Golden Cross
5 years ago
Sono-Tek Reports Record Quarter Sales of $3.35 million in Second Quarter Fiscal 2020 with Continued Record Backlog and Provides Sales Guidance
-- Highest Quarterly Sales in Company history of $3.35 million
-- Record high backlog of $4.17 million
-- Second quarter gross margin 46.2%
-- Achieved net income of $115,000 versus $59,000 in second quarter FY2019
-- Second quarter revenues increased 19% vs last year, with 15% - 25% growth expected for Fiscal 2020
NEWS PROVIDED BY
Sono-Tek Corporation
Oct 14, 2019, 16:30 ET
MILTON, N.Y., Oct. 14, 2019 /PRNewswire/ -- Sono-Tek Corporation (OTCQX: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today reported financial results for its fiscal 2020 second quarter and year-to-date period ended August 31, 2019.
Dr. Christopher L. Coccio, Chairman and CEO commented that "The second quarter of FY2020 showed 19% revenue growth, along with a strong increase in our bottom line. As previously announced, we have initiated expansion of our manufacturing facility and have acquired new machinery to accommodate our continued and anticipated growth. Our strategy to provide customers with a high level of application engineering support, in combination with large complex ultrasonic coating systems, that are often highly customized, continues to gain momentum. These orders increase our average revenue per order compared to less sophisticated systems and individual units, and we are expecting this trend to continue."
The Company experienced significant growth in sales of larger Multi-Axis coating systems, along with an increase in Integrated Coating Systems. Growth in these product categories more than offset the decline in OEM system sales. The same general trends were seen in the first half year results comparisons. There was a dip in sales to several China based OEM partners, but the Asia Pacific results were stable through the first half with a strong second quarter performance.
The Electronics / Microelectronics sector saw a significant increase, primarily derived from the semiconductor industry, and this drove the Company's increases in the first half of the year and more so in the second quarter.
"Due to the continued record increase in our orders and backlog this quarter, we are expecting third quarter revenues to also show an increase of 15-25% over last year and for this trend to continue through the balance of the Fiscal Year," commented Dr. Christopher L. Coccio, Chairman and CEO.
Year-to-Date Fiscal 2020 Results (Narrative compares with prior-year period unless otherwise noted)
Six Months Ended August 31,
Change
2019
2018
$
%
Net Sales
$ 6,168,000
$ 5,519,000
649,000
12%
Gross Profit
2,852,000
2,616,000
236,000
9%
Gross Margin
46.2%
47.4%
Operating Income
$ 97,000
$ 46,000
51,000
111%
Operating Margin
1.6%
0.8%
Net Income
$ 140,000
$ 81,000
59,000
73%
Net Margin
2.3%
1.5%
Diluted Earnings Per Share
$ 0.01
$ 0.01
Weighted Average Shares - Diluted
15,377,000
15,169,000
Second Quarter Fiscal 2020 Results (Narrative compares with prior-year period unless otherwise noted)
Three Months Ended August 31,
Change
2019
2018
$
%
Net Sales
$ 3,346,000
$ 2,818,000
528,000
19%
Gross Profit
1,547,000
1,345,000
202,000
15%
Gross Margin
46.2%
47.7%
Operating Income
$ 92,000
$ 14,000
78,000
557%
Operating Margin
2.8%
0.5%
Net Income
$ 115,000
$ 59,000
56,000
95%
Net Margin
3.4%
2.1%
Diluted Earnings Per Share
$0.01
$0.00
Weighted Average Shares - Diluted
15,399,000
15,224,000
The Company's sales growth was primarily driven from the Electronics/Microelectronics market (up 100%), and the Medical market (up 7%). The Company's strategy of providing paid coating services as a part of its Application Engineering services in addition to its coating equipment, is clearly benefitting revenues.
From a product sales perspective, Integrated Coating Systems increased by 46% or $130,000, and Multi-Axis Coating Systems increased 43% or $545,000, while OEM systems decreased by 53% or $281,000. Quarterly demand and revenue in any of the Market or Product baskets typically varies due to the size and timing of orders, so the multi-quarter totals at year-end are often more significant, reflecting overall Market and Product trends.
In the second quarter of fiscal 2020, approximately 72% of sales originated outside of the United States and Canada compared with 62% in the prior-year period. This increase in export sales was greatly impacted by a larger custom medical device coating platform sold into Latin America.
