Home > Press > Sono-Tek Announces First Quarter Earnings
Sono-Tek Corporation(OTC Bulletin Board: SOTK) today announced sales of $1,232,643 for the three months ended May 31, 2007, compared to sales of $1,781,744 for the same period of last year. For the three months ended May 31, 2007, the Company had net income of $19,914 compared to $124,831 for the prior year period. Earnings per share for the three months ended May 31, 2007 was $.00 compared to $.01 for the prior year period.
Sono-Tek Announces First Quarter Earnings
MILTON, NY | Posted on June 25th, 2007
Sales declined due to a slowdown in the US economy and its impact on
the Company's customers, particularly in the electronics industry related
to housing construction and automotive production. Current government
forecasts are for an improvement in the economy, and Sono-Tek is continuing
its efforts to broaden both the geographical and applications base of its
business to offset such periodic declines.
Net income for the first quarter decreased when compared to the same
quarter of last year due to the reduced sales volume noted above. The
Company has put in place cost reduction initiatives in both in the first
and second quarters of Fiscal Year 2008. The Company intends to continue
its programs aimed at growth in medical coating devices, nanotechnology,
food, textile, and glass coatings.
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.
Selected Financial Data
Three Months Ended May 31,
Net Sales $1,232,643 $1,781,744
Net Income $19,914 $124,831
Basic Earnings Per Share - $0.00 $0.01
Diluted Earnings Per Share - $0.00 $0.01
Weighted Average Shares -- Basic 14,360,541 14,358,140
Weighted Average Shares -- Diluted 14,436,298 14,468,868
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Dr. Christopher L. Coccio
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