this is GROWTH..increase in earnings should follow:
Sono-Tek Announces Third Quarter and Nine Month Results
Company Posts Record Sales and Quarterly Profits
MILTON, N.Y.--(BUSINESS WIRE)--Jan. 17, 2001--Sono-Tek Corporation (OTC BB: SOTK - news) today announced sales of $6,274,904 for the nine months ended November 30, 2000, an increase of 71% or $2,614,704 compared to sales of $3,660,200 for the same period last year. Earnings from operations for the first nine months of this year were $178,761 compared to $124,468 for the same period last year. For the nine months ended November 30, 2000, the Company had a net loss of $(114,816) or $(.01) per share compared to a loss of $(31,139) or $(0.00) per share for the first nine months of last year.
Sales for the three-month period ended November 30 were $1,980,921, an increase of $429,149 or 28% compared to $1,551,772 for the corresponding period last year. Net income for the third quarter was $64,022, or $0.01 per diluted share, an increase of $65,670 compared to a net loss of $(1,648), or $(0.00) per share for the same period last year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the nine months ended November 30 were $257,481, compared to $212,384 for the same period last year. For the three months ended November 30, EBITDA was $171,624 compared to $78,521 for the comparable period past year. For the nine-month period ended November 30, 2000, the Company generated positive cash flow from operating activities of $218,101, an improvement of $550,091 compared to $331,990 of cash used for operating activities during the same period last year.
Commenting on these results, James L. Kehoe, Chairman and CEO, stated, ``Sales for the first nine months of Fiscal 2001 have once again established a new record for the Company, having already reached 134% of our total sales for all of Fiscal 2000. Of the year-to-date increase in sales, nearly $3 million is a result of sales from our wholly-owned subsidiary, Sono-Tek Cleaning Systems, Inc., which we acquired in August 1999. With our current order backlog, which is once again at a record level, we anticipate being able to sustain significant growth in sales throughout the remainder of the year and into Fiscal 2002. We also anticipate that through increased sales of several new products we have recently announced, and cost improvement programs which are beginning to take effect, we will realize gradual improvements in our earnings.''
Mr. Kehoe concluded, ``We continue to believe we are well positioned to capitalize on growth opportunities in all segments of the markets we serve. We will continue to evaluate other product lines and strategic alliances that will complement our current product offerings, as well as expand the global reach of Sono-Tek.''
Sono-Tek Corporation is the 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. Sono-Tek Cleaning Systems, Inc., a wholly owned subsidiary of the Company, is a leading developer and manufacturer of precision cleaning and drying products for the semiconductor, disk drive and other precision cleaning industries. PNR America, LLC, an affiliate of the Company, imports and sells a full range of pressure nozzles manufactured in Italy.
This press 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 include Form 10-K and Form 10-Q containing additional important information.
Selected Financial Data
-----------------------
Nine Months Ended Three Months Ended
November 30, November 30,
Unaudited Unaudited
2000 1999 2000 1999
---------- ---------- ---------- ----------
Net sales $6,274,904 $3,660,200 $1,980,921 $1,551,772
Cost of sales 3,608,736 1,726,067 1,024,411 739,523
---------- ---------- ---------- ----------
Gross profit 2,666,168 1,934,133 956,510 812,249
Research,
selling,
G&A expenses 2,487,407 1,809,665 824,354 774,759
---------- ---------- ---------- ----------
Income from
operations 178,761 124,468 132,156 37,490
Interest expense (230,765) (167,587) (53,402) (38,550)
Other income
and (expense) (62,812) 11,980 (14,732) (588)
---------- ---------- ---------- ----------
(Loss) income
before
provision for
income taxes (114,816) (31,139) 64,022 (1,648)
Provision for
income taxes 0 0 0 0
---------- ---------- ---------- ----------
Net income
(loss) ($114,816) ($31,139) $64,022 ($1,648)
========== ========== ========== ==========
Share Information:
Basic shares
outstanding 8,984,787 7,155,467 9,047,025 8,289,566
Diluted shares
outstanding(1) 8,984,787 7,155,467 10,987,648 8,289,566
Net income
(loss) per
basic share ($0.01) ($0.00) $0.01 ($0.00)
Net income (loss)
per diluted share ($0.01) ($0.00) $0.01 ($0.00)
(1) In periods of loss, dilutive securities are anit-dilutive and,
accordingly, not added in the dilutive shares outstanding.
November 30, February 29,
2000 2000
Unaudited Audited
----------- -----------
Balance
Sheet Data
Working
capital ($47,040) $22,612
Total assets 4,248,624 4,514,125
Total debt 3,288,185 3,709,495
Warrants 77,000 77,000
Total
shareholders'
equity 883,439 727,630
--------------------------------------------------------------------------------
Contact:
Sono-Tek Corporation, Milton
James L. Kehoe, Chief Executive Officer,
845/795-2020
or
The Neilson/Hetrick Group
Demi Hetrick, 717/263-3449
Email this story - Most-emailed articles - Most-viewed articles
-------------------------------------------------------------------------------- |
