Business
Sono-Tek Announces Sales of $14.8M for Fiscal Year 2021, Strong Yearend Backlog and Sales Guidance for Fiscal Year 2022
Backlog Increased 9.5% Year-over-Year MILTON, NY, May 28, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Sono-Tek Corporation (OTCQX: SOTK), the leading
About this update from Sono-tek Corporation
[{"type":"text","content":"Backlog Increased 9.5% Year-over-Year MILTON, NY, May 28, 2021 (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 2021, ended February 28, 2021 (“fiscal 2021”). Fiscal 2021 Highlights Backlog on February 28, 2021 was up 9.5% compared to the backlog on February 29, 2020, a result of our ongoing strategy for product line expansion with further customization and automation, which delivers increased value to our customers, and a higher average selling price to Sono-Tek.During the unprecedented year of the COVID-19 pandemic, net sales for fiscal 2021 dipped only slightly to $14,833,000, down 3%, compared with $15,355,000 for fiscal 2020. This was achieved despite numerous COVID-related delays and cancelations from customers, that are estimated at 20% or more of lost potential business. These strong results are due to the continuing success of our ongoing growth initiatives. Gross profit margin for fiscal 2021 remained strong at 47.2% compared to 47.6% in fiscal 2020. Cash and equivalents increased to $8.6 million from $7.9 million last year, the highest level ever. During the year we paid off the mortgage on our industrial park FY2022 sales are projected to exceed the pre-COVID level of $15.5 million reported in FY 2020, which was the highest ever sales level in Company history. Dr. Christopher L. Coccio, Chairman and CEO of Sono-Tek, commented, “In March 2020, the beginning of fiscal 2021, we prepared for the impact of COVID-19 and for potential delays and cancelations of orders due to lock downs and pandemic safety concerns. However, looking back on the completed FY2021, we can now say that it was a year of unexpected success in many areas of our business. Sono-Tek not only weathered the COVID-19 storm, but its impact also uncovered opportunities for us to conduct our business with increased efficiency and effectiveness, while at the same time expanding our customer base.” “Throughout the year, our flexibility to quickly change focus geographically and by market segment, allowed us to capture orders in places where COVID-19 conditions were stable, and shift away from areas that saw temporary declines due to the pandemic. And, as safety concerns shifted, the strong digi...