<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 August 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)

           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 September 15, 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 OF CONTENTS

<TABLE>
<CAPTION>
                                                                                   PAGE
                                                                                   ----
<S>                                                                                <C>
PART I

Item 1.    Financial Information

           Cohesant Technologies Inc. Condensed Consolidated
                  Balance Sheet as of August 31, 2003 and November 30, 2002.....    1

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

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

           Cohesant Technologies Inc. Condensed Consolidated
                  Statements of Cash Flows for the Nine Months Ended
                  August 31, 2003 and August 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 4.    Submission of Matters to a Vote of Security Holders..................   14

Item 6.    Exhibits and Reports on Form 8-K.....................................   15

Signatures
</TABLE>

<PAGE>

PART I

ITEM 1.   FINANCIAL INFORMATION

                           COHESANT TECHNOLOGIES INC.

                      CONDENSED CONSOLIDATED BALANCE SHEET
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                             August 31, 2003       November 30, 2002
                                                                             ---------------       -----------------
<S>                                                                          <C>                   <C>
ASSETS:
     Cash and cash equivalents                                                 $  2,768,586          $  1,816,238
     Accounts and note receivable, net of allowance for doubtful
          accounts of $378,400 and $350,000, respectively                         3,498,372             3,358,039
     Inventory                                                                    3,350,456             3,246,811
     Prepaid expenses and other                                                     355,150               619,043
     Deferred tax assets                                                            265,000               265,000
                                                                               ------------          ------------
               Total Current Assets                                              10,237,564             9,305,131

     Property, plant and equipment, net                                             586,971               508,252
     Patents and other intangibles, net                                             113,010               114,433
     Goodwill                                                                       840,254               840,254
     Other noncurrent assets                                                         21,672                 1,815
                                                                               ------------          ------------
               Total Assets                                                    $ 11,799,471          $ 10,769,885
                                                                               ============          ============
LIABILITIES AND SHAREHOLDERS' EQUITY:
     Accounts payable                                                          $    968,283          $  1,071,902
     Accrued salaries, benefits and commissions                                     400,331               524,509
     Accrued taxes                                                                  465,244               242,725
     Other current liabilities                                                      217,441               226,643
                                                                               ------------          ------------
               Total Current Liabilities                                          2,051,299             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                                              6,244,493             6,192,140
          Retained earnings                                                       3,702,413             2,703,441
          Treasury stock at cost, (57,600 and 55,600 shares, respectively)         (201,370)             (194,090)
                                                                               ------------          ------------
                   Total Shareholders' Equity                                     9,748,172             8,704,106
                                                                               ------------          ------------

                   Total Liabilities and Shareholders' Equity                  $ 11,799,471          $ 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
                                      August 31, 2003     August 31, 2002
                                      ---------------     ---------------
<S>                                   <C>                 <C>
NET SALES                              $ 4,570,128          $ 4,289,209
COST OF SALES                            2,252,914            2,143,881
                                       -----------          -----------
     Gross profit                        2,317,214            2,145,328

RESEARCH, DEVELOPMENT AND
    ENGINEERING EXPENSES                   239,133              261,295
SELLING, GENERAL AND
     ADMINISTRATIVE EXPENSES .           1,411,642            1,276,578
                                       -----------          -----------
TOTAL OPERATING EXPENSES                 1,650,775            1,537,873

                                       -----------          -----------
    Income from operations                 666,439              607,455

OTHER INCOME:
     Interest income                        18,947                2,102
     Other income, net                       2,875                3,832
                                       -----------          -----------

INCOME BEFORE TAXES                        688,261              613,389

INCOME TAX PROVISION                      (248,914)            (217,685)
                                       -----------          -----------

NET INCOME                             $   439,347          $   395,704
                                       ===========          ===========

EARNINGS PER COMMON SHARE
  BASIC                                $      0.17          $      0.16
                                       ===========          ===========
  DILUTED                              $      0.17          $      0.15
                                       ===========          ===========

