Business
Sono-Tek Holds Annual Shareholders Meeting and Confirms Guidance for Expectation of Record Sales in Fiscal Year 2022
MILTON, N.Y., Aug. 24, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Sono-Tek Corporation (OTCQX: SOTK), the leading developer and manufacturer of ultrasonic
About this update from Sono-tek Corporation
[{"type":"text","content":"MILTON, N.Y., Aug. 24, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Sono-Tek Corporation (OTCQX: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced that it held its Annual Shareholders Meeting on August 19, 2021 at the Company’s headquarters in Milton, New York. The results of Fiscal Year 2021, which ended on February 28, 2021, were discussed. During the meeting, Dr. Christopher L. Coccio, Chairman and CEO, highlighted the 2021 fiscal year business performance. Revenue reached $14.8 million - nearly the same level of revenue as last fiscal year - while net income was even with net income of the previous year at $1.1 million. Dr. Coccio pointed out that these results were achieved despite the impact of Covid-19 on Sono-Tek’s customers and markets, and were better than initially expected. Dr. Coccio also noted that for the fiscal first quarter of 2022 (March-May 2021), the Company recently reported a 6% increase in revenue and a 56% increase in net income compared to the fiscal 2021 first quarter. The Company expects to report revenue gains over last year’s second quarter, ending August 31st, and to achieve its highest sales level ever in the current fiscal year based on existing backlog and quotation activity. Steve Harshbarger, Sono-Tek’s President and Chief Operating Officer, added, “Sono-Tek’s outlook remains bright because we are focused on three major areas of global importance: the semiconductor industry, the medical device industry, and the clean energy industry. The latter is being driven by climate change concerns as well as increased government funding and customer activity in fuel cells, carbon capture and related technologies.” The Company’s presentation given at the annual meeting is available on Sono-Tek’s website at https://www.sono-tek.com/about-us/investors/events-presentations/. About Sono-Tek Sono-Tek Corporation is the leading developer and manufacturer of ultrasonic coating systems for applying precise, thin film coatings to protect, strengthen or smooth surfaces on parts and components for the microelectronics/electronics, alternative energy, medical and industrial markets, including specialized glass applications in construction and automotive. The Company’s solutions are environmentally-friendly, efficient and highly reliable, and enable dramatic reductions in over...