SYS-CON MEDIA Authors: Pat Romanski, Elizabeth White, Glenn Rossman, Cynthia Dunlop, Peter Silva

News Feed Item

Sono-Tek Announces Third Quarter Results

MILTON, N.Y., Jan. 15, 2014 /PRNewswire/ -- Sono-Tek Corporation (OTC BB: SOTK) today announced sales of  $2,650,000 for the three months ended November 30, 2013, compared to sales of $2,202,000 for the prior year period, an increase of $448,000 or 20%. Once again, this quarter has also shown growth over the preceding quarter's sales, continuing a trend that began in the first quarter of this fiscal year. Markets that experienced sales increases over the prior year were in the float glass industry, the food industry, and the semiconductor industry. In the medical device area, the Company saw a decrease in stent coating, but the Company's new balloon catheter coating area has grown as some customers are moving into this more advanced cardiac treatment approach. The clean energy (solar and fuel cells) market is slower than last year as previously predicted, but the Company is optimistic for it to slowly recover over the next few years as production costs in this market decrease. China, in particular, has large plans for implementing solar energy as part of its campaign to reduce pollution which may bode well for the Company's sales to the solar and fuel cell markets.  Geographically, US sales are consistent with last year, Latin America is up, and China has shown a significant recovery. Sales to India and Russia have also been on the rise this year, while Europe is slightly slower at this point in its recovery.

The Company reported income before taxes of $265,000 for the three months ended November 30, 2013, compared to $39,000 for the prior year period, an increase of $226,000.  For the nine month period ended November 30, 2013, the Company reported income before taxes of $531,000 compared to $70,000 for the prior year period, an increase of $461,000

The Company reported net income of $171,000 for the three months ended November 30, 2013, compared to $25,000 for the prior year period, an increase of $146,000. For the nine month period ended November 30, 2013, the Company reported net income of $350,000 compared to $96,000 for the prior year period, an increase of $254,000.

Dr. Christopher L. Coccio, Sono-Tek's Chairman and CEO, stated that, "This year has turned out to be an excellent one for us, with continuing quarterly sales increases coupled with growth over last year's sales. Our increase in income before taxes has also been gratifying, with over seven times the income of last year's nine month cumulative figure. At our Annual Shareholders Meeting in August 2013, we announced current year targets of double digit sales growth versus last year, combined with net income in the $500,000 - $1,000,000 range. It is our expectation that we will hit these targets based on our results for the nine months ended November 30, 2013. We will continue to focus our efforts on active market segments and geographies in our portfolio of applications, as mentioned above in our sales results to date. It has been gratifying to see that our focus last year and this year on targeted market segments is paying off in terms of sales and income growth. We believe the increasing sales trend will continue into the new fiscal year as well."

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; continuing trend of increasing sales and income; political, regulatory, competitive and technological developments affecting our operations or the demand for our products; timely development and market acceptance of new products; adequacy of financing; capacity additions, the ability to enforce patents, continued acceptance of our advanced medical device platform; continued penetration into the food coating  market; an improvement in the clean energy market; implementation of China's solar energy campaign 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-Q's containing additional important information.

 

Sono-Tek Corporation

Selected Financial Data

Unaudited





Nine Months Ended November 30,

Three Months Ended November 30,


2013

2012

2013

2012






Net Sales

$7,561,998

$7,433,215

$2,650,225

$2,202,406






Gross Profit

$3,598,817

$3,596,704

$1,215,170

$1,081,634






Income Before Taxes

$530,945

$70,059

$264,672

$38,870






Net Income

$350,424

$96,101

$171,247

$25,265






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

14,504,836

14,478,044

14,508,507

14,500,592






Weighted Average Shares - Diluted

14,710,838

14,581,386

14,775,422

14,576,211

 

 

SOURCE Sono-Tek Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an In...
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud...
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, will focus on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19...
StackIQ offers a comprehensive software suite that automates the deployment, provisioning, and management of Big Infrastructure. With StackIQ’s software, you can spin up fully configured big data clusters, quickly and consistently — from bare-metal up to the applications layer — and manage them efficiently. Our software’s modular architecture allows customers to integrate nearly any application wi...
As Platform as a Service (PaaS) matures as a category, developers should have the ability to use the programming language of their choice to build applications and have access to a wide array of services. Bluemix is IBM's open cloud development platform that enables users to easily build cloud-based, creative mobile and web applications without having to spend large amounts of time and resources o...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will nee...
When you set off to build an app that will change the world, designing your system architecture to be reliable and scalable is important but the stark reality is that, for your MVP, you probably had a “need for speed” (of development). You didn’t know what all the axes were to scale your application, where your stress points would be, and what weird and wonderful ways your customers would use it d...
Compute virtualization has been transformational, yet security policy implementation and enforcement has lagged behind in agility and automation. There are a number of key considerations when implementing policy in private and hybrid clouds. In his session at 15th Cloud Expo, Holland Barry, VP of Technology at Catbird, will discuss the impact of this new paradigm and what organizations can do to...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Ope...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, ...