<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, 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)

<TABLE>

<S>                                                      <C>
            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)
</TABLE>

 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 19, 2003, the Company has 2,578,865 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 May 31, 2003 and November 30, 2002....................... 1

           Cohesant Technologies Inc. Condensed Consolidated
                  Statements of Operations for the Three Months Ended
                  May 31, 2003 and May 31, 2002................................................ 2

           Cohesant Technologies Inc. Condensed Consolidated
                  Statements of Operations for the Six Months Ended
                  May 31, 2003 and May 31, 2002................................................ 3

           Cohesant Technologies Inc. Condensed Consolidated
                  Statements of Cash Flows for the Six Months Ended
                  May 31, 2003 and May 31, 2002................................................ 4

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

Item 2.    Management's Discussion and Analysis of Financial Condition
                  and Results of Operations....................................................10

Item 3.    Controls and Procedures.............................................................14


PART II

Item 6.    Exhibits and Reports on Form 8-K....................................................14

Signatures and Certifications
</TABLE>

<PAGE>

PART I

ITEM 1.   FINANCIAL INFORMATION

                           COHESANT TECHNOLOGIES INC.

                      CONDENSED CONSOLIDATED BALANCE SHEET

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                  May 31, 2003      November 30, 2002
                                                                                  ------------      -----------------
<S>                                                                               <C>                  <C>
ASSETS:

     Cash and cash equivalents                                                    $  2,459,262         $  1,816,238
     Accounts and note receivable, net of allowance for doubtful
          accounts of $378,400 and $350,000, respectively                            3,060,188            3,358,039
     Inventory                                                                       3,704,748            3,246,811
     Prepaid expenses and other                                                        216,295              619,043
     Deferred tax assets                                                               265,000              265,000
                                                                                  ------------         ------------
               Total Current Assets                                                  9,705,493            9,305,131

     Property, plant and equipment, net                                                555,279              508,252
     Patents and other intangibles, net                                                113,334              114,433
     Goodwill                                                                          840,254              840,254
     Other noncurrent assets                                                            18,826                1,815
                                                                                  ------------         ------------
               Total Assets                                                       $ 11,233,186         $ 10,769,885
                                                                                  ============         ============

LIABILITIES AND SHAREHOLDERS' EQUITY:
     Accounts payable                                                             $    906,748            1,071,902
     Accrued salaries, benefits and commissions                                        340,353              524,509
     Accrued taxes                                                                     439,330              242,725
     Other current liabilities                                                         243,930              226,643
                                                                                  ------------         ------------
               Total Current Liabilities                                             1,930,361            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                                                 6,238,493            6,192,140
          Retained earnings                                                          3,263,066            2,703,441
          Treasury stock at cost, (57,600 and 55,600 shares, respectively)            (201,370)            (194,090)
                                                                                  ------------         ------------
                    Total Shareholders' Equity                                       9,302,825            8,704,106
                                                                                  ------------         ------------

                    Total Liabilities and Shareholders' Equity                    $ 11,233,186         $ 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
                                           May 31, 2003        May 31, 2002
                                          --------------      -------------

<S>                                        <C>                 <C>
NET SALES                                  $ 4,284,650         $ 4,531,984
COST OF SALES                                2,144,745           2,344,932
                                           -----------         -----------
     Gross profit                            2,139,905           2,187,052

RESEARCH, DEVELOPMENT AND
    ENGINEERING EXPENSES                       236,851             281,303
SELLING, GENERAL AND
     ADMINISTRATIVE EXPENSES                 1,411,061           1,441,233
                                           -----------         -----------
TOTAL OPERATING EXPENSES                     1,647,912           1,722,536

                                           -----------         -----------
    Income from operations                     491,993             464,516

OTHER INCOME:
     Interest income                            19,735                 292
     Other income, net                          10,813              13,146
                                           -----------         -----------

INCOME BEFORE TAXES                            522,541             477,954

INCOME TAX PROVISION                          (184,150)           (168,241)
                                           -----------         -----------

NET INCOME                                 $   338,391         $   309,713
                                           ===========         ===========

 BASIC AND DILUTED EARNINGS PER
 COMMON SHARE  (Note 3)                    $      0.13         $      0.12
                                           ===========         ===========

AVERAGE SHARES OF COMMON STOCK
  OUTSTANDING:

   BASIC                                     2,580,778           2,550,224
                                           ===========         ===========
   DILUTED

                                             2,595,050           2,618,658
                                           ===========         ===========
</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, 2003        May 31, 2002
                                                --------------      --------------

