##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-QSB
  þ
    
    Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended August 31, 2005
 or
 o
    
    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.
  Delaware
    
    34-1775913(State or other jurisdiction of
    
    (I.R.S. EmployerIncorporation or organization)
    
    Identification No.)
 5845 West 82nd Street, Suite 102, Indianapolis, Indiana
    
    
    46278(Address of principal executive offices)
    
    (Zip Code)
 317-871-7611
 
   þ o
 o þ
  o þ




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COHESANT TECHNOLOGIES INC.
 INDEX
 TABLE
OF CONTENTS
 PAGEPART IItem 1.
    
    Financial InformationCohesant Technologies Inc. Condensed Consolidated Balance Sheets as of August 31, 2005 and November 30, 2004
    
    
    3Cohesant Technologies Inc. Condensed Consolidated Statements of Operations for the Three Months Ended August 31, 2005 and August 31, 2004
    
    
    4Cohesant Technologies Inc. Condensed Consolidated Statements of Operations for the Nine Months Ended August 31, 2005 and August 31, 2004
    
    
    5Cohesant Technologies Inc. Condensed Consolidated Statements of Cash Flows for the Nine Months Ended August 31, 2005 and August 31, 2004
    
    
    6Notes to Condensed Consolidated Financial Statements
    
    
    7Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    14Item 3.
    
    Controls and Procedures
    
    
    19PART IIItem 2.
    
    Unregistered Sales of Securities and Use of Proceeds
    
    
    20Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    
    20Item 6.
    
    Exhibits and Reports on Form 8-K
    
    
    21SignaturesEX-31.1 Certification 302 - CEOEX-31.2 Certification 302 - CFOEX-32 Certifications 906 - CEO and CFO
  2




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##### Table of Contents



PART I
 
 ITEM 1. FINANCIAL INFORMATION
 COHESANT TECHNOLOGIES INC.
 
 CONDENSED CONSOLIDATED BALANCE SHEET
 August 31, 2005
    
    
    November 30, 2004(Unaudited)ASSETS:Cash and cash equivalents
    
    $
    1,805,105
    
    
    $
    5,036,582Accounts receivable, net of allowance for doubtful
accounts of $312,205 and $302,000, respectively
    
    
    4,517,823
    
    
    
    3,297,305Inventory, net of allowance for obsolete and slow-moving
inventory of $207,000 and $187,000, respectively
    
    
    3,827,363
    
    
    
    3,367,947Prepaid expenses and other
    
    
    343,803
    
    
    
    272,032Deferred tax assets, net
    
    
    210,000
    
    
    
    210,000Total Current Assets
    
    
    10,704,094
    
    
    
    12,183,866Property, plant and equipment, net
    
    
    723,568
    
    
    
    520,866Intangibles assets, net
    
    
    1,465,028
    
    
    
    125,296Goodwill
    
    
    7,925,994
    
    
    
    840,254Other noncurrent assets
    
    
    3,060
    
    
    
    1,815Total Assets
    
    $
    20,821,744
    
    
    $
    13,672,097LIABILITIES AND SHAREHOLDERS EQUITY:Accounts payable
    
    $
    2,212,283
    
    
    $
    983,798Accrued salaries, benefits and commissions
    
    
    672,218
    
    
    
    786,713Accrued taxes
    
    
    496,621
    
    
    
    240,860Dividends payable
    
    
    
    
    
    
    347,005Deferred revenue
    
    
    256,430
    
    
    
    Due to former owners of acquired business
    
    
    462,990
    
    
    
    Other current liabilities
    
    
    311,376
    
    
    
    197,119Total Current Liabilities
    
    
    4,411,918
    
    
    
    2,555,495Deferred tax liability
    
    
    228,200
    
    
    
    228,200Total Liabilities
    
    
    4,640,118
    
    
    
    2,783,695Commitments and ContingenciesShareholders Equity:Common stock ($.001 par value, 10,000,000 shares authorized
and 3,118,382 and 2,613,965 shares issued, respectively)
    
    
    3,118
    
    
    
    2,614Additional paid-in capital
    
    
    10,871,035
    
    
    
    6,313,774Accumulated other comprehensive income
    
    
    3,370
    
    
    
    Retained earnings
    
    
    5,304,103
    
    
    
    4,572,014Total Shareholders Equity
    
    
    16,181,626
    
    
    
    10,888,402Total Liabilities and Shareholders Equity
    
    $
    20,821,744
    
    
    $
    13,672,097
  3




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COHESANT TECHNOLOGIES INC.
 
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 For the Three Months EndedAugust 31, 2005
    
    
    August 31, 2004NET SALES
    
    $
    5,620,990
    
    
    $
    5,116,265COST OF SALES
    
    
    2,904,038
    
    
    
    2,368,254Gross profit
    
    
    2,716,952
    
    
    
    2,748,011RESEARCH, DEVELOPMENT AND ENGINEERING EXPENSES
    
    
    242,154
    
    
    
    273,484SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
    
    
    1,778,921
    
    
    
    1,639,218TOTAL OPERATING EXPENSES
    
    
    2,021,075
    
    
    
    1,912,702Income from operations
    
    
    695,877
    
    
    
    835,309OTHER INCOME:Interest income
    
    
    27,136
    
    
    
    10,022Other income, net
    
    
    8,701
    
    
    
    16,891INCOME BEFORE TAXES
    
    
    731,714
    
    
    
    862,222INCOME TAX PROVISION
    
    
    (280,470
    )
    
    
    (320,498
    )NET INCOME
    
    $
    451,244
    
    
    $
    541,724EARNINGS PER COMMON SHARE (Note 4)BASIC
    
    $
    0.16
    
    
    $
    0.21DILUTED
    
    $
    0.16
    
    
    $
    0.20AVERAGE SHARES OF COMMON STOCK OUTSTANDING:BASIC
    
    
    2,753,320
    
    
    
    2,600,655DILUTED
    
    
    2,839,734
    
    
    
    2,717,603CASH DIVIDENDS PER SHARE
    
    $
    0.135
    
    
    $
    0.13COMPREHENSIVE INCOMENet Income
    
    $
    451,244
    
    
    $
    541,724Foreign currency translation adjustment
    
    
    3,370
    
    
    
    NET COMPREHENSIVE INCOME
    
    $
    454,614
    
    
    $
    541,724
  4




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COHESANT TECHNOLOGIES INC.
 
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 For the Nine Months EndedAugust 31, 2005
    
    
    August 31, 2004NET SALES
    
    $
    15,584,746
    
    
    $
    14,641,856COST OF SALES
    
    
    8,239,998
    
    
    
    7,108,416Gross profit
    
    
    7,344,748
    
    
    
    7,533,440RESEARCH, DEVELOPMENT AND ENGINEERING EXPENSES
    
    
    685,403
    
    
    
    797,387SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
    
    
    4,984,601
    
    
    
    4,624,230TOTAL OPERATING EXPENSES
    
    
    5,670,004
    
    
    
    5,421,617Income from operations
    
    
    1,674,744
    
    
    
    2,111,823OTHER INCOME:Interest income
    
    
    77,294
    
    
    
    20,360Other income, net
    
    
    19,388
    
    
    
    31,465INCOME BEFORE TAXES
    
    
    1,771,426
    
    
    
    2,163,648INCOME TAX PROVISION
    
    
    (675,561
    )
    
    
    (804,271
    )NET INCOME
    
    $
    1,095,865
    
    
    $
    1,359,377EARNINGS PER COMMON SHARE (Note 4)BASIC
    
    $
    0.41
    
    
    $
    0.52DILUTED
    
    $
    0.40
    
    
    $
    0.51AVERAGE SHARES OF COMMON STOCK OUTSTANDING:BASIC
    
    
    2,674,008
    
    
    
    2,590,090DILUTED
    
    
    2,769,287
    
    
    
    2,689,340CASH DIVIDENDS PER SHARE
    
    $
    0.135
    
    
    $
    0.13COMPREHENSIVE INCOMENet Income
    
    $
    1,095,865
    
    
    $
    1,359,377Foreign currency translation adjustment
    
    
    3,370
    
    
    
    NET COMPREHENSIVE INCOME
    
    $
    1,099,235
    
    
    $
    1,359,377
  5




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COHESANT TECHNOLOGIES INC.
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 For the Nine Months EndedAugust 31, 2005
    
    
    August 31, 2004CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:Net income
    
    $
    1,095,865
    
    
    $
    1,359,377Adjustments to reconcile net income to net cash provided by operating activities -Depreciation and amortization
    
    
    172,108
    
    
    
    176,668Non-cash compensation
    
    
    115,645
    
    
    
    96,384Loss on asset disposal
    
    
    126
    
    
    
    275Provision for doubtful accounts
    
    
    10,205
    
    
    
    20,205Net change in assets and liabilities-Accounts and notes receivable
    
    
    (249,660
    )
    
    
    (137,604
    )Inventories
    
    
    (320,184
    )
    