AVERAGE SHARES OF COMMON STOCK
  OUTSTANDING:
   BASIC                                 2,578,865            2,551,433
                                       ===========          ===========
   DILUTED                               2,599,907            2,619,575
                                       ===========          ===========
</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 Nine Months Ended
                                              August 31, 2003     August 31, 2002
                                              ---------------     ---------------
<S>                                           <C>                 <C>
NET SALES                                      $ 12,526,006        $ 12,356,962
COST OF SALES                                     6,319,320           6,337,282
                                               ------------        ------------
     Gross profit                                 6,206,686           6,019,680

RESEARCH, DEVELOPMENT AND
    ENGINEERING EXPENSES                            714,601             808,733
SELLING, GENERAL AND
    ADMINISTRATIVE EXPENSES                       3,993,802           3,848,623
                                               ------------        ------------
TOTAL OPERATING EXPENSES                          4,708,403           4,657,356

                                               ------------        ------------
    Income from operations                        1,498,283           1,362,324

OTHER INCOME:
    Interest income                                  58,789              26,237
    Other income, net                                 8,419              14,393
                                               ------------        ------------

INCOME BEFORE TAXES                               1,565,491           1,402,954

INCOME TAX PROVISION                               (566,519)           (497,332)
                                               ------------        ------------

NET INCOME                                     $    998,972        $    905,622
                                               ============        ============

EARNINGS PER COMMON SHARE
  BASIC                                        $       0.39        $       0.36
                                               ============        ============
  DILUTED                                      $       0.39        $       0.35
                                               ============        ============

AVERAGE SHARES OF COMMON STOCK
  OUTSTANDING:
  BASIC                                           2,574,864           2,545,856
                                               ============        ============
  DILUTED                                         2,594,638           2,616,163
                                               ============        ============
</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 Nine Months Ended
                                                             August 31, 2003    August 31, 2002
                                                             ---------------    ---------------
<S>                                                          <C>                <C>
CASH FLOWS PROVIDED BY (USED IN)
    OPERATING ACTIVITIES:
  Net income                                                   $   998,972        $   905,622
  Adjustments to reconcile net income to net cash
    provided by operations -
       Depreciation and amortization                               163,794            171,705
       Non-cash compensation                                        18,000             18,000
       Loss on asset disposal                                       10,174                  -
       Provision for doubtful accounts                              28,400             64,500
  Net change in assets and  liabilities-
       Accounts and note receivable                               (168,733)          (820,028)
       Inventory                                                  (131,086)          (414,055)
       Prepaid expenses and other                                  263,893             15,657
       Accounts payable                                           (103,619)           226,420
       Other current liabilities                                    89,139           (209,433)
       Other noncurrent assets                                     (26,500)            (1,919)
                                                               -----------        -----------
       Net cash provided by (used in) operating activities       1,142,434            (43,531)

CASH FLOWS USED IN INVESTING ACTIVITIES:
   Property and equipment additions                               (217,180)          (137,167)
                                                               -----------        -----------
       Net cash used in investing activities                      (217,180)          (137,167)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from exercise of stock options                           34,374             37,105
  Purchase of Common Stock                                          (7,280)                 -
                                                               -----------        -----------
       Net cash provided by financing activities                    27,094             37,105
                                                               -----------        -----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS               952,348           (143,593)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                 1,816,238          1,119,311
                                                               -----------        -----------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                     $ 2,768,586        $   975,718
                                                               ===========        ===========

SUPPLEMENTAL DISCLOSURES:
       Cash paid during the period for income taxes            $   344,000        $   500,000
                                                               ===========        ===========

</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

The Company accounts for its stock-based employee compensation plan under the
intrinsic value method in accordance with Accounting Principles Board Opinion
No. 25, Accounting for Stock Issued to Employees, (APB 25). The Company has
adopted the disclosure-only provisions of FASB Statement No. 123, Accounting for
Stock-Based Compensation (FAS 123), as amended by FASB Statement No. 148,
Accounting for Stock-Based Compensation--Transition and Disclosure. Had the
company elected to adopt the fair value recognition provisions of FAS 123, pro
forma net income and net income per share would be as follows:

