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earnings should continue to ramp up now in line w/revenue, which is growing exponentially....very big turnaround in my opinion and excellent prospects...stock around 1 1/8; (COMTEX) B: Sono-Tek Announces Second Quarter and Six Month Results C B: Sono-Tek Announces Second Quarter and Six Month Results Company Posts Record Sales and Quarterly Profits MILTON, N.Y., Oct 16, 2000 (BUSINESS WIRE) -- Sono-Tek Corporation (OTC BB: SOTK) today announced sales of $4,293,984 for the six-month period ended August 31, 2000, an increase of 104% or $2,185,556 compared to sales of $2,108,428 for the same period last year. Earnings from operations for the first six months of this year were $46,606 compared to $86,978 for the same period last year. For the six months ended August 31, 2000, the Company had a net loss of $(178,838) or $(.02) per share compared to a loss of $(29,491) or $(0.00) per share for the first six months of last year. Sales for the three-month period ended August 31 were $2,320,951, an increase of $1,017,852 or 78% compared to $1,303,099 for the corresponding period last year. Net income for the second quarter was $84,892, or $0.01 per diluted share, an increase of $23,290 compared to net income of $61,602, or $0.01 per diluted share for the same period last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the six months ended August 31 were $105,167, compared to $133,863 for the same period last year. For the three months ended August 31, EBITDA was $201,382 compared to $101,653 for the comparable period past year. Commenting on these results, James L. Kehoe, Chairman and CEO, stated, "Sales for the first six months of Fiscal 2001 have established a new record for the Company, having already reached 90% of our total sales for all of Fiscal 2000. Of the increase in sales, $2 million is a result of sales from our wholly owned subsidiary, Sono-Tek Cleaning Systems, Inc., which we acquired in August 1999. Sales of our industry leading spray fluxing product also increased nearly $450,000 for the first six months of this year. With our current order backlog, which is also at a record level, we anticipate being able to sustain this level of growth throughout the remainder of the year. When we reported results for the first quarter of this year, we projected the Company would return to profitability during the second quarter, and I'm very pleased that we are reporting a profit of approximately $85,000 for this quarter. We anticipate being able to gradually improve our operating margins as our new product offerings mature." 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 Six Months Ended Three Months Ended August 31, August 31, Unaudited Unaudited 2000 1999 2000 1999 ==== ==== ==== ==== Net sales $4,293,984 $2,108,428 $2,320,951 $1,303,099 Cost of sales 2,584,325 986,544 1,357,247 640,973 ========= ======= ========= ======= Gross profit 1,709,659 1,121,884 963,704 662,126 Research, selling, G&A expenses 1,663,053 1,034,906 811,680 590,354 ========= ========= ======= ======= Income from operations 46,606 86,978 152,024 71,772 Interest expense (177,364) (129,037) (52,119) (16,269) Other income and (expense) (48,080) 12,568 (15,013) 6,099 ======== ====== ======== ===== (Loss) income before provision for income taxes (178,838) (29,491) 84,892 61,602 Provision for income taxes 0 0 0 0 Net income (loss) ($178,838) ($29,491) $84,892 $61,602 ========== ========= ======= ======= Share Information: Basic shares outstanding 8,954,006 6,594,851 8,954,855 6,907,494 Diluted shares outstanding 8,954,006 6,594,851 11,373,814 8,197,809 Net income (loss) per basic share ($0.02) $0.00 $0.01 $0.01 Net income (loss) per diluted share ($0.02) $0.00 $0.01 $0.01 August 31, February 2000 29, Unaudited 2000 ========= ======== Balance Sheet Data Working capital ($92,389) $36,579 Total assets 4,093,447 4,514,125 Total debt 3,334,529 3,709,495 Warrants 77,000 77,000 Total shareholders' equity 681,917 727,630 CONTACT: Sono-Tek Corporation James L. Kehoe, Chief Executive Officer 845/795-2020 or The Neilson/Hetrick Group Demi Hetrick 717/263-3449 URL: businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. Copyright (C) 2000 Business Wire. All rights reserved. -0- | ||||||||||||||
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