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News and Information Article
MILTON, N.Y., Jan. 6 /-FirstCall/ -- Sono-Tek Corporation
(OTC Bulletin Board: SOTK) today announced sales of $1,670,586 for the three
months ended November 30, 2005. Sales volume for the third quarter compares
favorably with sales of $1,579,780 in the second quarter. For the nine months
ended November 30, 2005, the Company reported sales of $5,082,730, an increase
of 16% or $691,077 compared to sales of $4,391,653 for the same period of last
year. The Companys sales levels are increasing as the result of continued new
product development efforts and related marketing thrusts, and expansion into
international markets.
Net income for the three and nine month periods ended November 30, 2005
was $280,203 and $666,378, respectively, compared to $248,942 and $590,666,
respectively for prior year periods. Net income increased by 13% for the nine
month period ended November 30, 2005 when compared to the same period last
year. Net income increased by 13% for the three month period ended November
30, 2005 when compared to the same period last year.
The balance sheet is improved from last year at this time with working
capital of $3,078,237 at November 30, 2005 versus $1,115,211 at November 30,
2004. Shareholders equity increased to $3,594,784 at November 30, 2005 from
$1,341,896 at November 30, 2004, an increase of $2,252,888 or 167%.
The Companys equity was further increased when Empire State Development
(a New York State Agency), Small Business Technology Investment Fund,
increased its investment in the Company by an additional $250,000. The
investment took place in January 2006 and increases shareholders equity to
approximately $3,844,784.
As discussed in a recent shareholder letter, Dr. Christopher L. Coccio
emphasized that last year, we began to place increasing importance on
developing new markets overseas in places such as China, India, Southeast
Asia, Europe, and Eastern Europe. Over the last twelve months, we have more
than doubled the number of countries where we have an established sales
distribution channel. We can now be considered a Company with a truly
international presence. The initial investment in time and money is high when
entering new geographic territories, but we are already seeing payback for our
efforts, with sales being made in almost every country in these new markets.
We also have entered into relationships with a company in India and one in
China, that promise to add to our product basket in a very cost effective way.
Geographic market expansion is as important as the development of new product
offerings in creating future growth for Sono-Tek. We plan to continue both of
these activities in the coming year.
For further information, contact Dr. Christopher L. Coccio, at
845-795-2020, or visit our website at http://www.sono-tek.com
Sono-Tek Corporation is a leading developer and manufacturer of liquid
spray products based on its proprietary ultrasonic nozzle technology. Founded
in 1975, the Companys 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 Companys 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
Nine Months Ended Three Months Ended
November 30, November 30,
2005 2004 2005 2004
Net Sales $5,082,730 $4,391,653 $1,670,586 $1,670,284
Net Income $666,378 $590,666 $280,203 $248,942
Basic Earnings Per
Share - $0.05 $0.05 $0.02 $0.02
Diluted Earnings Per
Share - $0.05 $0.05 $0.02 $0.02
Weighted Average Shares
- Basic 14,111,339 11,134,960 14,048,236 11,378,017
Weighted Average Shares
- Diluted 14,417,106 13,014,931 14,163,279 13,297,293
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