Welcome!

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
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
When applications are hosted on servers, they produce immense quantities of logging data. Quality engineers should verify that apps are producing log data that is existent, correct, consumable, and complete. Otherwise, apps in production are not easily monitored, have issues that are difficult to detect, and cannot be corrected quickly. Tom Chavez presents the four steps that quality engineers should include in every test plan for apps that produce log output or other machine data. Learn the ste...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
Is it possible to migrate 100% of your data ecosystem to the cloud? Join Joe Caserta as he takes you on a complete journey to digital transformation mapping out on-prem data footprint and walking it to the cloud. Joe will also explain how the modern ecosystem supports Artificial Intelligence and will include business use cases to back each of his insights.
Your job is mostly boring. Many of the IT operations tasks you perform on a day-to-day basis are repetitive and dull. Utilizing automation can improve your work life, automating away the drudgery and embracing the passion for technology that got you started in the first place. In this presentation, I'll talk about what automation is, and how to approach implementing it in the context of IT Operations. Ned will discuss keys to success in the long term and include practical real-world examples. Ge...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...