Oct 13 2009
Sono-Tek Corporation (OTC Bulletin Board: SOTK) today announced sales of $1,683,883 for the three months ended August 31, 2009, compared to sales of $1,605,482 for the prior year period, an increase of $78,401 or 5%. Sales also increased versus our first quarter by $219,155 or 15% in coating equipment for alternative energy, medical device equipment, food processing equipment and other industrial coating equipment. The latter two areas are also "green" in that we are displacing wasteful conventional spraying systems with our ultrasonic atomization technology. The Company reported net income of $40,546 for the three months ended August 31, 2009 compared to a loss of ($177,296) for the three months ended August 31, 2008. The current period profit resulted from higher sales volume combined with previous cost reductions and a reduced break-even point.
Dr. Christopher L. Coccio, Sono-Tek's Chairman and CEO, commented that "We announced in recent communications a goal of bringing the business back to a profitable mode again, and we are now achieving it. We spent money last year to build new technology, market, and business segments, and these efforts are now paying off for us. Senior management also took voluntary pay reductions at the beginning of this fiscal year to demonstrate our commitment to the future, and these are still in place. As we look at the next quarter, we expect both another double digit increase in our sales, as well as stronger profits."