 --               (131,000)
   Proceeds from exercise of stock options                               46,765               68,125
                                                                 --------------       --------------
        Net cash provided by (used in) financing activities              46,765              (62,875)
                                                                 --------------       --------------

NET INCREASE IN CASH AND CASH EQUIVALENTS                               127,852              112,580
CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                                                 1,119,311               61,053
                                                                 --------------       --------------
CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                                                  $    1,247,163       $      173,633
                                                                 ==============       ==============

SUPPLEMENTAL DISCLOSURES:
  Cash paid during the period for
     Interest                                                    $         --         $       17,805
                                                                 --------------       --------------
     Income Taxes                                                $      270,000       $      507,000
                                                                 ==============       ==============

</TABLE>


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


                                        4


<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
spray finishing and coating application equipment, replacement parts and
supplies used in the operation of the equipment and 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, 2001 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, and GCI's 67% owned
subsidiary RTM Systems. 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




                                        5
<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.

NOTE 4 - REVOLVING LINE OF CREDIT FACILITY

On April 29, 2002, the Company renewed its revolving line of credit agreement
with a bank. This $3,500,000 unsecured credit facility accrues interest at the
bank's prime lending rate. The credit facility expires on May 1, 2003. Among
other restrictions, the credit facility requires that the Company meet certain
covenants including financial ratios. As of May 31, 2002, the Company was in
compliance with the covenants and financial ratios and did not have a balance
outstanding under this facility.


NOTE 5- 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 periods ended
May 31, 2002 and 2001 is as follows:

<TABLE>
<CAPTION>
Three Months Ended
May 31, 2002                                   GCI                Raven               Corporate          Consolidated
------------                                   ---                -----               ---------          ------------

<S>                                       <C>                  <C>                  <C>                   <C>
Net Sales:                                $ 3,366,801          $ 1,165,183          $      --             $ 4,531,984
Depreciation and amortization:                 48,482               10,406                    9                58,897
Interest expense:                                --                   --                   --                    --
Net Income:                                   241,252              189,732             (121,271)              309,713
Identifiable assets:                        6,383,906            2,549,360            1,506,259            10,439,525
Capital expenditures:                          53,605               27,897                 --                  81,502

<CAPTION>
Three Months Ended
May 31, 2001                                   GCI                Raven               Corporate          Consolidated
------------                                   ---                -----               ---------          ------------

<S>                                       <C>                  <C>                  <C>                   <C>
Net Sales:                                $ 3,213,410          $ 1,224,002          $      --             $ 4,437,412
Depreciation and amortization:                 48,575               26,998                    9                75,582
Interest expense:                                --                   --                  8,088                 8,088
Net Income:                                   182,410              172,672              (88,112)              266,970
Identifiable assets:                        6,235,117            2,412,581              371,047             9,018,745
Capital expenditures:                           3,922                3,493                 --                   7,415
</TABLE>




                                        6
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
Six Months Ended
May 31, 2002                                    GCI                Raven            Corporate            Consolidated
------------                                    ---                -----            ---------            ------------

<S>                                        <C>                  <C>                  <C>                   <C>
Net Sales:                                 $ 6,095,414          $ 1,972,339          $      --             $ 8,067,753
Depreciation and amortization:                  95,911               18,413                   18               114,342
Interest expense:                                 --                   --                   --                    --
Net Income:                                    448,175              284,760             (223,017)              509,918
Identifiable assets:                         6,383,906            2,549,360            1,506,259            10,439,525
Capital expenditures:                           79,672               33,254                 --                 112,926

<CAPTION>
Six Months Ended
May 31, 2001                                    GCI                Raven             Corporate           Consolidated
------------                                    ---                -----             ---------           ------------

<S>                                        <C>                  <C>                  <C>                   <C>
Net Sales:                                 $ 5,684,272          $ 2,105,392          $      --             $ 7,789,664
Depreciation and amortization:                  96,019               53,740                   20               149,779
Interest expense:                                 --                   --                 17,805                17,805
Net Income:                                    352,794              228,116             (153,364)              427,546
Identifiable assets:                         6,235,117            2,412,581              371,047             9,018,745
Capital expenditures:                           30,368               11,289                 --                  41,657
</TABLE>

The following table presents percentage of total revenues by region.
<TABLE>
<CAPTION>

