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
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?