Business
Sono-Tek Reports Increased Sales and Strong Backlog for Third Quarter Fiscal 2021 and Provides Sales Guidance
Sales of $3.83M, Up 4% Year-over-Year; Backlog up 29% from FYE February 29, 2020 MILTON, N.Y., Jan. 15, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Sono-Tek
About this update from Sono-tek Corporation
[{"type":"text","content":"Sales of $3.83M, Up 4% Year-over-Year; Backlog up 29% from FYE February 29, 2020 MILTON, N.Y., Jan. 15, 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 fiscal 2021 third quarter and year-to-date period ended November 30, 2020. Third Quarter Fiscal 2021 Financial Highlights: Sales of $3.83 million, an increase of $155k compared to third quarter FY2020.Increased backlog to $4.55 million versus $3.52 million on February 29, 2020.Gross margin of 50.5% compared to 48.9% in third quarter FY2020.Net income of $320,000 versus $280,000 for third quarter FY2020, a 14% increase.Sales Growth Guidance for the remaining quarter of FY2021 is for a 5-10% sequential increase from Q3. Dr. Christopher L. Coccio, Chairman and CEO, commented, “Sono-Tek had a good third quarter with sales and net income growth despite the impact of Covid-19 on our customers. This was the third consecutive quarter of sales increases and strong performances in backlog, margins, and net income, which were achieved against the backdrop of a difficult global environment. These gains stem from the strategic shift in our business model that we initiated several years ago, expanding our product line to provide higher value complete machine solutions and larger subsystems to original equipment manufacturers (“OEMs”). These product advancements are supported by a high level of application engineering expertise from our specialized staff, in combination with customer requirements that are proven out in our globally located process development labs. We have also invested significant resources to enhance our market diversity.” Year-to-Date Fiscal 2021 Results (Narrative compares with prior-year period unless otherwise noted) Nine Months Ended November 30,Change 20202019$%Net Sales$ 10,736,000 $ 9,841,000 895,0009%Gross Profit5,112,000 4,649,000 463,00010% Gross Margin47.6%47.2% Operating Income $ 832,000 $ 367,000 465,000127% Operating Margin7.8%3.7% Net Income $ 666,000 $ 420,000 246,00059% Net Margin6.2%4.3% Diluted Earnings Per Share$ 0.04 $ 0.03 Weighted Average Shares - Diluted15,548,00015,354,000 Third Quarter Fiscal 2021 Results (Narrative compares with prior-year period unless otherwise noted) Three Months Ended November 30,Change...