Business
Sono-Tek Announces Preliminary Record Revenue and Operating Income for Fiscal Year 2022 and Provides First Quarter FY2023 Revenue Guidance
Record Revenue Growth Expected for Fiscal Year 2023 MILTON, NY, March 16, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Sono-Tek Corporation (NASDAQ: SOTK),
About this update from Sono-tek Corporation
[{"type":"text","content":"Record Revenue Growth Expected for Fiscal Year 2023 MILTON, NY, March 16, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Sono-Tek Corporation (NASDAQ: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced preliminary sales and operating income for its fiscal year ended February 28, 2022 (“FY2022”). Preliminary sales for FY2022 were approximately $17.1 million, compared to sales of $14.8 million for the previous fiscal year, an increase of 16%. Included in FY2022 revenue is a significant order for a six-axis robot sold to a repeat customer in the advanced semiconductor market valued at $1.7 million that was shipped in the fourth quarter. The Company’s preliminary estimate of operating income for FY2022 is approximately $1.8 million, a 38% increase over the Company’s historic high operating income of $1.3 million that was set in the prior fiscal year. Dr. Christopher L. Coccio, Sono-Tek’s Chairman and CEO, commented, “Sono-Tek had a great year, achieving another record in both revenue and operating income, which increased by 16% and 38%, respectively. We reported positive gains in all quarters over the prior fiscal year’s results, in revenue and net income, and revenue showed steady growth from quarter to quarter, with the fourth quarter being the strongest of the year with $5 million in revenue. We ended fiscal 2022 with a strong backlog, approximately $10.7 million in cash and no debt, which is an unusually strong position for any company, and especially for one like Sono-Tek that is currently implementing several new growth initiatives into our targeted high-tech markets. “We are continuing to work to broaden the opportunities for our unique technology. These initiatives include advanced energy applications for fuel cells, carbon capture and development of hydrogen generation applications, innovative medical device applications related to rapid Covid testing and genomics, and next generation high precision semiconductor coating applications. We’ve also begun to scale up our development programs into attractive clean energy opportunities which we expect to expand further over the next several years. Internally, we continue to strengthen and expand our technical teams and broaden the scope of our digital manufacturing operations to increase efficiency and productivity. “We are especially pleas...