<TABLE>
<CAPTION>
                                                   3 MONTHS ENDED             9 MONTHS ENDED
                                                      AUGUST 31                  AUGUST 31
                                             -------------------------   -------------------------
                                                2003          2002          2003          2002
                                                ----          ----          ----          ----
<S>                                          <C>           <C>           <C>           <C>
Net income, as reported                      $   439,347   $   395,704   $   998,972   $   905,622
Add: Stock-based employee compensation
   expense included in reported net
   income, net of related tax effects              6,000         6,000        18,000        18,000
Deduct: Total stock-based employee
   compensation expense determined under
   fair value based method for all awards,
   net of related tax effects                    (27,096)      (27,235)      (81,288       (81,705)
                                             -----------   -----------   -----------   -----------

Pro forma net income                         $   418,251   $   374,469   $   935,684   $   841,917
                                             ===========   ===========   ===========   ===========

Earnings per share:
    Basic--as reported                       $      0.17   $      0.16   $      0.39   $      0.36
                                             ===========   ===========   ===========   ===========
    Basic--pro forma                         $      0.16   $      0.15   $      0.36   $      0.33
                                             ===========   ===========   ===========   ===========

    Diluted--as reported                     $      0.17   $      0.15   $      0.39   $      0.35
                                             ===========   ===========   ===========   ===========
    Diluted--pro forma                       $      0.16   $      0.14   $      0.36   $      0.32
                                             ===========   ===========   ===========   ===========
</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 August 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 periods ended
August 31, 2003 and 2002 is as follows:

<TABLE>
<CAPTION>
Three Months Ended
August 31, 2003                      GCI          Raven       Corporate     Consolidated
---------------                      ---          -----       ---------     ------------
<S>                              <C>           <C>            <C>           <C>
Net Sales:                       $ 3,045,015   $ 1,525,113    $        -    $ 4,570,128
Depreciation and amortization:        43,543        11,173         1,502         56,218
Net Income:                          337,469       245,911      (144,033)       439,347
Identifiable assets:               5,842,379     2,791,021     3,166,071     11,799,471
Capital expenditures:                 37,590        36,157             -         73,747
</TABLE>

<TABLE>
<CAPTION>
Three Months Ended
August 31, 2002                      GCI          Raven       Corporate     Consolidated
---------------                      ---          -----       ---------     ------------
<S>                              <C>           <C>            <C>           <C>
Net Sales:                       $ 2,824,283   $ 1,464,926    $        -    $ 4,289,209
Depreciation and amortization:        47,219        10,135             9         57,363
Net Income:                          258,504       267,748      (130,548)       395,704
Identifiable assets:               6,398,457     2,775,627     1,232,776     10,406,860
Capital expenditures:                 13,014        11,227             -         24,241
</TABLE>

                                        7
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
Nine Months Ended
August 31, 2003                      GCI          Raven       Corporate     Consolidated
---------------                      ---          -----       ---------     ------------
<S>                              <C>           <C>            <C>           <C>
Net Sales:                       $ 8,624,830   $ 3,901,176    $        -    $12,526,006
Depreciation and amortization:       128,129        34,129         1,536        163,794
Net Income:                          846,594       537,084      (384,706)       998,972
Identifiable assets:               5,842,379     2,791,021     3,166,071     11,799,471
Capital expenditures:                125,432        91,560           188        217,180
</TABLE>

<TABLE>
<CAPTION>
Nine Months Ended
August 31, 2002                      GCI          Raven       Corporate     Consolidated
---------------                      ---          -----       ---------     ------------
<S>                              <C>           <C>            <C>           <C>
Net Sales:                       $ 8,919,697   $ 3,437,265    $        -    $12,356,962
Depreciation and amortization:       143,130        28,548            27        171,705
Net Income:                          706,679       552,508      (353,565)       905,622
Identifiable assets:               6,398,457     2,775,627     1,232,776     10,406,860
Capital expenditures:                 92,686        44,481             -        137,167
</TABLE>

For the third quarter of fiscal 2003 and 2002, the Company's Raven division had
a Certified Applicator, which accounted for approximately 18% and 22%, of
Raven's total sales in each period, respectively. For the nine months ended
August 31, 2003 and 2002 this Certified Applicator accounted for approximately
22% and 28%, respectively, of Raven's total sales and 34% and 47%, respectively,
of Raven's total trade accounts and note receivable outstanding. On a combined
basis, this customer's accounts and note receivable balances represented 13% and
17%, respectively, of the Company's total trade accounts and note receivable at
August 31, 2003 and 2002.

