MILTON, N.Y., Oct. 13, 2016 /PRNewswire/ -- Sono-Tek
Corporation (OTC QX: SOTK) today announced sales of $2,310,000 for the three months ended
August 31, 2016, compared to sales of $2,975,000 for the prior year
period, a decrease of $665,000 or 22%. The Company's second quarter sales level was in line
with first quarter sales, as expected, and as communicated to shareholders in the Company's recent press releases. The current
quarter's decrease compared to the prior year's quarter was primarily due to a slowdown in sales to the electronics industry,
particularly in China and Brazil, both of which have
experienced economic problems. During the second quarter, there were no deliveries of the Company's large WideTrack glass coating
lines when compared to several in the prior year's quarter.
The Company anticipates an improvement in revenues in the second half of the current fiscal year as some customers free up
funds for year-end purchases and as sales of the Company's recent new product introductions expand. The Company is scheduled to
ship a large WideTrack System to an Asian glass customer in the third quarter which is expected to contribute to both the top and
bottom lines.
The Company reported a net loss of $90,000 for the three months ended August 31, 2016 as compared to net income of $144,000 for the prior year
period. For the six months ended August 31, 2016, the Company reported a net loss of
$34,000 as compared to net income of $298,000 for the prior year
period. The Company expects to return to profitability in the third and fourth quarters of the fiscal year and achieve overall
profitability for the Fiscal Year, as discussed in the Company's August 26, 2016 press release.
Dr. Christopher L. Coccio, Sono-Tek's Chairman and CEO stated that, "Sono-Tek has experienced
quarterly and annual revenue fluctuations in the past, primarily due to economic factors or the timing of larger shipments to its
customers. Sono-Tek has proven resiliency in riding out these ups and downs, and expects to continue to do so. The Company has
accumulated a significant amount of cash and marketable securities in recent years, which cushions it from these revenue
variations, while still permitting the Company to pursue a strategy of adding new ultrasonic product applications to its market
basket. This strategy has allowed the Company to grow organically in the past, and it expects to do so in the future."
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; 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, acceptance of our advanced medical
device platform; the sufficiency of cash and marketable securities to cushion against revenue fluctuations; and the ability to
achieve increased sales volume from customers' year end purchases at projected levels and a return to 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.
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Sono-Tek Corporation
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Selected Financial Data
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Unaudited
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Six Months Ended August 31,
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Three Months Ended August 31,
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2016
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2015
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2016
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2015
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Net Sales
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$4,550,663
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$5,857,570
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$2,310,451
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$2,974,673
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Gross Profit
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$2,048,716
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$2,862,735
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$1,025,313
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$1,489,604
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(Loss) Income Before Taxes
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($21,882)
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$403,348
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($87,298)
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$196,111
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Net (Loss) Income
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($33,882)
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$297,612
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($89,673)
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$143,590
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Basic Earnings (Loss) Per Share
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$0.00
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$0.02
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($0.01)
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$0.01
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Diluted Earnings (Loss) Per Share
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$0.00
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$0.02
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($0.01)
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$0.01
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Weighted Average Shares - Basic
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14,961,076
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14,938,615
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14,961,076
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14,944,124
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Weighted Average Shares - Diluted
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14,961,076
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15,033,588
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14,961,076
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15,046,066
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sono-tek-announces-second-quarter-results-and-confirms-prior-sales-and-income-guidance-300344545.html
SOURCE Sono-Tek Corporation