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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.
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.
Sono-Tek Corporation Selected Financial Data Unaudited Three Months Ended May 31, 2007 2006 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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