The company returned to profitability this year and reported earnings of $.01 per share versus a loss of $.11 per share in the prior year. The gross profit margin increased from 44 percent in FY2009 to 51 percent in FY2010, a strong performance. Debt remained low and the debt-to-equity ratio remained very low compared to industry norms. Sono-Tek’s cash levels increased over last year and are at a healthy level for the size of the company.
Shareholders were shown demonstrations of several new nozzle technologies, including one of a ceramic design, for which the company was recently granted a patent. Sono-Tek’s SBU team leaders presented information on the newer markets the company is involved in such as advanced energy including fuel cells and solar energy, medical devices including arterial stent coatings and coatings for other medical implants, and its recent successes in the glass and food industries.
Since the meeting took place just prior to the end of the second quarter of the company’s current fiscal year, Dr. Coccio provided those present with a preliminary view of where the company is heading this year, indicating “we expect to see a more than a 20 percent increase in sales over last year and we could end the year with more than $9,000,000 in sales, coupled with a significant increase in profit of approximately $500,000. A number of large orders are in hand to complete the second quarter and to provide a strong start to the third quarter of the current fiscal year as well.”
For further information, contact Dr. Christopher L. Coccio, at 845-795-2020, or visit http://www.sono-tek.com. The company’s slide show presentation used at the annual meeting is available on the online under Corporate/Investors/Annual Meeting.
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.