The following table presents percentage of total revenues by region.

<TABLE>
<CAPTION>
                            Three Months Ended         Three Months Ended          Nine Months Ended          Nine Months Ended
Region                        August 31, 2003            August 31, 2002            August 31, 2003            August 31, 2002
-------                       ---------------            ---------------            ---------------            ---------------
<S>                         <C>                        <C>                         <C>                        <C>
United States/Canada                 74%                       82%                        74%                       75%
Asia/Pacific Rim                     14                         8                         14                        12
Europe/Middle East                   10                         7                          9                        10
Other                                 2                         3                          3                         3
                                    ---                       ---                        ---                       ---
Total                               100%                      100%                       100%                      100%
</TABLE>

NOTE 7- CONTINGENCIES

In November 1999, following the sale of certain assets of the Company's American
Chemical Company ("ACC") subsidiary, ACC contributed its land and building to
Marine Learning

                                       8
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

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

In May 2003, the FASB issued Statement of Financial Accounting Standards No.
150, Accounting for Certain Financial Instruments with Characteristics of both
Liabilities and Equity ("SFAS No. 150"). SFAS No. 150 establishes standards for
how an issuer classifies and measures certain financial instruments with
characteristics of both liabilities and equity. It requires that an issuer
classify certain financial instruments as a liability (or as an asset in some
circumstances). SFAS No. 150 is effective for the Company at the beginning of
the first interim period beginning after June 15, 2003. The adoption of SFAS No.
150 does not have an impact on the Company's financial statements.

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

THREE MONTHS ENDED AUGUST 31, 2003 AS COMPARED TO THE SAME PERIOD IN THE PRIOR
YEAR.

Net sales for the three months ended August 31, 2003 were $4,570,128 compared to
$4,289,209 for the same period of the prior year, an increase of $280,919 or
6.5%. Net income was $439,347, a $43,643 or 11.0% increase over last year.

Net sales of dispense equipment and spare parts at GCI increased $220,732 or
7.8%. This increase was primarily attributable to increased sales of coatings
and polyurethane dispense equipment, and to a lesser extent increased sales of
fiberglass dispense equipment and spare parts. International dispense equipment
and parts net sales increased 31.4%, while domestic sales decreased 6.6%. The
increase in international sales was primarily a result of increased sales to
Asian/Pacific Rim and Europe/Middle East, partially offset by decreased sales to
Canada.

Specialty grout and epoxy net sales at Raven were $1,371,387 compared to
$1,341,412 for the comparable year-ago period, an increase of $29,975 or 2.2%.
In addition, Raven had ancillary equipment and part sales of $153,726 compared
to $123,514 for the comparable period last year.

The Company's gross margin increased to $2,317,214 from $2,145,328 in the 2002
period. This increase was primarily due to the increased sales volume, together
with an increase in gross margin percentage to 50.7% from 50.0% in the 2002
period. This percentage increase was primarily a result of increased
profitability on dispense equipment and spare parts net sales.

Operating expenses for the three months ended August 31, 2003 were $1,650,775
compared to $1,537,873 for the same period of the prior year, an increase of
$112,902, or 7.3%. This increase was primarily due to increased administrative
expenses and to a lesser extent increased sales and marketing costs, partially
offset by decreased research, development and engineering expenses at GCI. The
increased sales and marketing expenses were primarily due to higher personnel
costs at both GCI and Raven.

Other income increased $15,888 over the 2002 period. This increase was primarily
attributable to interest earned from outstanding trade and note receivables.

                                       11
<PAGE>

                           COHESANT TECHNOLOGIES INC.

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

NINE MONTHS ENDED AUGUST 31, 2003 AS COMPARED TO THE SAME PERIOD IN THE PRIOR
YEAR.

Net sales for the nine months ended August 31, 2003 were $12,526,006 compared to
$12,356,962 for the same period of the prior year, an increase of $169,044 or
1.4%. Net income was $998,972, a $93,350 or 10.3% increase over last year.