The change in product mix resulted in slightly lower gross margin of 46.2%, but due to increased revenues the Company increased its net income by $56,000 to $115,000 for the quarter. The Company expects its income to rise considerably as it proceeds through the fiscal year, due to increasing backlog and growth in orders with associated leverage on operating costs.
Balance Sheet and Cash Flow Overview
Cash and cash equivalents and short-term investments at quarter-end were $5.7 million, up from $5.5 million at the end of fiscal 2019. The increase was the result of the timing of working capital requirements primarily due to an increase in customer deposits and accounts payable. These increases were partially offset by increased inventories and capital expenditures. Higher inventory is to address both customer demand for shorter delivery cycles and increased order levels.
Year-to-date capital expenditures were $319,000 compared with $160,000 in the prior-year period. The increase was primarily due to investments to upgrade the Company's manufacturing facilities. Sono-Tek anticipates total capital expenditures to be approximately $0.5 million to $0.6 million in fiscal 2020.
At August 31, 2019, the Company had total debt of $790,000, down $81,000 since fiscal 2019 year-end. Long-term debt is comprised of the mortgage on the Company's industrial park complex and has an interest rate of 4.15%.
About Sono-Tek
Sono-Tek Corporation is the leading developer and manufacturer of ultrasonic coating systems for applying precise, thin film coatings to protect, strengthen or smooth surfaces on parts and components for the microelectronics/electronics, alternative energy, medical and industrial markets, including specialized glass applications in construction and automotive.
The Company's solutions are environmentally-friendly, efficient and highly reliable, and enable dramatic reductions in overspray, savings in raw material, water and energy usage and provide improved process repeatability, transfer efficiency, high uniformity and reduced emissions.
Sono-Tek's growth strategy is focused on leveraging its innovative technologies, proprietary know-how, unique talent and experience, and global reach to further develop thin film coating technologies that enable better outcomes for its customers' products and processes. For further information, visit www.sono-tek.com.
Safe Harbor Statement
This news release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory, tax, competitive and technological developments affecting our operations or the demand for our products; timely development and market acceptance of new products and paid coating services; adequacy of financing; capacity additions; the ability to enforce patents; maintenance of operating leverage; continued effectiveness of investment in application engineering support; the successful transition to sales of more complex systems; maintenance of order backlog; consummation of order proposals; continued sales growth in the Electronics/Microelectronics and Medical market areas; and the ability to achieve increased sales volume and net income at projected levels. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.
SOURCE Sono-Tek Corporation
Related Links
http://www.sono-tek.com
$Pistol Pete$
8 years ago
$SOTK Sono-Tek Announces Fiscal Year 2017 Results and First Quarter 2018 Guidance
May 25, 2017
OTC Disclosure & News Service
-
Sono-Tek Announces Fiscal Year 2017 Results and First Quarter 2018 Guidance
PR Newswire
MILTON, N.Y., May 25, 2017
MILTON, N.Y., May 25, 2017 /PRNewswire/ -- Sono-Tek Corporation (OTC QX: SOTK) today announced sales of $9,725,000 for the fiscal year ended February 28, 2017 compared to sales of $11,834,000 for the previous fiscal year, a decrease of $2,109,000 or 18%. On a positive note, the Company showed increased revenues in each subsequent quarter after a slow start in the first quarter of the fiscal year ended February 28, 2017. The current year's sales decrease was primarily driven by lower demand for float glass line coating equipment and textile coating machinery. A continued strong US dollar and political uncertainty in several foreign markets also negatively affected sales, most significantly from Europe and Latin America. Based on current backlog, shipments, and proposals, the Company is expecting to see an increase in revenue for the first quarter of the new fiscal year (March-May 2017) compared to last year's first quarter. The Company is targeting growth in revenue for fiscal year 2018 based on several new products and applications, as well as the anticipated improving tax and regulatory climate in the US.
The Company had net income of $96,000 or $.01 per share, compared to $548,000 or $.04 for the previous fiscal year. During fiscal 2017, the Company continued to invest resources in its new product development and associated sales and marketing efforts, despite the reduction in revenues. The Company believes that this continued investment, is the correct strategy to improve its continuing technology and market expansion opportunities.