<S>                                              <C>                 <C>
NET SALES                                        $ 7,955,878         $ 8,067,753
COST OF SALES                                      4,066,406           4,193,401
                                                 -----------         -----------
     Gross profit                                  3,889,472           3,874,352

RESEARCH, DEVELOPMENT AND
    ENGINEERING EXPENSES                             475,468             547,438
SELLING, GENERAL AND
     ADMINISTRATIVE EXPENSES                       2,582,160           2,572,045
                                                 -----------         -----------
TOTAL OPERATING EXPENSES                           3,057,628           3,119,483

                                                 -----------         -----------
    Income from operations                           831,844             754,869

OTHER INCOME:
     Interest income                                  21,728               1,499
     Other income, net                                23,658              33,197
                                                 -----------         -----------

INCOME BEFORE TAXES                                  877,230             789,565

INCOME TAX PROVISION                                (317,605)           (279,647)
                                                 -----------         -----------

NET INCOME                                       $   559,625         $   509,918
                                                 ===========         ===========

 BASIC AND DILUTED EARNINGS PER
 COMMON SHARE  (Note 3)                          $      0.22         $      0.20
                                                 ===========         ===========

AVERAGE SHARES OF COMMON STOCK
  OUTSTANDING:
   BASIC                                           2,572,842           2,543,037
                                                 ===========         ===========
   DILUTED                                         2,591,871           2,614,560
                                                 ===========         ===========
</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, 2003        May 31, 2002
                                                        --------------      --------------

<S>                                                      <C>                 <C>
CASH FLOWS PROVIDED BY
    OPERATING ACTIVITIES:
  Net income                                             $   559,625         $   509,918
  Adjustments to reconcile net income to net cash
    provided by operations -
       Depreciation and amortization                         107,576             114,342
       Non-cash compensation                                  12,000              12,000
       Loss on asset disposal                                 10,174                  --
       Provision for doubtful accounts                        28,400              43,000
  Net change in assets and  liabilities-
       Accounts and note receivable                          269,451            (492,675)
       Inventory                                            (474,281)           (522,005)
       Prepaid expenses and other                            402,748              88,023
       Accounts payable                                     (165,154)            712,256
       Other current liabilities                              29,736            (258,560)
       Other noncurrent assets                               (20,912)               (286)
                                                         -----------         -----------
       Net cash provided by operating activities             759,363             206,013

CASH FLOWS USED IN INVESTING ACTIVITIES:
   Property and equipment additions                         (143,433)           (112,926)
                                                         -----------         -----------
        Net cash used in investing activities               (143,433)           (112,926)
                                                         -----------         -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from exercise of stock options                    34,374              34,765
   Purchase of Common Stock                                   (7,280)                 --
                                                         -----------         -----------
        Net cash provided by financing activities             27,094              34,765
                                                         -----------         -----------
NET DECREASE IN CASH
  AND CASH EQUIVALENTS                                       643,024             127,852
CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                                      1,816,238           1,119,311
                                                         -----------         -----------
CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                                          $ 2,459,262         $ 1,247,163
                                                         ===========         ===========

SUPPLEMENTAL DISCLOSURES:
     Cash paid during the period for income taxes        $   121,000         $   270,000
                                                         ===========         ===========
</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
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




                                       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.

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.

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                      6 MONTHS ENDED
                                                              MAY 31                             MAY 31
                                                  ----------------------------        -----------------------------
                                                      2003             2002              2003               2002
                                                      ----             ----              ----               ----

<S>                                               <C>               <C>               <C>               <C>
Net income, as reported                           $  338,391        $  309,713        $  559,625        $   509,918
Add: Stock-based employee compensation
   expense included in reported net
   income, net of related tax effects
                                                       6,000             6,000            12,000             12,000
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)          (42,192)           (42,470)
                                                  ----------        ----------        ----------        -----------

Pro forma net income                              $  323,295        $  294,478        $  529,433        $   479,448
                                                  ==========        ==========        ==========        ===========

Earnings per share:
    Basic--as reported                            $     0.13        $     0.12        $     0.22        $      0.20
                                                  ==========        ==========        ==========        ===========
    Basic--pro forma                              $     0.13        $     0.12        $     0.21        $      0.19
                                                  ==========        ==========        ==========        ===========

    Diluted--as reported                          $     0.13        $     0.12        $     0.22        $      0.20
                                                  ==========        ==========        ==========        ===========
    Diluted--pro forma                            $     0.13        $     0.11        $     0.20        $      0.18
                                                  ==========        ==========        ==========        ===========
</TABLE>