Net sales of dispense equipment and spare parts at GCI decreased $294,867 or
3.3%. This decrease was primarily attributable to decreased sales of coatings
dispense equipment and fiberglass dispense equipment and spare parts, partially
offset by increased sales of polyurethane dispense equipment. Domestic and
international net sales decreased 3.6% and 2.9%, respectively. The decrease in
international sales was primarily a result of decreased sales to Canada and to a
lesser extent Europe/Middle East, and was partially offset by increased sales to
the Asian/Pacific Rim.

Specialty grout and epoxy net sales at Raven were $3,387,672 compared to
$3,278,122 for the comparable year-ago period, an increase of $109,550 or 3.3%.
In addition, Raven had ancillary equipment and part sales of $513,504 compared
to $159,143 for the comparable period last year. This increase is primarily 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 $6,206,686, or 49.6% of net sales from
$6,019,680, or 48.7% of net sales in the 2002 period. The gross margin dollar
increase was primarily attributable to increased sales volume and improved gross
margin percentages. The gross margin percentage increase was primarily
attributable to increased profitability on dispense equipment and spare parts
net sales.

Operating expenses for the nine months ended August 31, 2003 were $4,708,403
compared to $4,657,356 for the same period of the prior year, an increase of
$51,047, or 1.1%. This increase was primarily due to increased sales and
marketing costs and increased administrative expenses, which was partially
offset by decreased research, development and engineering expenses at GCI. The
increase in sales and marketing expenses were primarily a result of increased
personnel costs at Raven, partially offset by various lower costs at GCI.

Other income increased $26,578 over the 2002 period. This increase was primarily
attributable to the recognition of interest earned on officers' 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 August
31, 2003 the Company has cash of $2,768,586, net working capital of $8,186,265
and $3,500,000 available under the revolving line of credit.

As of August 31, 2003 cash provided by operations was $1,142,434 compared to a
usage of $43,531 in the comparable period last year. This increase was due to
favorable changes in working capital including a reduction in aged receivables
and lower inventories. Cash usage in investing activities increased from
$137,167 for the nine months ended August 31, 2002 to $217,180 in the current
period. This increase was due to increased 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 August 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 August 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 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         a)   The Company's annual meeting of stockholders was held on June 12,
              2003.

         b)   At the annual meeting, the Company's stockholders elected Morton
              A. Cohen, Dwight D. Goodman, Michael L. Boeckman, Richard L.
              Immerman and Morris H. Wheeler as Directors for a term that
              expires at the annual meeting of stockholders in 2004.

         c)   At the annual meeting, the Company's stockholders ratified the
              amendment to the Company's 1994 Stock Option Plan increasing the
              number of shares by 184,000 and extending the life of the Plan to
              November 30, 2009. The holders of 1,864,303 shares of Common Stock
              voted to ratify the amendment, the holders of 50,207 shares voted
              against the amendment, and the holders of 500 shares abstained.

              At the annual meeting, the Company's stockholders ratified the
              appointment of Ernst & Young LLP as auditors of the Company for
              fiscal 2003. The holders of 2,412,511 shares of Common Stock voted
              to ratify the appointment and the holders of 14,100 shares voted
              against the ratification.

                                       14
<PAGE>

                           COHESANT TECHNOLOGIES INC.

         The following tabulation represents voting for the Directors:

<TABLE>
<CAPTION>
                                      Withheld
                           For       Authority
                        ---------    ---------
<S>                     <C>          <C>
Michael L.  Boeckman    2,404,111      22,500
Morton A. Cohen         2,404,111      22,500
Dwight D. Goodman       2,404,111      22,500
Richard L. Immerman     2,404,311      22,300
Morris H. Wheeler       2,403,961      22,650
</TABLE>

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

   (a)  Exhibit

        10.6    Amendment to Lease Agreement between Glas-Craft, Inc. and
                Prologis North Carolina Limited Partnership

        31.1    302 Certification of Chief Executive Officer

        31.2    302 Certification of Chief Financial Officer

        32      906 Certification of Chief Executive Officer and Chief
                Financial Officer

   (b)  Reports on Form 8-K

        An 8-K was filed on June 16, 2003 to report second quarter earnings
        (Items 9 and 12).

                                       15

<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: September 17, 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