Dr. Christopher L. Coccio, Sono-Tek's Chairman and CEO, stated that, "We are pleased with the ongoing strength of our business, as evidenced by generating over $815,000 of additional cash and cash equivalents in a year of reduced sales and income, while also continuing our technology and market developments. Much of our cash generation and increasing balance sheet strength is attributable to the implementation of a successful LEAN manufacturing program this past year. The LEAN program focuses on creating significant reductions in our inventory levels, which in turn led to the improvement in our cash position."
For further information, contact Dr. Christopher L. Coccio, at 845-795-2020, or visit our website at www.sono-tek.com
Sono-Tek Corporation is a leading developer and manufacturer of liquid spray products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the Company's products have long been recognized for their performance, quality, and reliability.
This earnings release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions, including the recently improved US tax and regulatory climate; political, regulatory, competitive and technological developments affecting our operations or the demand for our products; continued investment in the development and marketing of new products and the timely deployment and market acceptance of such products; adequacy of financing; capacity additions; the ability to enforce patents; the continued successful implementation of our Lean manufacturing program; and maintenance of order backlog, consummation of order proposals, and the ability to achieve increased sales volume at projected levels and continued profitability. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.
Sono-Tek Corporation
Selected Financial Data
Quarter Ended
Fiscal Year Ended
February 28,
February 29,
February 28,
February 29,
2017
2016
2017
2016
Net Sales
$2,574,787
$2,943,703
$9,724,553
$11,833,730
Gross Profit
$1,205,879
$1,308,923
$4,493,994
$5,637,777
Operating (Loss) Income
$27,471
($751)
($148,267)
$740,291
Net Income (Loss)
$67,246
($50,205)
$95,706
$547,729
Basic Earnings Per Share
$0.00
$0.00
$0.01
$0.04
Diluted Earnings Per Share
$0.00
$0.00
$0.01
$0.04
Weighted Average Shares - Basic
14,961,076
14,948,664
14,961,076
14,943,018
Weighted Average Shares - Diluted
15,058,366
14,948,664
15,018,282
15,029,601
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sono-tek-announces-fiscal-year-2017-results-and-first-quarter-2018-guidance-300464191.html
SOURCE Sono-Tek Corporation
Copyright © 2017 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
10 bagger
13 years ago
SOTK.. $1.48..First Quarter Results
Sono-Tek Announces Sono-Tek Announces First Quarter Results
PR Newswire - Jul 11 at 15:43Ear Sma POS
Company Symbols: OTC-PINK:SOTK, NASDAQ-OTCBB:SOTK
MILTON, N.Y., July 11, 2011 /PRNewswire/ -- Sono-Tek Corporation (OTC BB: SOTK) today announced sales of $2,989,000 for the three months ended May 31, 2011, compared to sales of $2,284,000 for the prior year period, an increase of $705,000 or 31%. During the current quarter, sales of most of our products increased, when compared to the prior year. The sales for this quarter represents another record amount, and continues the trend we have established over the past two years of continuous sales increases each quarter.
The Company had net income of $239,000 for the three months ended May 31, 2011, compared to $95,000 for the prior year period, or an increase of 152%. Even so, the Company increased its spending for engineering development and market development, as part of our plan to create both growth and profit going forward.
Dr. Christopher L. Coccio, Sono-Tek's Chairman and CEO, stated that, "We believe that our continuing success is directly related to the following actions we have taken in recent quarters:
-- introducing new hi-tech products for unique industrial applications
which provide our customers with superior technical performance and
significant financial benefits.
-- increasing our global marketing and sales coverage, most recently
through the establishment of 4 new applications laboratories in
strategic markets.
-- diversifying our presence into a solid portfolio of 6 industries:
electronics, advanced energy (fuel cells and solar cells), medical
device, glass, textile and food.
-- exporting some 2/3 of our products to customers abroad, where the
relative weakness of the US dollar is a powerful incentive for purchase,
for our customers.
We are very pleased with the continuing increase in our sales and profitability, and we expect that the coming quarters will be as strong or stronger than the first quarter."
For further information, contact Dr. Christopher L. Coccio, at 845-795-2020, or visit our website at www.sono-tek.com
Sono-Tek Corporation is a leading developer and manufacturer of liquid spray products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the Company's products have long been recognized for their performance, quality, and reliability.