                           Three Months Ended         Three Months Ended          Six Months Ended          Six Months Ended
Region                          May 31, 2002               May 31, 2001             May 31, 2002              May 31, 2001
-------                         ------------               ------------             ------------              ------------
<S>                                 <C>                        <C>                      <C>                       <C>
United States/Canada                 69%                        66%                      71%                       70%
Asia/Pacific Rim                     17                         18                       14                        13
Europe/Middle East                   10                         12                       12                        13
Other                                 4                          4                        3                         4
                           -----------------------    -----------------------    --------------------     ----------------------
Total                               100%                       100%                     100%                      100%
</TABLE>


NOTE 6- 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. Recently, 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



                                        7
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

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 is in discussions with the Missouri Attorney General to
determine the scope of any possible additional clean-up efforts and 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.

On December 19, 2001, Graves Spray Supply, Inc. (Graves), the parent company of
Magnum-Venus Products, filed a lawsuit in federal court, in the Middle District
of Florida, against the Company's GCI subsidiary, under the patent laws of the
United States. On June 6, 2002 the Company announced the settlement of this
suit. The settlement included no payments by either party, no admission of
patent infringement, and the dismissal of both party's legal actions.

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 matters referred to above will not have a material adverse
effect on the Company's financial position or results of operations.

NOTE 7 - 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. Goodwill is to be tested for impairment at a reporting unit level at
least annually. SFAS 142 also changes certain aspects of accounting for
intangible assets; however, excluding goodwill, the company does not have any
significant intangible assets with indefinite lives.

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. During the quarter ended May 31, 2002, the
transitional impairment test required by SFAS 142 was completed and did not
result in any impairment of goodwill.

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


                                        8
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

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 August 2001, the FASB issued SFAS No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets". SFAS No. 144 addresses financial accounting and
reporting for the impairment or disposal of long-lived assets and superseded
SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and for
Long-Lived Assets to Be Disposed Of" and certain aspects of APB No. 30,
"Reporting the Results of Operations--Reporting the Effects of Disposal of a
Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring
Events and Transactions". SFAS No. 144 is effective in fiscal years beginning
after December 15, 2001, with early adoption permitted. The adoption of SFAS No.
144 did not impact operations.





























                                        9
<PAGE>

                           COHESANT TECHNOLOGIES INC.

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

                    THREE MONTHS ENDED MAY 31, 2002 AND 2001

RESULTS OF OPERATIONS

Net sales for the three months ended May 31, 2002 were $4,531,984 compared to
$4,437,412 for the same period of the prior year, an increase of $94,572 or
2.1%. Net income was $42,743 or 16.0% greater than last year.

Net sales of equipment and spare parts at GCI increased $153,391 or 4.8%. This
increase was primarily attributable to increased sales of coatings &
polyurethane equipment and to a lesser extent increased sales of fiberglass
equipment, which was slightly offset by a decrease in sales to OEM customers.
International equipment and part sales were flat, whereas domestic equipment and
part sales increased 9%.

Specialty grout and epoxy net sales at Raven were $1,148,621 compared to
$1,038,257 for the comparable period last year, an increase of $110,364 or
10.6%. In addition, Raven had ancillary equipment sales of $16,562 compared to
$185,745 for the comparable period last year. This decrease in equipment sales
is attributable to a lack of new Certified Applicators in the current period.
Typically, Raven does not sell equipment unless new Certified Applicators are
added or existing applicators decide to increase their capacity by buying
additional equipment. Raven is continuing to seek new Certified Applicators and
expects to sign additional Certified Applicators by the end of the year.
Generally, the addition of Certified Applicators results in an increase of
specialty grout and epoxy sales however, it does not necessarily result in an
increase in equipment sales.

The Company's gross margin increased to $2,187,052, or 48.3% of net sales, in
the current quarter from $1,881,368, or 42.4% of net sales, in the 2001 period.
This increase was due to the increased sales volume of equipment and spare parts
and a favorable product mix at both GCI and Raven.

Operating expenses for the three months ended May 31, 2002 were $1,722,536
compared to $1,466,205 for the same period of the prior year, an increase of
$256,331, or 17.5%. This increase was primarily due to increased administrative
expenses (principally higher personnel and legal costs) and to a lesser extent
increased sales and marketing expenses, offset by a slight decrease in research,
development and engineering expenses. Increased selling and marketing expenses
are primarily the result of the increased sales volume at GCI and higher
personnel costs at Raven. The increased legal costs are primarily attributable
to the patent suit brought against GCI, which has been settled.

Other income (expense), increased from the same period in the prior year by
$12,067. This increase was primarily a result of a decrease in interest expense.

                                       10
<PAGE>

                           COHESANT TECHNOLOGIES INC.

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



                     SIX MONTHS ENDED MAY 31, 2002 AND 2001

RESULTS OF OPERATIONS

Net sales for the six months ended May 31, 2002 were $8,067,753 compared to
$7,789,664 for the same period of the prior year, an increase of $278,089 or
3.6%. Net income was $82,372 or 19.3% greater than last year.

Net sales of equipment and spare parts at GCI increased $411,142 or 7.2%. This
increase was primarily attributable to increased sales of coatings and
polyurethane equipment and to a lesser extent increased sales of fiberglass
equipment and sales to OEM customers. International equipment and parts net
sales increased 12%, whereas domestic equipment and parts net sales increased
3%. The increase in international sales was led by Canada, and to a lesser
extent, the Asian/Pacific Rim and Europe/Middle East. The increase was partially
offset by decreased sales to South America.

Specialty grout and epoxy net sales at Raven were $1,936,710 compared to
$1,667,780 for the comparable period last year, an increase of $269,002 or
16.1%. In addition, Raven had ancillary equipment sales of $35,629 compared to
$437,684 for the comparable period last year. This decrease in equipment sales
is attributable to a lack of new Certified Applicators in the current period.
Typically, Raven does not sell equipment unless new Certified Applicators are
added or existing applicators decide to increase their capacity by buying
additional equipment. Raven is continuing to seek new Certified Applicators and
expects to sign additional Certified Applicators by the end of the year.
Generally, the addition of Certified Applicators results in an increase of
specialty grout and epoxy sales however, it does not necessarily result in an
increase in equipment sales.

The Company's gross margin increased to $3,874,352, or 48.0% of net sales, in
the current period from $3,391,303, or 43.5% of net sales, in the 2001 period.
This increase was due to the increased sales volume of equipment and spare parts
and a favorable product mix at both GCI and Raven.

Operating expenses for the six months ended May 31, 2002 were $3,119,483
compared to $2,733,918 for the same period of the prior year, an increase of
$385,565, or 14.1%. This increase was primarily due to increased administrative
expenses (principally higher personnel and legal costs) and to a lesser extent
increased sales and marketing expenses, offset by a slight decrease in research,
development and engineering expenses. Increased selling and marketing expenses
are primarily the result of the increased sales volume at GCI and higher
advertising and personnel costs at Raven. The increased legal costs are
primarily attributable to the patent suit brought against GCI, which has been
settled.

                                       11
<PAGE>

                           COHESANT TECHNOLOGIES INC.

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



Other income (expense), increased from the same period in the prior year by
$40,612. This increase was primarily a result of an increase in finance charge
income generated from outstanding trade receivables and a decrease in interest
expense.


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 May 31,
2002 the Company has cash of $1,247,163, net working capital of $6,511,107 and
$3,500,000 available under the revolving line of credit.

On April 29, 2002, the Company renewed its revolving line of credit agreement
with a bank. This $3,500,000 unsecured credit facility accrues interest at the
bank's prime lending rate. The credit facility expires on May 1, 2003. Among
other restrictions, the credit facility requires that the Company meet certain
covenants including financial ratios. As of May 31, 2002, the Company was in
compliance with the covenants and financial ratios 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 revolving line of credit
agreement will be adequate to meet its capital needs for the foreseeable future.


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 foreign markets for plural component
dispensing systems and a reduction in growth of markets for the Company's epoxy
coating systems.








                                       12
<PAGE>

                           COHESANT TECHNOLOGIES INC.


PART II.   OTHER INFORMATION
----------------------------

ITEM 6.      EXHIBITS AND REPORTS ON FORM 8-K

      (a)   Exhibit

            4.1   Amendment to Credit and Security Agreement, Date April 29,
                  2002 by and between Cohesant Technologies Inc. and Union
                  Planters Bank N.A.

      (b)   Reports on Form 8-K

            No form 8-K was filed in the quarter end May 31, 2002, however, an
            8-K was filed in June of 2002 to report a change in auditors.































                                       13
<PAGE>


                                    SIGNATURE


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:            June 24, 2002


                                   COHESANT TECHNOLOGIES INC.


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































                                       14