Skip to main content

Sono-Tek Announces Preliminary Revenue for Fiscal 2020 of $15.4 Million, 32% Year-over-Year Increase and Provides First Quarter 2021 Revenue Guidance

Written by Customer Service on . Posted in Public Companies.

Preliminary Net Income is Expected to Reach ~$1.0 Million, a 5-Fold Increase MILTON, NY, March 24, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Sono-Tek Corporation (OTCQX: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced preliminary financial results for the fiscal year ended February 29, 2020.Preliminary sales for the twelve months ended February 29, 2020 were approximately $15.4 million, compared to sales of $11.6 million for the previous fiscal year, an increase of approximately $3.8 million or 32%. The Company’s preliminary net income is expected to reach approximately $1.0 million for the 2020 fiscal year compared to $0.16 million reported for the fiscal year ended February 28, 2019, a five-fold increase.Dr. Christopher L. Coccio, Sono-Tek’s Chairman and CEO, commented, “During fiscal year 2020 Sono-Tek reported positive year-over-year gains in all quarters, with very strong sales in the fourth quarter as well. The large sales increases were due to the growth of both our specialty glass coating equipment used in portable electronics and the addition of OMNIbot, our new robotic coating equipment product line. We finished the year with the shipment of our largest order to date, valued at $1.6 million, which was shipped to the European market for the semiconductor industry. We anticipate ongoing strength in these areas.“We also continue to see a widening of opportunity in other areas, such as in advanced energy applications for Fuel Cells as well as high precision and challenging semiconductor coating applications and rapid blood identification diagnostic device coatings. As well, our focused expansion into new markets for EMI shielding and Clear Laser Welding for medical devices are both showing excellent progress. Internally, we continued to strengthen our front-end talent with additions of both technical and sales related personnel, greatly increased the scope of our digital factory operations, and invested our significant excess cash into money market and treasury bonds for future stability and growth needs. In addition, Sono-Tek was recognized by OTC Markets as one of the Top 50 performers on their trading platform last year. Overall it has been a very rewarding year and we are extremely pleased with the ongoing strength of our business,” concluded Dr. Coccio.Assuming no customer shipment delays due to COVID-19 impact, of which there can be no assurance, and based on current backlog, shipments, and proposal activity, Sono-Tek expects to report a strong first quarter, ending May 31, 2020, with revenue growth of approximately 30% over the revenue reported in the first quarter of last fiscal year.  With the advent of the COVID-19 virus, Sono-Tek will defer revenue expectations for FY2021 until a later date when the impact on the global economies is better known. Looking ahead, management believes Sono-Tek’s long-term growth trajectory will continue, even with the unknown impact of COVID-19 on FY2021, as the Company continues to implement its business plans to strategically expand addressable markets through the continuous introduction of targeted new products.The Company’s final financial results will be announced upon completion of the annual year end audit, which is expected by mid-May 2020. The Company will be presenting at the 2020 Virtual Spring Investor Summit on March 25, 2020 at 10:05am EST.  The Company’s webcast can be accessed at the following link: https://www.webcaster4.com/Webcast/Page/2038/33534.  In addition, the webcast may be accessed on the Company’s website at www.sono-tek.com.About Sono-TekSono-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 StatementThis 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, including probable negative effects on operations from the COVID-19 pandemic; the imposition of tariffs; timely development and market acceptance of new products and continued customer validation of our coating technologies; adequacy of financing; capacity additions, the ability to enforce patents; maintenance of operating leverage; maintenance of increased order backlog, including effects of any COVID-19 related cancellations; consummation of order proposals; completion of large orders on schedule and on budget; continued sales growth in the specialty glass and portable electronics markets; successful transition from primarily selling ultrasonic nozzles and components to a more complex business providing complete machine solutions and higher value subsystems; and realization of quarterly and annual revenues within the forecasted range. 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.
  For more information, contact:Stephen J. Bagley
Chief Financial Officer
Sono-Tek Corporation
info@sono-tek.comInvestor Relations:
Stephanie Prince
PCG Advisory
(646) 762-4518
sprince@pcgadvisory.com

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.