This earnings release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory, competitive and technological developments affecting the Company's operations or the demand for its products; timely development and market acceptance of new products; adequacy of financing; capacity additions; restoration of profitability and the ability to enforce patents. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.
Sono-Tek Corp.
Selected Financial Data
(Unaudited)
Three Months Ended
May 31, 2011 May 31, 2010
Net Sales $2,989,070 $2,283,651
Gross Profit $1,433,099 $1,117,028
Net Income $238,595 $94,752
Basic Earnings Per Share $0.02 $0.01
Diluted Earnings Per Share $0.02 $0.01
Weighted Average Shares - Basic 14,441,511 14,437,511
Weighted Average Shares - Diluted 14,752,316 14,593,862
SOURCE Sono-Tek Corporation
10 bagger
14 years ago
Sono-Tek to Present Scientific Paper on Food Safety at the IFT, as E. Coli Outbreak Affects Europe's Food Supply
SOTK,, $1.35..
MILTON, N.Y., June 10, 2011 /PRNewswire/ -- Sono-Tek Corporation (OTCQB: SOTK) today announced that its president, Dr. Joseph Riemer, will be presenting on Monday June 13, 2011, a scientific paper titled: &;Enhancing Food Safety via Ultrasonic Spray Coating of Anti-Microbial Agents,&; at the Institute of Food Technologists&; 2011 Annual Meeting in New Orleans.
The IFT annual event gathers thousands of professional experts from all over the world, from industry, academia and government regulatory agencies, who come to explore and share the latest developments in Food Science & Technology.
This year&;s meeting has in its background the recent deadly E. Coli outbreak in Europe, which has already affected more than 2,900 victims, including 27 deaths in 13 countries. European governments have mandated quarantines on cross border shipments of fresh produce with an estimated economic loss of more than $500 million to European farmers.
The safety of the global food supply is going to be discussed at the IFT proceedings in various aspects: from raw materials to good manufacturing practices to novel processing technologies.
Sono-Tek Corporation will introduce the meeting&;s participants to its latest innovation for enhancing food safety -- the SonoCoat AM ultrasonic spray coater for anti-microbial agents. Based on technology transfer from Sono-Tek expertise in the medical device industry, the SonoCoat AM is capable of precision coating of food and food packaging surfaces with uniform, micronic layers of various anti-microbial agents. The system has already been proven in the baked goods industry, where it effectively applied various mold retarding agents (natural and synthetic) on high moisture content baked goods, enhancing their shelf life and reducing the number of returns.
The SonoCoat AM is part of Sono-Tek&;s strategy for the food industry, via offering of superior performance equipment that enhances quality and reduces costs. Other Sono-Tek food applications include coating of flavors, nutriceuticals and oils.
Dr. Riemer added, &;The food industry is known to be conservative in adapting disruptive technologies, such as our ultrasonic spray coating. Introducing our SonoCoat AM at this important scientific venue will provide more food technologies and food business executives with the know how of its superior technical features, and the confidence in seeking the economic benefits that this state-of-the-art technology presents.&;
For further information contact Dr. Joseph Riemer directly at 845-795-2020.
This press release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory, competitive and technological developments affecting the Company&;s operations or the demand for its products; timely development and market acceptance of new products; adequacy of financing; capacity additions; and the ability to enforce patents. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.
SOURCE Sono-Tek Corporation
10 bagger
14 years ago
SOTK.. $1.37 YE Earnings..
Sono-Tek Announces Year End Results
PR Newswire - May 23 at 13:30
Company Symbols: OTC-PINK:SOTK
MILTON, N.Y., May 23, 2011 /PRNewswire/ -- After the completion of our annual audit, Sono-Tek Corporation (OTCQB: SOTK) today announced record sales of $9,914,312 for the fiscal year ended February 28, 2011, compared to sales of $7,242,000 for the previous fiscal year, an increase of 37%. Sales increased versus last year due to growth in the advanced energy markets involving coating systems for fuel cells and solar energy devices, sales of coating systems for glass and non-woven fabric manufacturers, and the resurgence and increase of our spray fluxing business worldwide. The Company also announced net income of $593,945 or $.04/share for the year, versus $81,676 for the previous year, an increase of $512,269 or 627%.