    
    (38,279
    )Prepaid expenses and other
    
    
    (71,771
    )
    
    
    (107,472
    )Accounts payable
    
    
    1,037,306
    
    
    
    182,950Deferred revenue
    
    
    11,959
    
    
    
    Other current liabilities
    
    
    304,068
    
    
    
    227,770Other noncurrent assets
    
    
    (12,516
    )
    
    
    (17,498
    )Net cash provided by operating activities
    
    
    2,093,151
    
    
    
    1,762,776CASH FLOWS USED IN INVESTING ACTIVITIES:Property and equipment additions
    
    
    (170,831
    )
    
    
    (128,102
    )Acquisition of CuraFlo
    
    
    (4,548,092
    )
    
    
    Proceeds from sale of property & equipment
    
    
    13,370
    
    
    
    Net cash used in investing activities
    
    
    (4,705,553
    )
    
    
    (128,102
    )CASH FLOWS USED IN FINANCING ACTIVITIES:Proceeds from exercise of stock options
    
    
    91,705
    
    
    
    64,436Cash dividends paid to stockholders
    
    
    (710,780
    )
    
    
    (987,298
    )Net cash used in financing activities
    
    
    (619,075
    )
    
    
    (922,862
    )NET INCREASE IN CASH AND CASH EQUIVALENTS
    
    
    (3,231,477
    )
    
    
    711,812CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
    
    
    5,036,582
    
    
    
    3,838,179CASH AND CASH EQUIVALENTS AT END OF PERIOD
    
    $
    1,805,105
    
    
    $
    4,549,991
  6




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COHESANT TECHNOLOGIES INC.
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 Note 1  Background
    Note 2  Basis of Presentation
    7




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COHESANT TECHNOLOGIES INC.
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 Note 3  Acquisition of CuraFlo
    Current assets
    
    $
    1,129,513Property & equipment
    
    
    186,529Intangible assets
    
    
    1,356,000Goodwill
    
    
    7,085,740Total assets acquired
    
    
    9,757,782Liabilities assumed
    
    
    (944,293
    )Net assets acquired
    
    $
    8,813,489
 8




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COHESANT TECHNOLOGIES INC.
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 Unaudited pro forma results
  Three Months Ended August 31,
    
    
    Nine Months Ended August 31,2005
    
    
    2004
    
    
    2005
    
    
    2004Revenue
    
    $
    6,711,539
    
    
    $
    5,859,932
    
    
    $
    19,050,342
    
    
    $
    16,558,930Net Income
    
    
    651,881
    
    
    
    595,810
    
    
    
    1,382,344
    
    
    
    1,359,835Basic earnings per share
    
    
    0.21
    
    
    
    0.19
    
    
    
    0.45
    
    
    
    0.45Diluted earnings per share:
    
    
    0.20
    
    
    
    0.19
    
    
    
    0.43
    
    
    
    0.43
  Note 4  Earnings per Share
  Three Months Ended August 31,
    
    
    Nine Months Ended August 31,2005
    
    
    2004
    
    
    2005
    
    
    2004Income available to common
stockholders
    
    $
    451,244
    
    
    $
    541,724
    
    
    $
    1,095,865
    
    
    $
    1,359,377Basic earnings per share:Weighted-average number of
common shares outstanding
    
    
    2,753,320
    
    
    
    2,600,655
    
    
    
    2,674,008
    
    
    
    2,590,090Basic earnings per share
    
    $
    0.16
    
    
    $
    0.21
    
    
    $
    0.41
    
    
    $
    0.52Diluted earnings per share:Weighted-average number of
common shares outstanding
    
    
    2,753,320
    
    
    
    2,600,655
    
    
    
    2,674,008
    
    
    
    2,590,090Stock Options
    
    
    79,975
    
    
    
    104,533
    
    
    
    87,048
    
    
    
    93,615Restricted Stock
    
    
    6,439
    
    
    
    12,415
    
    
    
    8,231
    
    
    
    5,635Diluted weighted-average
number of common shares
outstanding
    
    
    2,839,734
    
    
    
    2,717,603
    
    
    
    2,769,287
    
    
    
    2,689,340Diluted earnings per share
    
    $
    0.16
    
    
    $
    0.20
    
    
    $
    0.40
    
    
    $
    0.51
 9




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COHESANT TECHNOLOGIES INC.
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 Note 5  Accounting for Stock-Based Compensation
  Three Months Ended
    
