Business
Sono-Tek Announces Record Sales and Backlog for Fiscal Year 2022, Another Record Year for Sales Expected for Fiscal Year 2023, and Provides First Quarter Fiscal 2023 Sales Guidance
-Backlog Increased 38% Year-over-Year – -Conference Call Tuesday, May 24, 2022 at 10:00am EST – MILTON, NY, May 24, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire
About this update from Sono-tek Corporation
[{"type":"text","content":"-Backlog Increased 38% Year-over-Year – -Conference Call Tuesday, May 24, 2022 at 10:00am EST – MILTON, NY, May 24, 2022 (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 2022, ended February 28, 2022 (“fiscal 2022”). Fiscal Year 2022 Highlights Backlog at fiscal yearend on February 28, 2022 was $5.3 million, a 38% increase compared to backlog on February 28, 2021, primarily due to the Company’s ongoing strategy for product expansion into larger system sales with further customization, automation, and higher average selling prices.Net sales reached a record $17.1 million, a 16% increase, compared to $14.8 million in fiscal 2021. These strong results were driven by the continuing success of Sono-Tek’s ongoing strategic growth initiatives.Gross profit increased 23% to $8.6 million for fiscal year 2022 compared with $7.0 million for fiscal year 2021. The gross profit margin increased by 310 basis points, reaching 50.3% compared to 47.2% for fiscal 2021. The increase was driven by the strength in sales, increased efficiencies, and a favorable product mix.Operating income increased 41.0% to $1.9 million compared to $1.3 million in fiscal 2021. Net income was $2.5 million compared to $1.1 million in fiscal 2021, an increase of $1.4 million or 127%. Cash and equivalents increased $2.1 million to $10.8 million, the highest level ever, and the Company has no debt. Fiscal 2023 sales are projected to reach record levels once again. The first quarter of fiscal 2023 is on track to generate double digit year-over-year growth, assuming we encounter no logistical shipping issues. Dr. Christopher L. Coccio, Chairman and CEO of Sono-Tek, commented, “Sono-Tek had a great year coming out of the pandemic with net sales reaching a record high of $17.1 million. In addition to our traditional markets, we’re currently focused on three main areas of strong global growth: Microelectronics and semiconductors, Clean Energy including fuel cells and carbon capture, and Medical devices. All three of these areas are experiencing strong demand from long term societal needs, and they all benefit from Sono-Tek’s unique thin film coating technology and systems. Over the past several years, the Compan...