According to Dr. Christopher L. Coccio, Sono-Tek&;s Chairman and CEO, &;Looking ahead, based on our existing backlog, we expect to see similar continued sales growth and profitability in the new fiscal year. We are quite pleased that most of the development initiatives we put in place during the recession have been showing such positive results, and we are looking forward to another year of strong growth in sales and net income. This growth resulted in a decision late last year to purchase the Industrial Park where we have leased for many years, in order to provide expansion space without the need for relocation. In addition, we are in the process of making a major purchase of a new CNC lathe machine to handle our greater production volume in house, rather than outsourcing it. We expect this purchase to lead to greater profitability, timeliness, and quality control in our manufacturing operation.&;
The Company announced earlier that effective February 22, 2011, its common stock is being quoted on OTC Markets Group Inc.&;s (&;OTCM&;) OTCQB platform. The change in coverage to the OTCQB trading platform was caused by the migration of the Company&;s market makers away from the OTCBB, and does not affect, nor is it a reflection upon, Sono-Tek&;s business, operations or growth prospects. Sono-Tek is current in all of its reporting obligations to the SEC. Sono-Tek is not on the Pink Sheets, although some online sites show our results under SOTK.PK.
For further information, contact Dr. Christopher L. Coccio, at 845-795-2020, or visit our website at www.sono-tek.com.
Sono-Tek Corporation is a leading developer and manufacturer of liquid spray products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the Company&;s products have long been recognized for their performance, quality, and reliability.
This earnings release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory, competitive and technological developments affecting the Company&;s operations or the demand for its products; timely development and market acceptance of new products; adequacy of financing; capacity additions; and the ability to enforce patents. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.
Sono-Tek Corporation
Selected Financial Data
Fiscal Year Ended February 28,
2011 2010
Net Sales $9,914,312 $7,242,324
Net Income $593,945 $81,676
Basic Earnings Per Share $0.04 $0.01
Diluted Earnings Per Share $0.04 $0.01
Weighted Average Shares - Basic 14,439,166 14,414,969
Weighted Average Shares - Diluted 15,028,047 14,524,417
10 bagger
14 years ago
SOTK.. $0.88 Earnings..
Sono-Tek Announces Second Quarter Results
PR Newswire - Oct 06 at 15:11
Company Symbols: NASDAQ-OTCBB:SOTK
MILTON, N.Y., Oct. 6 /PRNewswire-FirstCall/ -- Sono-Tek Corporation (OTC Bulletin Board: SOTK) today announced sales of $2,432,000 for the three months ended August 31, 2010, compared to sales of $1,684,000 for the prior year period, an increase of $748,000 or 44%. Sales also increased when compared to our first quarter by $148,000 or 6.5% in areas such as alternative energy coating equipment, medical device coating equipment, and glass and other industrial coating equipment. Most of our sales growth is coming from segments that are considered &;green&; in that we are either helping to create non carbon based energy alternatives, or displacing wasteful industrial spraying systems with our ultrasonic atomization technology. The Company reported net income of $126,000 for the three months ended August 31, 2010 versus net income of $41,000 for the three months ended August 31, 2009, an increase of $85,000 or 207%.
Dr. Christopher L. Coccio, Sono-Tek&;s Chairman and CEO, commented that, &;We announced at our recent Annual Meeting a goal of achieving over $9,000,000 in sales this year and $500,000 in net income as a result of our growing business. We are now well diversified in both product and market segments, as well as in geographical markets after the expenditures and investments we made previously. We are experiencing continuing quarter over quarter growth in sales, setting new revenue records for our business, and we are expecting to see over 25% growth this year compared to last year. This has been an exciting and dynamic time for our Company, and we are very pleased with the results of our efforts at diversification and growth over the past several years.&;
For further information, contact Dr. Christopher L. Coccio, at 845-795-2020, or visit our website at www.sono-tek.com.
Sono-Tek Corporation is a leading developer and manufacturer of liquid spray products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the Company&;s products have long been recognized for their performance, quality, and reliability.
This earnings release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory, competitive and technological developments affecting the Company&;s operations or the demand for its products; timely development and market acceptance of new products; adequacy of financing; capacity additions; the ability to enforce patents and the ability to achieve increased sales volume and continued profitability. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.
