<PAGE>

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


                                   FORM 10-QSB

                                   (Mark One)


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

For the quarterly period ended February 28, 2002
                               -------------------------------------------------

                                       or

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


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


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


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


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


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


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



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

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

                                                                   YES X   NO
                                                                      ---    ---


As of March 18, 2002, the Company has 2,550,232 shares of Common Stock, $.001
par value, outstanding.


          Transitional Small Business Disclosure Format (check one)

                                                                  YES      NO X
                                                                      ---    ---
<PAGE>

                           COHESANT TECHNOLOGIES INC.

                                      INDEX

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

    Cohesant Technologies Inc. Condensed Consolidated
             Balance Sheet as of February 28, 2002........................... 1

    Cohesant Technologies Inc. Condensed Consolidated
             Statements of Operations for the Three Months Ended
             February 28, 2002 and February 28, 2001......................... 2

    Cohesant Technologies Inc. Condensed Consolidated
             Statements of Cash Flows for the Three Months Ended
             February 28, 2002 and February 28, 2001......................... 3

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

    Management's Discussion and Analysis of Financial Condition
             and Results of Operations....................................... 8


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

    Item 6. Exhibits and Reports on Form 8-K.................................10

    Signatures...............................................................11
<PAGE>

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

                           COHESANT TECHNOLOGIES INC.

                      CONDENSED CONSOLIDATED BALANCE SHEET
                                   (UNAUDITED)


                                                               February 28, 2002
                                                               -----------------
ASSETS:
  Cash and cash equivalents                                        $1,021,432
  Accounts receivable, net of allowance
    for doubtful accounts of $258,279                               3,225,943
  Inventory                                                         3,616,077
  Prepaid expenses and other                                          239,165
  Deferred tax assets                                                 251,100
                                                                   ----------
      Total Current Assets                                          8,353,717

  Property, plant and equipment, net                                  489,101
  Patents and other intangibles, net                                  116,805
  Goodwill, net                                                       840,254
  Other noncurrent assets                                                 644
                                                                   ----------
      Total Assets                                                 $9,800,521
                                                                   ==========


LIABILITIES AND SHAREHOLDERS' EQUITY:
  Accounts payable                                                  1,063,992
  Accrued salaries, benefits and commissions                          264,299
  Accrued taxes                                                       448,306
  Other current liabilities                                           355,648
                                                                   ----------
      Total Current Liabilities                                     2,132,245

Commitments and Contingencies
  Shareholders' Equity:
    Common stock ($.001 par value,
      10,000,000 shares authorized,
      2,549,232 issued)                                                 2,549
    Additional paid-in capital                                      6,010,666
    Retained earnings                                               1,655,061
                                                                   ----------
        Total Shareholders' Equity                                  7,668,276
                                                                   ----------
        Total Liabilities and Shareholders' Equity                 $9,800,521
                                                                   ==========



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



                                        1
<PAGE>

                           COHESANT TECHNOLOGIES INC.

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)


                                                For the Three Months Ended
                                          February 28, 2002    February 28, 2001
                                          -----------------    -----------------

NET SALES                                    $ 3,535,769          $ 3,352,252
COST OF SALES                                  1,848,469            1,842,317
                                             -----------          -----------
  Gross profit                                 1,687,300            1,509,935

RESEARCH, DEVELOPMENT AND
  ENGINEERING EXPENSES                           266,135              271,236
SELLING, GENERAL AND
  ADMINISTRATIVE EXPENSES                      1,130,812              996,477
                                             -----------          -----------
TOTAL OPERATING EXPENSES                       1,396,947            1,267,713

  Income from operations                         290,353              242,222

OTHER INCOME (EXPENSE):
  Interest expense                                   -                 (9,717)
  Investment income                                1,207                  -
  Other income, net                               20,051                2,430
                                             -----------          -----------
INCOME BEFORE INCOME TAXES                       311,611              234,935

INCOME TAX PROVISION                            (111,406)             (74,359)
                                             -----------          -----------
NET INCOME                                       200,205              160,576
                                             ===========          ===========
BASIC AND DILUTED EARNINGS PER
COMMON SHARE (Note 3)                        $      0.08          $      0.07
                                             ===========          ===========
AVERAGE SHARES OF COMMON STOCK
  OUTSTANDING:
  BASIC                                        2,535,690            2,349,802
                                             ===========          ===========
  DILUTED                                      2,610,117            2,403,836
                                             ===========          ===========


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



                                        2
<PAGE>

                           COHESANT TECHNOLOGIES INC.

