Business
Sono-Tek Announces Record Sales of $15.3 Million and Record Net Income of $1.1 Million for Fiscal Year 2020 and Provides First Quarter FY2021 Sales Guidance and FY2021 Outlook
Record Yearend Backlog of $3.5 Million for Fiscal Year 2020 Strong demand in leading markets drove a sales increase of 32.3% over fiscal 2019 to $15.3 million
About this update from Sono-tek Corporation
[{"type":"text","content":"Record Yearend Backlog of $3.5 Million for Fiscal Year 2020\n Strong demand in leading markets drove a sales increase of 32.3% over fiscal 2019 to $15.3 million with gross margin of 48%, a 240 basis point improvement; For the fourth quarter, sales were up 88% over the prior-year period with gross margin of 48%, a 280 basis point improvement.Higher net sales were driven by demand for highly customized ultrasonic coating systems in the electronics/microelectronics market, as well as increased sales in the medical market for stent coating machines. The continued product line expansion towards more complex higher value machinery, at higher prices, was a major factor in this growth. Achieved record yearend backlog of $3.5 million, up 16% over the prior year from continued strong demand in the microelectronics/electronics, specialty glass, and medical markets. First quarter of fiscal 2021 sales growth is expected to increase approximately 21% from the prior year period with measurable conversion of sales to operating income and earnings. MILTON, NY, May 29, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Sono-Tek Corporation (OTCQX: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today reported financial results for its fourth quarter and fiscal year ended February 29, 2020 (“fiscal 2020”). Dr. Christopher L. Coccio, Chairman and CEO of Sono-Tek, commented, “During fiscal 2020, our strategy to expand the addressable market for our unique ultrasonic coating technology continued to gain traction, reflecting our ongoing development of new, complex solutions for the Alternative Energy, Microelectronics and Medical markets. These more complex solutions address high value applications for our customers and provide economically compelling alternatives to traditional coating technologies. We focused our sales and marketing resources on these targeted opportunities and, combined with strong market conditions, generated a sales increase of 32.3% to $15.3 million for the fiscal year. “The strong sales growth and 240 basis point improvement in gross margin increased our operating leverage and drove a nearly seven-fold increase in net income to a record $1.1 million for the year. We achieved this even as we continued to invest in advancing our technologies through new product development and adding to our experienced staf...