Sono-Tek Corporation
Selected Financial Data
Unaudited
Six Months Ended August 31, Three Months Ended August 31,
2010 2009 2010 2009
Net Sales $4,715,788 $3,148,612 $2,432,137 $1,683,883
Net (Loss) Income $220,640 ($128,881) $125,888 $40,546
Basic Earnings Per
Share $0.02 ($0.01) $0.01 $0.00
Diluted Earnings Per
Share $0.02 ($0.01) $0.01 $0.00
Weighted Average
Shares - Basic 14,437,511 14,414,728 14,437,511 14,414,741
Weighted Average
Shares - Diluted 14,594,030 14,414,728 14,568,332 14,476,241
SOURCE Sono-Tek Corporation
di4
16 years ago
Sono-Tek Announces Initial Sale of New Industrial-Scale Ultrasonic Food Coating System
Jun 1, 2009 4:24:00 PM
Email Story Discuss on ZenoBank
View Additional ProfilesMILTON, N.Y., June 1 /PRNewswire-FirstCall/ -- Sono-Tek Corporation (OTC Bulletin Board: SOTK) announces initial sale of its first industrial-scale ultrasonic food coating system. The system is based on Sono-Tek's proven WideTrack platform currently used in many glass and textile manufacturing lines worldwide. This unit was sold to Mesa Foods to replace a conventional spraying system at the customer's baked goods facility in Louisville, KY.
This ultrasonic spray coating unit is used to uniformly coat a micronic layer of edible oil on formed dough prior to baking. The advantages of the ultrasonic food coating system are numerous: improved final product quality in uniformity of color and taste, reduced cost of goods by using less oil, and enhanced safety due to improved sanitary and environmental conditions at the manufacturing plant. The system had been installed and operating at the customer's facility in production capacity for over five months prior to the sale.
The new WideTrack ultrasonic food coating system is comprised of an array of ultrasonic nozzles positioned over the food preparation line with computerized control and an integrated pumping system. The control system regulates the flow of liquid required according to the speed of the line and the performance requirements of the liquid coating to achieve precise, uniform deposition of the desired amount of liquid. The ultrasonic vibrations of the nozzles provide a self-cleaning mechanism and as a result the nozzles never clog. In addition, the system uses dramatically less liquid than traditional air pressure spraying systems or spinning disk technologies. The system can be configured for a variety of widths, up to 120 inches and beyond if needed.
Sono-Tek CEO, Dr. Christopher L. Coccio states, "Sono-Tek's WideTrack ultrasonic food coater offers the food industry key advantages in enhancing productivity and product performance with a very fast ROI. We are very excited about the potential for our ultrasonic food coating systems as the industry becomes familiar with this game-changing technology. Not only baked goods manufacturers, but also producers of frozen and refrigerated meals, dairy and meat products, as well as manufacturers of spices and flavorings, and even producers of food packaging films and environmentally-friendly compostable trays are now able to benefit from the advantages of our green technology."
Sono-Tek will be presenting our ultrasonic technology systems at the upcoming annual conference and EXPO of the Institute of Food Technologists (IFT) in booth #1178, Anaheim, CA, in June 2009. Contact us via email at info@sono-tek.com or visit www.sono-tek.com.
This press release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory, competitive and technological developments affecting the Company's operations or the demand for its products; timely development and market acceptance of new products; adequacy of financing; capacity additions; restoration of profitability and the ability to enforce patents. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.
Contact: Joseph Riemer, Sono-Tek Corporation, 845-795-2020
SOURCE Sono-Tek Corporation
----------------------------------------------
Joseph Riemer of Sono-Tek Corporation
+1-845-795-2020
di4
16 years ago
Sono-Tek Announces Year End Results
Jun 1, 2009 3:28:00 PM
Email Story Discuss on ZenoBank
View Additional ProfilesMILTON, N.Y., June 1 /PRNewswire-FirstCall/ -- Sono-Tek Corporation (OTC Bulletin Board: SOTK) today announced sales of $6,409,000 for the fiscal year ended February 28, 2009, compared to sales of $5,699,000 for the previous fiscal year, an increase of $710,000, or 12%. Sales increased versus last year in spite of a decline in some of our markets, particularly the North American electronics segment. Shipments of circuit boards by our customers, to whom we provide spray fluxing equipment, was down by 35%, according to industry sources. These customers were seriously affected by the slowdown in the economy, particularly the housing market. We were able to offset the decline in our electronics sales by adding new products to serve additional segments in the electronics industry, and also by product development in newer areas of our business such as clean energy (fuel cell and solar cell coating equipment), medical coaters, spray drying equipment, and glass line coating equipment.