                                       6
<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 May 31, 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
May 31, 2003 and 2002 is as follows:

<TABLE>
<CAPTION>
Three Months Ended

May 31, 2003                               GCI              Raven            Corporate         Consolidated
------------                               ---             ------            ---------         ------------

<S>                                   <C>                <C>                <C>                 <C>
Net Sales                             $ 2,995,171        $ 1,289,479        $      --           $ 4,284,650
Depreciation and amortization:             41,640             11,206                 25              52,871
Interest expense:                            --                 --                 --                  --
Net Income:                               277,884            185,209           (124,702)            338,391
Identifiable assets:                    5,949,588          2,462,065          2,821,533          11,233,186
Capital expenditures:                      29,815                992                188              30,995

Three Months Ended

May 31, 2002                               GCI              Raven            Corporate         Consolidated
------------                               ---             ------            ---------         ------------

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
</TABLE>






                                       7
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

<TABLE>
<CAPTION>
Six Months Ended
May 31, 2003                               GCI              Raven            Corporate         Consolidated
------------                               ---             ------            ---------         ------------

<S>                                   <C>                <C>                <C>                 <C>
Net Sales                             $ 5,579,815        $ 2,376,063        $      --           $ 7,955,878
Depreciation and amortization:             84,586             22,956                 34             107,576
Interest expense:                            --                 --                 --                  --
Net Income:                               509,125            291,173           (240,673)            559,625
Identifiable assets:                    5,949,588          2,462,065          2,821,533          11,233,186
Capital expenditures:                      87,842             55,403                188             143,433

Six Months Ended
May 31, 2002                               GCI              Raven            Corporate         Consolidated
------------                               ---             ------            ---------         ------------

Net Sales:                            $ 6,095,414        $ 1,972,339        $      --           $ 8,067,753
Depreciation and amortization:             18,413                 18            114,342
                                                                                                     95,911

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
</TABLE>

For the second quarter of fiscal 2003 and 2002, the Company's Raven division had
a Certified Applicator, which accounted for approximately 25%, of Raven's total
sales in each period. For the six months end May 31, 2003 and 2002 this
Certified Applicator accounted for approximately 24% and 32%, respectively, of
Raven's total sales and 52% and 49%, respectively, of Raven's total trade
accounts receivable outstanding. On a combined basis, this customer's accounts
receivable balances represented 18% and 16%, respectively, of the Company's
total trade accounts receivable at May 31, 2003 and 2002.

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, 2003               May 31, 2002             May 31, 2003              May 31, 2002
-------                     ------------------         ------------------         ----------------           ---------------
<S>                                 <C>                        <C>                      <C>                       <C>
United States/Canada                 75%                        69%                      75%                       71%
Asia/Pacific Rim                     13                         17                       13                        14
Europe/Middle East                    8                         10                        8                        12
Other                                 4                          4                        4                         3
                            ------------------         ------------------         ----------------           ---------------
Total                               100%                       100%                     100%                      100%
</TABLE>




                                       8
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

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,
including as recently as May 2003, regarding the status of the contributed land
and advised the Company, MLI and the current owner that additional clean-up
efforts are necessary and has demanded these entities undertake clean-up and pay
related costs. 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.

NOTE 8 - IMPACT OF RECENTLY ISSUED ACCOUNTING GUIDANCE

On April 30, 2003, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards No. 149, Amendment of Statement 133
on Derivative Instruments and Hedging Activities ("SFAS No. 149"). SFAS No. 149
amends and clarifies accounting for derivative instruments, including certain
derivative instruments embedded in other contracts, and for hedging activities
under Statement 133 and is to be applied prospectively to contracts entered into
or modified after June 30, 2003. The Company is currently evaluating the
effects, if any, that this standard will have on its results of operations and
financial position.





                                       9
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

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

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.


                                       10
<PAGE>

                           COHESANT TECHNOLOGIES INC.

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


RESULTS OF OPERATIONS

SECOND QUARTER ENDED MAY 31, 2003 AS COMPARED TO THE SAME PERIOD IN THE PRIOR
YEAR.

Net sales for the three months ended May 31, 2003 were $4,284,650 compared to
$4,531,984 for the same period of the prior year, a decrease of $247,334 or
5.5%. Net income was $338,391, a $28,678 or 9.3% increase over last year.

Net sales of dispense equipment and spare parts at GCI decreased $371,630 or
11.0%. This decrease was primarily attributable to decreased sales of coatings
and polyurethane dispense equipment and spare parts, which was partially offset
by increased sales of fiberglass dispense equipment. International and domestic
dispense equipment and parts net sales decreased 16.0% and 6.6%, respectively.
The decrease in international sales was primarily a result of decreased sales to
Asian/Pacific Rim and Europe/Middle East, partially offset by increased sales to
Canada.