    
    Nine Months EndedAugust 31,
    
    
    August 31,2005
    
    
    2004
    
    
    2005
    
    
    2004Net income, as reported
    
    $
    451,244
    
    
    $
    541,724
    
    
    $
    1,095,865
    
    
    $
    1,359,377Add: Stock-based
employee compensation
expense included in
reported net income,
net of related tax
effects
    
    
    21,532
    
    
    
    43,315
    
    
    
    71,700
    
    
    
    67,383Deduct: Total
stock-based employee
compensation expense
determined under fair
value based method for
all awards, net of
related tax effects
    
    
    (34,063
    )
    
    
    (57,907
    )
    
    
    (109,293
    )
    
    
    (111,159
    )Pro forma net income
    
    $
    438,713
    
    
    $
    527,132
    
    
    $
    1,058,272
    
    
    $
    1,315,601Earnings per share:Basicas reported
    
    $
    0.16
    
    
    $
    0.21
    
    
    $
    0.41
    
    
    $
    0.52Basicpro forma
    
    $
    0.16
    
    
    $
    0.20
    
    
    $
    0.40
    
    
    $
    0.51Dilutedas reported
    
    $
    0.16
    
    
    $
    0.20
    
    
    $
    0.40
    
    
    $
    0.51Dilutedpro forma
    
    $
    0.15
    
    
    $
    0.19
    
    
    $
    0.38
    
    
    $
    0.49
  Note 6  Revolving Line of Credit
  10




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COHESANT TECHNOLOGIES INC.
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
  Note 7  Segment Information
  Three Months EndedAugust 31, 2005
    
    CuraFlo
    
    GCI
    
    Raven
    
    Corporate
    
    ConsolidatedNet Sales
    
    $
    229,263
    
    
    $
    3,661,394
    
    
    $
    1,730,333
    
    
    $
    
    
    
    $
    5,620,990Depreciation and amortization:
    
    
    11,464
    
    
    
    42,701
    
    
    
    9,897
    
    
    
    914
    
    
    
    64,976Net Income:
    
    
    20,770
    
    
    
    418,947
    
    
    
    285,483
    
    
    
    (273,956
    )
    
    
    451,244Identifiable assets:
    
    
    9,918,828
    
    
    
    6,289,393
    
    
    
    2,534,465
    
    
    
    2,079,058
    
    
    
    20,821,744Capital expenditures:
    
    
    
    
    
    
    48,080
    
    
    
    7,881
    
    
    
    447
    
    
    
    56,408
 Three Months EndedAugust 31, 2004
    
    CuraFlo
    
    GCI
    
    Raven
    
    Corporate
    
    ConsolidatedNet Sales:
    
    
    
    
    
    $
    3,682,694
    
    
    $
    1,433,571
    
    
    $
    
    
    
    $
    5,116,265Depreciation and amortization:
    
    
    
    
    
    
    42,335
    
    
    
    13,253
    
    
    
    2,277
    
    
    
    57,865Net Income:
    
    
    
    
    
    
    511,784
    
    
    
    236,293
    
    
    
    (206,353
    )
    
    
    541,724Identifiable assets:
    
    
    
    
    
    
    5,880,845
    
    
    
    2,519,569
    
    
    
    4,816,381
    
    
    
    13,216,795Capital expenditures:
    
    
    
    
    
    
    57,244
    
    
    
    10,589
    
    
    
    1,025
    
    
    
    68,858
 Nine Months EndedAugust 31, 2005
    
    CuraFlo
    
    GCI
    
    Raven
    
    Corporate
    
    ConsolidatedNet Sales
    
    $
    229,263
    
    
    $
    10,353,460
    
    
    $
    5,002,023
    
    
    $
    
    
    
    $
    15,584,746Depreciation and amortization:
    
    
    11,464
    
    
    
    123,169
    
    
    
    32,441
    
    
    
    5,034
    
    
    
    172,108Net Income:
    
    
    20,770
    
    
    
    1,140,081
    
    
    
    695,319
    
    
    
    (760,305
    )
    
    
    1,095,865Identifiable assets:
    
    
    9,918,828
    
    
    
    6,289,393
    
    
    
    2,534,465
    
    
    
    2,079,058
    
    
    
    20,821,744Capital expenditures:
    
    
    
    
    
    
    158,393
    
    
    
    10,598
    
    
    
    1,840
    
    
    
    170,831
 Nine Months EndedAugust 31, 2004
    
    CuraFlo
    
    GCI
    
    Raven
    
    Corporate
    
    ConsolidatedNet Sales:
    
    
    
    
    
    $
    9,918,828
    
    
    $
    4,723,028
    
    
    $
    
    
    
    $
    14,641,856Depreciation and amortization:
    