For the year ended February 28, 2009, we incurred a net loss of ($1,513,028) compared to net income of $11,205 for the previous fiscal year. The loss was a result of our decision to commit resources to diversify our business, and to persist with this important effort even during the recession. Approximately half of the reported loss was due to non-cash accounting items such as depreciation, stock based compensation, and the writeoff of a deferred tax asset, which can be reversed if the Company demonstrates future profitability.
According to Dr. Christopher L. Coccio, Sono-Tek's Chairman and CEO, "We are seeing clear signs of growth in many of the new areas we have been pursuing, with large percentage increases in sales of ExactaCoats and FlexiCoats for fuel cell and solar cell coatings, a significant increase in sales of coaters for semiconductor applications, and increased sales of our ultrasonic spray dryers for pharmaceutical research and development applications. During the fiscal year ended February 28, 2009, we won a New York State contract to develop a machine to apply a nanostructered barrier material to biodegradable food packaging films. In addition, we placed a trial coating unit at a major food product company, which was converted into our first major food application sale just prior to this earnings release."
He further indicated that "Late in the fiscal year we began to reduce program costs with the goal of bringing the business back to a profitable mode again. We have been reducing certain expenditures that were needed to fulfill the business development objectives, as we believe that the new products, technology developments, and increased marketing and sales coverage we established will continue to generate new business in the clean energy, medical, and food areas for us going forward. The combination of these sales with the cost reductions may lead the way to profitability later this year, particularly since a part of the US stimulus plan is aimed at increasing domestic capability in clean energy technologies which include both fuel and solar cells."
For further information, contact Dr. Christopher L. Coccio, at 845-795-2020, or visit our website at www.sono-tek.com
Sono-Tek Corporation is a leading developer and manufacturer of liquid spray products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the Company's products have long been recognized for their performance, quality, and reliability.
This earnings release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory, competitive and technological developments affecting the Company's operations or the demand for its products; timely development and market acceptance of new products; adequacy of financing; capacity additions; restoration of profitability and the ability to enforce patents. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.
Sono-Tek Corporation
Selected Financial Data
Fiscal Year Ended
February 28, February 29,
2009 2008
Net Sales $6,408,796 $5,698,602
Net (Loss) Income ($1,513,028) $11,205
Basic (Loss) Earnings Per Share - ($.11) $0.00
Diluted (Loss) Earnings Per Share - ($.11) $0.00
Weighted Average Shares - Basic 14,381,857 14,360,618
Weighted Average Shares - Diluted 14,381,857 14,394,010
SOURCE Sono-Tek Corporation
----------------------------------------------
Dr. Christopher L. Coccio
+1-845-795-2020
for Sono-Tek Corporation
shmoopy38
17 years ago
SOTK 8-K filed today.
New Business Development Program Announced
Dr. Christopher L. Coccio, Chairman and CEO, announced that "a recent meeting of the Board of Directors has approved a multi-year business development program where the Company will invest approximately $2M in creating new business growth. The program will be led by Dr. Joseph Riemer, who was recently appointed as President of Sono-Tek, and has as its goal a substantial increase in revenues over the next several years to move Sono-Tek into the $10-$20m revenue arena. Funding for the program will be primarily derived from operating revenues, possibly augmented with some of our cash reserves, and is not expected to require external funding. The program is similar to the new initiatives that have been underway in the first and second quarters of the current fiscal year."
The program will focus on areas where we have demonstrated new capabilities and on areas where there appears to be more opportunity that we could serve with additional technical and sales personnel.
Such areas include medical device coatings, coatings for solar and fuel cells serving the clean energy market, biodegradable food packaging and applications of natural antimicrobials to food products, and the glass and textile industries. In our estimate, our future sales for the food industry alone could become Sono-Tek's largest business segment over time.
Sono-Tek is pursuing this program as a means to grow both the top and bottom lines. Sono-Tek believes that trading current income for future growth is the right choice for the Company at this time, and it will closely monitor the plans' execution and progress.
We are excited about where this program can take us. We have put in place organizational changes designed to focus on the growth opportunities before us, and we are bringing in additional talent to strengthen our structure. Specifically, we are creating several Strategic Business Units, each headed by a director who will be responsible for the growth in their segment. Each of the areas we will be pursuing has specific targets and resources, and in most cases, demonstrated success of our equipment in the application. We intend to apply our marketing, sales and technical resources to ramp up these promising applications and through them, generate larger streams of revenue and income.