Specialty grout and epoxy net sales at Raven were $1,145,897 compared to
$1,148,621 for the comparable year-ago period, a decrease of $2,724 or less than
1%. In addition, Raven had ancillary equipment and part sales of $143,582
compared to $16,562 for the comparable period last year. This increase is
primarily a result of sales of application equipment to a new Certified
Applicator 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 decreased to $2,139,905 from $2,187,052 in the 2002
period. This decrease was due to the decreased sales volume. The gross margin
percentage increased to 49.9% from 48.3% in the 2002 period. This increase was
primarily a result of increased profitability on dispense equipment and spare
parts net sales.

Operating expenses for the three months ended May 31, 2003 were $1,647,912
compared to $1,722,536 for the same period of the prior year, a decrease of
$74,624, or 4.3%. This decrease was primarily due to decreased research,
development and engineering expenses (principally lower personnel costs at GCI)
and decreased sales and marketing expenses. The decreased sales and marketing
expenses were primarily due to lower personnel costs at GCI, which was partially
offset by increased personnel costs at Raven.

Other income increased $17,110 over the 2002 period. This increase was primarily
attributable to the recognition of interest earned on officer loans outstanding.


                                       11
<PAGE>

                           COHESANT TECHNOLOGIES INC.

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


SIX MONTHS ENDED MAY 31, 2003 AS COMPARED TO THE SAME PERIOD IN THE PRIOR YEAR.

Net sales for the six months ended May 31, 2003 were $7,955,878 compared to
$8,067,753 for the same period of the prior year, a decrease of $111,875 or
1.4%. Net income was $559,625, a $49,707 or 9.7% increase over last year.

Net sales of dispense equipment and spare parts at GCI decreased $515,599 or
8.5%. This decrease was primarily attributable to decreased sales of coatings
dispense equipment and fiberglass dispense equipment and spare parts, which was
partially offset by increased sales of polyurethane dispense equipment and spare
parts. International and domestic dispense equipment and parts net sales
decreased 15.7% and 2.0%, respectively. The decrease in international sales was
primarily a result of decreased sales to Europe/Middle East, Canada and the
Asian/Pacific Rim.

Specialty grout and epoxy net sales at Raven were $2,016,285 compared to
$1,936,710 for the comparable year-ago period, an increase of $79,575 or 4.1%.
In addition, Raven had ancillary equipment and part sales of $359,778 compared
to $35,629 for the comparable period last year. This increase is a result of
sales of application equipment to both new and existing Certified Applicators,
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 $3,889,472, or 48.9% of net sales from
$3,874,352, or 48.0% of net sales in the 2002 period. The gross margin dollar
and percentage increase was primarily attributable to increased profitability on
dispense equipment and spare parts net sales.

Operating expenses for the six months ended May 31, 2003 were $3,057,628
compared to $3,119,483 for the same period of the prior year, a decrease of
$61,855, or 2.0%. This decrease was primarily due to decreased research,
development and engineering expenses (principally lower personnel costs at GCI)
and decreased administrative expenses, which were partially offset by increased
sales and marketing costs. The decrease in administrative expenses was a result
of lower legal fees. The increase in sales and marketing expenses were a result
of increased personnel costs at Raven, which was partially offset by lower
personnel costs at GCI.

Other income increased $10,690 over the 2002 period. This increase was primarily
attributable to the recognition of interest earned on officer loans outstanding.


                                       12
<PAGE>

                           COHESANT TECHNOLOGIES INC.

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

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,
2003 the Company has cash of $2,459,262, net working capital of $7,775,132 and
$3,500,000 available under the revolving line of credit.

As of May 31, 2003 cash provided by operations was $759,363 compared to $206,013
in the comparable period last year. This increase was due to changes in working
capital. Cash usage in investing activities increased from $112,926 for the six
months ended May 31, 2002 to $143,433 in the current period. This increase was
due to increase spending on property and equipment.

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 May 31, 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 May 31, 2003 the
Company had repurchased 59,617 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.


                                       13
<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.

PART II

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

   (a)   Exhibit

         99.1 Certification 906

   (b)   Reports on Form 8-K

         No form 8-K was filed in the quarter ended May 31, 2003, however,
         an 8-K was filed in June to report second quarter earnings.


                                       14
<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:            June 19, 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 President 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

June 19, 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

June 19, 2003