Business
Sono-Tek Announces Preliminary Revenue for Fiscal 2020 of $15.4 Million, 32% Year-over-Year Increase and Provides First Quarter 2021 Revenue Guidance
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
About this update from Sono-tek Corporation
[{"type":"text","content":"Preliminary Net Income is Expected to Reach ~$1.0 Million, a 5-Fold Increase \n 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...