We believe this is the right choice for Sono-Tek at this time, considering the success we have had in expanding into the medical device field and the international market in previous years. It is our hope and expectation that we will be a stronger, more diverse, and profitable Company after one to two years of this program.
Sincerely,
Christopher L. Coccio, PhD
Chairman and CEO
shmoopy38
17 years ago
Sono-Tek Announces Second Quarter Earnings and Major Business Development Program
Monday October 15, 1:12 pm ET
MILTON, N.Y., Oct. 15 /PRNewswire-FirstCall/ -- Sono-Tek Corporation (OTC Bulletin Board: SOTK - News) today announced sales of $1,414,523 for the three months ended August 31, 2007, compared to sales of $1,833,938 for the same period last year. For the three months ended August 31, 2007, the Company had net income of $12,070 compared to $233,836 for the prior year period. Earnings per share for the three months ended August 31, 2007 was $.00 compared to $.02 for the prior year period.
Sales were lower than last year due to a slowdown in the US economy and its impact on the Company's customers. One factor has been the decline in the domestic housing market and its impact on electronics purchases. However, sales were higher than the $1,232,643 reported in the first quarter of the current fiscal year. Net income for the second quarter was below the same quarter of last year due to the reduced sales volume noted above, as well as the funding of new initiatives from operating income in the current quarter.
New Business Development Program Announced
Dr. Christopher L. Coccio, Chairman and CEO, announced that "a recent meeting of the Board of Directors has approved a multi-year business development program where the Company will invest approximately $2M in creating new business growth. The program will be led by Dr. Joseph Riemer, who was recently appointed as President of Sono-Tek, and has as its goal a substantial increase in revenues over the next several years to move Sono-Tek into the $10-$20m revenue arena. Funding for the program will be primarily derived from operating revenues, possibly augmented with some of our cash reserves and is not expected to require external funding. The program is similar to the new initiatives that have been underway in the first and second quarters of the current fiscal year."
The program will focus on areas where the Company has demonstrated capabilities and where there appears to be more opportunity that could be served with additional technical and sales personnel. Such areas include medical device coatings, coatings for solar and fuel cell devices serving the clean energy market, biodegradable food packaging and applications of natural antimicrobials to food products, and the glass and textile industries.
Sono-Tek is pursuing this program as a means to counteract the current slowdown in the electronics industry, as well as to add further diversification to our top line. Sono-Tek believes that trading current income for future growth is the right choice for the Company at this time, although it recognizes the risks inherent in any spending program and it will monitor the spending and results as it goes forward.
For further information, contact Dr. Christopher L. Coccio, at 845-795- 2020, or visit our website at www.sono-tek.com
Sono-Tek Corporation is a leading developer and manufacturer of liquid spray products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the Company's products have long been recognized for their performance, quality, and reliability.
This earnings release contains forward looking statements regarding future
events and the future performance of Sono-Tek Corporation that involve risks
and uncertainties that could cause actual results to differ materially. These
factors include, among other considerations, general economic and business
conditions; political, regulatory, competitive and technological developments
affecting the Company's operations or the demand for its products; timely
development and market acceptance of new products; adequacy of financing;
capacity additions, the ability to enforce patents and the successful
implementation of the business development program. We refer you to documents
that the company files with the Securities and Exchange Commission, which
includes Form 10-KSB and Form 10-QSBs containing additional important
information.
Sono-Tek Corporation
Selected Financial Data
Unaudited
Six Months Ended Three Months Ended
August 31, August 31,
2007 2006 2007 2006
Net Sales $2,647,166 $3,615,682 $1,414,523 $1,833,938
Net Income $31,984 $358,667 $12,070 $233,836
Basic Earnings
Per Share $0.00 $0.02 $0.00 $0.02
Diluted Earnings
Per Share $0.00 $0.02 $0.00 $0.02
Weighted Average
Shares - Basic 14,360,541 14,359,341 14,360,541 14,360,541
Weighted Average
Shares - Diluted 14,445,376 14,461,122 14,444,427 14,460,211
--------------------------------------------------------------------------------
Source: Sono-Tek Corporation
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