Followers | 2543 |
Posts | 250734 |
Boards Moderated | 34 |
Alias Born | 05/06/2014 |
Thursday, May 25, 2017 4:55:47 PM
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.
Recent SOTK News
- Sono-Tek Announces Preliminary Net Sales for Q4 and FY2024 and Provides Preliminary Sales Guidance for Q1 FY2025 and FY2025 • GlobeNewswire Inc. • 04/08/2024 12:00:00 PM
- Sono-Tek Welcomes Dr. Adeniyi Lawal to Board of Directors • GlobeNewswire Inc. • 04/03/2024 12:00:00 PM
- Sono-Tek to Present at The LD Micro Invitational XIV • GlobeNewswire Inc. • 03/27/2024 12:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 09:15:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 08:09:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/22/2024 10:09:23 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/20/2024 04:15:45 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/08/2024 09:25:30 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/06/2024 02:18:20 PM
- Sono-Tek Announces Appointment of Randy A. Copeman to Chief Technologist • GlobeNewswire Inc. • 02/05/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/01/2024 09:39:22 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 01/31/2024 03:49:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/30/2024 09:28:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/26/2024 09:21:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/24/2024 09:36:51 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/24/2024 09:29:58 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/23/2024 09:58:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 01/18/2024 04:01:30 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 01/16/2024 02:07:45 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/16/2024 01:10:47 PM
- Sono-Tek Reports 59% Increase in Q3 Fiscal 2024 Net Sales to Record $5.7 Million and Provides Sales Guidance for Fiscal Year 2024 • GlobeNewswire Inc. • 01/16/2024 01:00:51 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/05/2024 09:30:34 PM
- Sono-Tek Completes Senior Management Transition • GlobeNewswire Inc. • 01/02/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/14/2023 01:05:09 PM
- Sono-Tek Announces Preliminary Record Revenue with Continued Strong Backlog for Q3 FY2024 and Increases Revenue Guidance for Fiscal Year 2024 • GlobeNewswire Inc. • 12/14/2023 01:00:00 PM
FEATURED Element79 Gold Corp Reports Exceptionally High-Grade Results from Lucero • May 14, 2024 7:00 AM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM