Business
Sono-Tek Reports Record Sales and Backlog for Third Quarter Fiscal 2020
Record Sales of $3.67M, Up 16% Year-over-Year, and Backlog of $5.4M MILTON, N.Y., Jan. 14, 2020 (GLOBE NEWSWIRE) -- Sono-Tek Corporation (OTCQX: SOTK), the
About this update from Sono-tek Corporation
[{"type":"text","content":"Record Sales of $3.67M, Up 16% Year-over-Year, and Backlog of $5.4M\nMILTON, N.Y., Jan. 14, 2020 (GLOBE NEWSWIRE) -- Sono-Tek Corporation (OTCQX: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today reported financial results for its fiscal 2020 third quarter and year-to-date period ended November 30, 2019.\n Third Quarter Fiscal 2020 Financial Highlights: Another Record Breaking Quarter for Sales of $3.67 million, a 16% increase compared to third quarter FY2019Record high backlog of $5.40 millionGross margin of 48.9% compared to 41.0% in third quarter FY2019, a 790 basis point expansionNet income of $280,000 versus $20,000 in third quarter FY2019, a 14-fold increaseSales Growth Guidance for FY2020 remains at 15% – 25% annual increase Dr. Christopher L. Coccio, Chairman and CEO, commented, “For the third quarter, Sono-Tek reported another record breaking quarter and achieved new highs in sales, backlog, margins and net income. 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.” “These shifts have improved our balance sheet, increased our financial strength and continue to drive interest in our expanding line of products. In addition, average unit selling prices have expanded to over $300 thousand per unit from $50 thousand per unit, a six-fold increase. To support the strong sales momentum, we are in the process of expanding our manufacturing facility and have acquired new machinery to accommodate Sono-Tek’s expected growth in the years ahead.” Third Quarter FY2020 Financial Overview For the third quarter of fiscal 2020 ended November 30, 2019, net sales were $3,672,000, an increase of 16%, or $517,000, compared to the third quarter of fiscal 2019. These results were primarily driven by increased sales for widetrack integrated coating systems in the float glass market and increased sales of the SonoBra...