Nanotechnology Now

Our NanoNews Digest Sponsors


Heifer International

Wikipedia Affiliate Button


DHgate

Home > Press > Sono-Tek Announces Year End Earnings

Abstract:
Sono-Tek Corporation(OTC Bulletin Board: SOTK) today announced sales of $6,886,000 for the Fiscal Year ended February 28, 2007, compared to sales of $6,871,000 for the previous Fiscal year, an increase of $15,000. While sales appear to be flat, in fact there were significant increases in the sales to medical device companies and to international customers, resulting from our technical and market development programs of the past two years. Offsetting these gains was a general decline in North American sales to the electronics industry, historically, our largest market. The Company anticipated this decline in view of an accelerating move to offshore electronics production, combined with a slowdown in the housing market, and a reduction in the competitiveness of domestic automotive manufacturers. The housing market and domestic automotive companies are large users of printed circuit boards in a variety of electronic devices.

Sono-Tek Announces Year End Earnings

MILTON, NY | Posted on May 23rd, 2007

Net income for the year was $544,000, compared to $1,043,000 for the
previous Fiscal Year, a decrease of 48%. The decrease in net income is
mainly a result of increased spending on marketing, sales, and product
development, and the impact of new SEC regulations that treat stock option
awards as current expenses. According to Dr. Christopher L. Coccio,
Sono-Tek's CEO and President, "We believe that the reduction in current
income generation resulting from increased spending on product and market
development is well justified, in that it is expected to create future
growth opportunities for the Company. We have been successful in creating
new business in the medical device market, and in growing a significantly
larger international business in electronics, medical device coatings, and
coatings for fuel cells and solar panels."

The balance sheet is improved from last year at this time, with working
capital of $4,232,000 versus $3,699,000 at the end of the previous Fiscal
Year, and stockholders' equity increased from $4,230,000 to $4,851,000 at
February 28, 2007. The Company has total debt of $79,000, resulting in an
excellent debt to equity ratio. The strong balance sheet and cash position
has allowed the Company to make expenditures in both new technology and
geographical markets this year, and will allow it to continue its plans to
achieve significant future growth by investments in technology and market
development. Some of the key areas being worked on include the new MediCoat
PSI and MediCoat 2 products for applying drug eluting coatings to medical
devices, the new SonoDry series of spray dryers for nanotechnology and
related research applications, the initiative to develop food industry
applications for our WideTrack product line, and development work in the
energy field to apply our technology to fuel oil combustors, solar panels,
and fuel cells.

Dr. Coccio stated, "We expect to see continued softness in the North
American electronics industry, which could result in overall sales
decreases. We will continue to pursue the newer markets noted above. We
believe it would be counterproductive to curtail our current product and
market development efforts for short term quarterly results."
For further information, contact Dr. Christopher L. Coccio, at 845-795-
2020, or visit our website at http://www.sono-tek.com

####

About Sono-Tek Corporation
Sono-Tek Corporation is a leading developer and manufacturer of liquid spray products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the Company's products have long been recognized for their performance, quality, and reliability.

This earnings release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory, competitive and technological developments affecting the Company's operations or the demand for its products; timely development and market acceptance of new products; adequacy of financing; capacity additions and the ability to enforce patents. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-KSB and Form 10-QSBs containing additional important information.

Sono-Tek Corporation
                           Selected Financial Data

                                           Fiscal Year Ended February 28,
                                               2007              2006


    Net Sales                               $6,886,453        $6,871,069

    Net Income                                $544,203        $1,043,320

    Basic Earnings Per  Share -                  $0.04             $0.07

    Diluted Earnings Per Share -                 $0.04             $0.07

    Weighted Average  Shares - Basic        14,359,936        14,156,972

    Weighted Average  Shares - Diluted      14,439,808        14,274,493

For more information, please click here

Contacts:
Sono•Tek Corporation
2012 Route 9W
Milton, NY 12547
Phone: 845-795-2020
Fax: 845-795-2720

Copyright © PR Newswire Association LLC.

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

Announcements

Texas A&M Chemist Says Trapped Electrons To Blame For Lack Of Battery Efficiency: Forget mousetraps — today’s scientists will get the cheese if they manage to build a better battery June 28th, 2016

Building a smart cardiac patch: 'Bionic' cardiac patch could one day monitor and respond to cardiac problems June 28th, 2016

New, better way to build circuits for world's first useful quantum computers June 28th, 2016

Yale researchers’ technology turns wasted heat into power June 27th, 2016

Financial Reports

Nanometrics to Announce First Quarter Financial Results on April 26, 2016 April 5th, 2016

Nanometrics Achieves Record 3D-NAND Bookings Quarter: A Record 3D-NAND Bookings Quarter, both in Aggregate and for Each of Three Key Customers March 28th, 2016

Arrowhead to Webcast Fiscal 2015 Year End Results December 7th, 2015

Haydale Announce Year End Results November 3rd, 2015

Fuel Cells

Nanoscientists develop the 'ultimate discovery tool': Rapid discovery power is similar to what gene chips offer biology June 25th, 2016

VentureLab nanotechnology startup wins TechConnect Innovation Award June 2nd, 2016

Tiny probe could produce big improvements in batteries and fuel cells: A new method helps scientists get an atom's level understanding of electrochemical properties June 1st, 2016

Technique improves the efficacy of fuel cells: Research demonstrates a new phase transition from metal to ionic conductor May 18th, 2016

Solar/Photovoltaic

Nanoscientists develop the 'ultimate discovery tool': Rapid discovery power is similar to what gene chips offer biology June 25th, 2016

New generation of high-efficiency solar thermal absorbers developed June 20th, 2016

Novel capping strategy improves stability of perovskite nanocrystals: Study addresses instability issues with organometal-halide perovskites, a promising class of materials for solar cells, LEDs, and other applications June 13th, 2016

Perovskite solar cells surpass 20 percent efficiency: EPFL researchers are pushing the limits of perovskite solar cell performance by exploring the best way to grow these crystals June 13th, 2016

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







Car Brands
Buy website traffic