    
    
    
    
    
    131,612
    
    
    
    39,285
    
    
    
    5,771
    
    
    
    176,668Net Income:
    
    
    
    
    
    
    1,123,299
    
    
    
    780,424
    
    
    
    (544,346
    )
    
    
    1,359,377Identifiable assets:
    
    
    
    
    
    
    5,880,845
    
    
    
    2,519,569
    
    
    
    4,816,381
    
    
    
    13,216,795Capital expenditures:
    
    
    
    
    
    
    96,367
    
    
    
    22,774
    
    
    
    8,961
    
    
    
    128,102
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COHESANT TECHNOLOGIES INC.
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
  Three Months Ended
    
    Three Months Ended
    
    Nine Months Ended
    
    Nine Months EndedRegion
    
    August 31, 2005
    
    August 31, 2004
    
    August 31, 2005
    
    August 31, 2004United States
    
    
    65
    
    
    
    67
    
    
    
    67
    
    
    
    67Asia/Pacific Rim
    
    
    12
    
    
    
    12
    
    
    
    11
    
    
    
    12Europe
    
    
    10
    
    
    
    11
    
    
    
    10
    
    
    
    12Canada
    
    
    8
    
    
    
    4
    
    
    
    7
    
    
    
    5Other
    
    
    5
    
    
    
    6
    
    
    
    5
    
    
    
    4Total
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
 Note 8  Contingencies
   Note 9  Shareholders Equity
   12




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COHESANT TECHNOLOGIES INC.
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
  Note 10  Dividends
  13




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COHESANT TECHNOLOGIES INC.
 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
 
 ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS
 Acquisition
    Results of Operations
 Third quarter ended August 31, 2005 as compared to the same period in the prior year.
  14




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COHESANT TECHNOLOGIES INC.
 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
      15




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COHESANT TECHNOLOGIES INC.
 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
  Nine months ended August 31, 2005 as compared to the same period in the prior year.
      16




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COHESANT TECHNOLOGIES INC.
 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
   Liquidity and Capital Resources
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COHESANT TECHNOLOGIES INC.
 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
 Critical Accounting Policies and Estimates
    Revenue Recognition.
    Accounts receivable.
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COHESANT TECHNOLOGIES INC.
 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
  Inventory .
  Forward Looking Statements
  
 ITEM 3. CONTROLS AND PROCEDURES
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COHESANT TECHNOLOGIES INC.
 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
   
 PART II
 
 ITEM 2. UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS
  
 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
 a)
    
    The Companys annual meeting of stockholders was held on June 9, 2005.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 2006.c)
    
    At the annual meeting, the Companys stockholders ratified the appointment of Ernst
& Young LLP as auditors of the Company for fiscal 2005. The holders of 2,588,977 shares
of Common Stock voted to ratify the appointment, the holders of 3,000 shares voted
against the ratification and the holders of 669 shares abstained.d)
    
    At the annual meeting, the Companys stockholders approved the Companys Long-Term
Incentive Plan. The holders of 1,742,118 shares of common stock voted to approve the
plan, the holders of 176,365 shares voted against and the holders of 6,763 shares
abstained. There were 667,400 broker non-votes for the Long-Term Incentive Plan.
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COHESANT TECHNOLOGIES INC.
  WithheldFor
    
    AuthorityMichael L. Boeckman
    
    
    2,585,246
    
    
    
    7,400Morton A. Cohen
    
    
    2,395,805
    
    
    
    196,841Dwight D. Goodman
    
    
    2,409,505
    
    
    
    183,141Richard L. Immerman
    
    
    2,585,246
    
    
    
    7,400Morris H. Wheeler
    
    
    2,412,357
    
    
    
    180,289
 
 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
 (a)
    
    Exhibit
 31.1
    
    302 Certification of Chief Executive Officer31.2
    
    302 Certification of Chief Financial Officer32
    
    906 Certification of Chief Executive Officer and Chief Financial Officer
 (b)
    
    Reports on Form 8-KAn 8-K was filed on June 16, 2005 to report earnings for the second quarter and six
months ended May 31, 2005 (Items 2.02 and 9.01).An 8-K was filed on August 16, 2005 to report the acquisition of CuraFlo and related
companies (Items 1.01, 2.01, 3.02 and 9.01).
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SIGNATURES
   COHESANT TECHNOLOGIES INC.BY:
    /s/ Morris H. WheelerMorris H. WheelerPresident & Chief Executive OfficerBY:
    /s/ Robert W. PawlakRobert W. PawlakChief Financial Officer 22