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


                                                For the Three Months Ended
                                           February 28, 2002   February 28, 2001
                                           -----------------   -----------------

CASH FLOWS USED IN OPERATING ACTIVITIES:
  Net income                                  $   200,205         $  160,576
  Adjustments to reconcile net income to
    net cash used in operations -
    Depreciation and amortization                  55,445             74,197
    Provision for doubtful accounts                 1,500              1,500
    Net change in current assets and
      current liabilities -
      Accounts and notes receivable               (84,291)           (20,527)
      Inventories                                (410,864)          (373,394)
      Prepaid expenses and other                     (482)           (22,876)
      Accounts payable                            231,600            286,171
      Other current liabilities                   (99,635)          (494,617)
      Other noncurrent assets                         862             (4,627)
                                              -----------         ----------
      Net cash used in operating activities      (105,660)          (393,597)

CASH FLOWS FROM INVESTING ACTIVITIES:
  Property and equipment additions                (31,424)           (34,242)
  Loss on disposal of equipment                       -                2,591
  Payments from unconsolidated affiliate              -               39,628
                                              -----------         ----------
      Net cash provided by (used in)
        investing activities                      (31,424)             7,977
                                              -----------         ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Borrowings under revolving line of credit           -              359,000
  Proceeds from exercise of stock options          39,205              4,375
                                              -----------         ----------
      Net cash provided by financing
        activities                                 39,205            363,375
                                              -----------         ----------
NET DECREASE IN CASH
  AND CASH EQUIVALENTS                            (97,879)           (22,245)
CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                           1,119,311             61,053
                                              -----------         ----------
CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                               $ 1,021,432         $   38,808
                                              ===========         ==========

SUPPLEMENTAL DISCLOSURES:
  Cash paid during the year for
    Interest                                  $       -           $    9,717
                                              -----------         ----------
    Income Taxes                              $    44,000         $  325,000
                                              ===========         ==========


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



                                        3
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)


NOTE 1 - BACKGROUND

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

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


NOTE 2 - BASIS OF PRESENTATION

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

These interim financial statements should be read in conjunction with the
Company's financial statements and the notes thereto included in the November
30, 2001 Annual Report to Shareholders on Form 10-KSB.

The consolidated financial statements include the accounts of the Company and
its direct, wholly owned subsidiaries, GCI and Raven, and GCI's 67% owned
subsidiary RTM Systems. Intercompany accounts and transactions have been
eliminated.


NOTE 3 - EARNINGS PER SHARE

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



                                        4
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)


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


NOTE 4 - REVOLVING LINE OF CREDIT FACILITY

On April 1, 2001, the Company renewed its revolving line of credit agreement
with a bank. This $3,500,000 credit facility accrues interest at the bank's
prime lending rate. The credit facility is fully secured by a lien on all the
assets of the Company and its operating subsidiaries. The credit facility
expires on May 1, 2002. The Company does not foresee any problems renewing this
facility or obtaining an equivalent facility from another lender, if necessary.
Among other restrictions, the credit facility requires that the Company meet
certain covenants including financial ratios. As of February 28, 2002, the
Company was in compliance with the covenants and financial ratios and did not
have a balance outstanding under this facility.


NOTE 5 - SEGMENT INFORMATION

The Company monitors its operations in two business divisions: GCI and Raven.
Certain corporate costs are not allocated to the business segments. Financial
information for the Company's business segments as of and for the period ended
February 28, 2002 and 2001 is as follows:

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

<CAPTION>
Three Months Ended
February 28, 2001                                    GCI                 Raven               Corporate           Consolidated
-----------------                                    ---                 -----               ---------           ------------
<S>                                               <C>                  <C>                   <C>                  <C>
Net Sales                                        $ 2,470,862          $   881,390            $     -              $3,352,252
Depreciation and amortization:                        47,444               26,742                   11                74,197
Interest expense:                                        -                    -                  9,717                 9,717
Net Income:                                          170,384               55,444              (65,252)              160,576
Identifiable assets:                               6,757,256            2,190,028              240,087             9,187,371
Capital expenditures:                                 26,446                7,796                  -                  34,242
</TABLE>



                                        5
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)


The following table presents percentage of total revenues by region.

                                Three Months Ended           Three Months Ended
Region                          February 28, 2002            February 28, 2001
-------                         -----------------            -----------------
United States                           73%                           74%
Europe/Middle East                      13                            13
Asia/Pacific Rim                        10                             8
Other                                    4                             5
                                -----------------            -----------------
Total                                  100%                          100%


NOTE 6 - CONTINGENCIES

In November 1999, following the sale of certain assets of the Company's American
Chemical Company ("ACC") subsidiary, ACC contributed its land and building to
Marine Learning Institute ("MLI"), a not-for-profit environmental educational
organization operating under section 501(c)(3) of the United States Internal
Revenue Code. In connection with the contribution agreement, MLI indemnified the
Company and agreed to assume any environmental costs arising from or out of the
past, present or future condition of the site. As an additional measure of
protection, the Company obtained a supplemental environmental insurance policy.
Recently, the Missouri Attorney General's office has raised questions regarding
the status of the contributed land and advised the Company that additional
clean-up efforts may be necessary. Management has advised MLI of the Missouri
Attorney General's concerns. MLI has advised both the Company and the Missouri
Attorney General that, in its opinion, no further clean-up efforts are
necessary. Management is evaluating and monitoring the matter and will seek
indemnification under the contribution agreement should any further clean-up
efforts be required.

