Business
Sono-Tek Announces Financial Results for Fiscal Year 2023; Positive Net Sales Growth Expected for Fiscal Year 2024
-Backlog at February 28, 2023 Increased 60% to $8.5M Year Over Year; First Year with Several $1+Million Orders – -Conference Call on Thursday, May 25, 2023 at
About this update from Sono-tek Corporation
[{"type":"text","content":"-Backlog at February 28, 2023 Increased 60% to $8.5M Year Over Year; First Year with Several $1+Million Orders – -Conference Call on Thursday, May 25, 2023 at 10:00am EST- MILTON, N.Y, May 25, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Sono-Tek Corporation (NASDAQ: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today reported financial results for its fourth quarter and fiscal year 2023, ended February 28, 2023 (“fiscal 2023”). Fiscal Year 2023 Highlights Backlog at February 28, 2023, was $8.5 million, a record high and a 60% increase compared to backlog at February 28, 2022, (“fiscal 2022\"). The large increase in backlog resulted from the receipt of several large orders from the clean energy sector during the year. These orders have high average selling prices and longer than typical delivery lead times, which is often necessary for customized production scale, complex coating systems.Net sales were $15.1 million, a 12% decrease, compared to $17.1 million in fiscal 2022. The decline was primarily due to supply chain challenges which delayed the receipt of necessary parts to complete several customer shipments.Gross profit decreased 11% to $7.7 million for fiscal year 2023 compared with $8.6 million for fiscal year 2022. The gross profit margin increased to 50.8% compared to 50.3% for fiscal 2022. The increase was driven by increased efficiencies and a favorable product mix.Operating income decreased to $683,000 or 64% in fiscal 2023 when compared to fiscal 2022, due to the current period’s decrease in gross profit.Net income was $636,000 compared to $2.5 million in fiscal 2022, primarily due to decreases in operating income and income tax expense combined with PPP Loan forgiveness recorded in the prior year.Cash, cash equivalents and marketable securities totaled $11.4 million at February 28, 2023, the highest level ever, while the Company continues to have no debt.For the first quarter of fiscal 2024, ending May 31, 2023, net sales are expected to be slightly below net sales of $3.7 million recorded in the fourth quarter of fiscal 2023 due to remaining supply chain issues.Fiscal year 2024 net sales are projected to post positive growth, as remaining supply chain issues ease and shipments of orders from yearend backlog, including high margin multi-axis systems, resume. Sono-Tek expects to begin ...