On December 19, 2001, Graves Spray Supply, Inc. (Graves), the parent company of
Magnum-Venus Products, filed a lawsuit in federal court, in the Middle District
of Florida, against the Company's GCI subsidiary, under the patent laws of the
United States. The claim asserts GCI's spray nozzle infringes certain patent
claims held by Graves. Graves seeks damages, injunction of future production,
and legal fees. The Company intends to vigorously defend the suit and believes
the suit is without merit. Nevertheless, in an effort to minimize the cost of
litigation the Company is currently in preliminary settlement discussions with
Graves.

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



                                        6
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)


NOTE 7 - IMPACT OF RECENTLY ISSUED ACCOUNTING GUIDANCE

The FASB issued two new statements of financial accounting standards in July
2001: SFAS No. 141, "Business Combinations" (SFAS 141), and SFAS No. 142,
"Goodwill and Other Intangible Assets" (SFAS 142). These interrelated standards
change the accounting for business combinations and goodwill in two significant
ways. SFAS 141 requires that the purchase method of accounting be used for all
business combinations initiated after June 30, 2001. SFAS 142 changes the
accounting for goodwill from an amortization approach to an impairment-only
approach. Goodwill is to be tested for impairment at a reporting unit level at
least annually. SFAS 142 also changes certain aspects of accounting for
intangible assets; however, excluding goodwill, the company does not have any
significant intangible assets with indefinite lives.

The adoption of SFAS 141 did not impact operations. Effective December 1, 2001,
the Company adopted SFAS 142 and no longer amortized goodwill, which
approximated $76,000 per year. Initial impairment reviews to be performed within
six months of adoption of SFAS 142 are not expected to have a significant impact
on operations.

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

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



                                        7
<PAGE>

                           COHESANT TECHNOLOGIES INC.

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS
                      FIRST QUARTER ENDED FEBRUARY 28, 2002


RESULTS OF OPERATIONS
---------------------

Net sales for the three months ended February 28, 2002 were $3,535,769 compared
to $3,352,252 for the same period of the prior year, an increase of $183,517 or
5.5%. Net income was $200,205 or 24.7% greater than last year.

Net sales of equipment and spare parts at GCI increased $257,751 or 10.4%. This
increase was primarily attributable to increased sales of polyurethane equipment
and to a lesser extent increased sales of fiberglass equipment and sales to OEM
accounts. International equipment and parts net sales increased 32%, whereas
domestic equipment and parts net sales decreased 3%. The increase in
international sales was led by Canada, and to a lesser extent, the Asian/Pacific
Rim and Europe/Middle East. The increase was partially offset by decreased sales
to South America.

Specialty grout and epoxy net sales at Raven were $788,089 compared to $629,451
for the comparable year-ago period, an increase of $158,638 or 25.2%. In
addition, Raven had ancillary equipment sales of $19,067 compared to $251,939
for the comparable period last year. This decrease in equipment sales resulted
because Raven sold application equipment to two new Certified Applicators last
year. Typically, Raven does not sell equipment unless new Certified Applicators
are added or existing applicators decide to increase their capacity by buying
additional equipment.

The Company's gross margin increased to $1,687,300, or 47.7% of net sales, in
the current quarter from $1,509,935, or 45.0% of net sales, in the 2001 period.
This increase was due to the increased sales volume of equipment and spare parts
and a favorable product mix at both GCI and Raven.

Operating expenses for the three months ended February 28, 2002 were $1,396,947
compared to $1,267,713 for the same period of the prior year, an increase of
$129,234, or 10.2%. This increase was primarily due to increased administrative
expenses (principally higher personnel and legal costs) and to a lesser extent
increased sales and marketing expenses, offset by a slight decrease in research,
development and engineering expenses. Increased selling and marketing expenses
are primarily the result of the increased sales volume at GCI.

Other income (expense), increased from the same period in the prior year by
$28,545, this increase was primarily a result of an increase in income from
finance charges attributable to outstanding trade receivables and a decrease in
interest expense.



                                        8
<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 February
28, 2002 the Company has cash of $1,021,432, net working capital of $6,221,472
and $3,500,000 available under the revolving line of credit.

On April 1, 2001, the Company renewed its revolving line of credit agreement
with a bank. This $3,500,000 credit facility accrues interest at the bank's
prime lending rate. The credit facility is fully secured by a lien on all the
assets of the Company and its operating subsidiaries. The credit facility
expires on May 1, 2002. The Company does not foresee any problems renewing this
facility or obtaining an equivalent facility from another lender, if necessary.
Among other restrictions, the credit facility requires that the Company meet
certain covenants including financial ratios. As of February 28, 2002, the
Company was in compliance with the covenants and financial ratios and did not
have a balance outstanding under this facility.

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

The Company believes that its cash flow from operating activities, existing cash
resources and working capital coupled with its bank line will be adequate to
meet its capital needs for the foreseeable future.


FORWARD LOOKING STATEMENTS
--------------------------

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



                                        9
<PAGE>

                           COHESANT TECHNOLOGIES INC.


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

ITEM 6. Exhibits and Reports on Form 8-K - none





                                       10
<PAGE>

                                    SIGNATURE

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

         Dated:  March 19, 2002


                                                      COHESANT TECHNOLOGIES INC.


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



                                       11