-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Mgphy9RxTVeP5ofno6JWRB9J91PImo1qSQ7fIzx925dOWAx8JHjBQ+sXnHTJPk5H SUEN/AHdNI1H3vY5VHaXfw== 0000806172-03-000010.txt : 20030723 0000806172-03-000010.hdr.sgml : 20030723 20030723133624 ACCESSION NUMBER: 0000806172-03-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030602 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SONO TEK CORP CENTRAL INDEX KEY: 0000806172 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690] IRS NUMBER: 141568099 STATE OF INCORPORATION: NY FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16035 FILM NUMBER: 03797929 BUSINESS ADDRESS: STREET 1: 2012 RT 9W BLDG 3 CITY: MILTON STATE: NY ZIP: 12547 BUSINESS PHONE: 8457952020 MAIL ADDRESS: STREET 1: 2012 RT. 9W, BLDG. 3, CITY: MILTON STATE: NY ZIP: 12547 8-K 1 fm8k6203.txt EARNINGS RELEASE - QUARTER AND YEAR ENDED 2/28/03 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 2, 2003 Sono-Tek Corporation (Exact name of registrant as specified in its charter) Commission File Number: 0-16035 New York 14-1568099 State of Incorporation) (I.R.S. Employer ID No.) 2012 Route 9W, Milton, New York 12547 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (845) 795-2020 ITEM 7: FINANCIAL INFORMATION AND EXHIBITS c. Exhibits: Exhibit No. Exhibit Description --------------- ------------------------- 99.1 Press release issued by Registrant, dated as of June 2, 2003 ITEM 9: REGULATION FD DISCLOSURE The information contained in this Item 9 of this Current Report on Form 8-K is being furnished pursuant to "Item 12. Results of Operations and Financial Condition" in accordance with SEC Release No. 33-8216. On June 2, 2003, the Registrant issued a press release announcing its financial results for the quarterly period ending February 28, 2003 and for the year ended February 28, 2003. A copy of the earnings release is attached as Exhibit 99.1. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SONO-TEK CORPORATION By: /s/ Christopher L. Coccio Christopher L. Coccio Chief Executive Officer July 22, 2003 Exhibit 99.1 Sono-Tek Announces Its Fourth Quarter Earnings Seventh Consecutive Profitable Quarter (June 2, 2003-Milton, NY) Sono-Tek Corporation (OTC BB: SOTK) today announced sales of $923,729 for the three months ended February 28, 2003, an increase of 20% or $155,103 compared to sales of $768,626 for the same period of last year. The increase is due to increasing demand for the Company's newest generation of spray fluxer, the SonoFlux 2000F. For the year ended February 28, 2003 the Company reported sales of $3,157,756 as compared to $3,469,409 for the same period of last year. The decline in sales is due to lower sales of specialty coating systems for national defense contracts. For the three months ended February 28, 2003, the Company had net income of $64,022 compared to income of $112,862 from continuing operations, and earnings of $14,703 from discontinued operations for the prior year period. For the year ended February 28, 2003, the company had net income of $120,956 compared to a loss of $186,391 last year. Our balance sheet is slightly improved from last year at this time with working capital at $527,085 at February 28, 2003 from working capital of $499,948 last year, liabilities have been reduced from $2,452,461 at February 28, 2002 to $2,074,807 at February 28, 2003, and shareholders' deficiency reduced from $782,554 at February 28, 2002 to $639,453 at February 28, 2003. Management has taken action to preserve working capital by seeking longer term financing, and by restructuring agreements with current lenders to defer payments of principal. The Company experienced a turn-around in profitability during the last seven quarters as a result of changes in management, discontinuance of unprofitable business segments, reductions in the cost structure, and settlements with creditors. The Company has benefited from having a stable work force and a cohesive management team and expects this to be an asset as the economy recovers. The Company returned its focus to its core business, ultrasonic nozzles and systems, and partially offset the downturn in the electronics industry by developing new uses for its products in the growing medical products field, and the defense industry. "The Company introduced the SonoFlux 2000F fluxer and a new liquid metal nozzle system this year and has sold over 50 nozzle systems specifically designed for coating arterial stents. We are continuing to develop coatings for medical and nano-technology customers, and expect to continue to create new business opportunities in these fields", stated Dr. Christopher L. Coccio, Sono-Tek's CEO and President. For further information, contact Dr. Christopher L. Coccio, at 845-795-2020, or visit our website at 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 Company's 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 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 includes Form 10-KSB and Form 10-QSBs containing additional important information. Sono-Tek Corporation Selected Financial Data Year Ended Three Months Ended February 28, February 28, 2003 2002 2003 2002 ----------------- ------------------ Net Sales $3,157,756 $3,469,409 $923,729 $768,626 ========== ========== ========= ======== Net Income (Loss) $120,956 $(186,391) $64,022 $127,565 ======== ========= ======= ======== Basic Earnings (Loss) Per Share - $0.01 $(0.02) $0.01 $0.01 ===== ======= ===== ===== Diluted Earnings (loss) Per Share - $0.01 $(0.02) $0.01 $0.01 ===== ======= ===== ===== Weighted Average Shares - Basic 9,096,436 9,096,436 9,200,159 9,095,801 ========= ========= ========= ========= Weighted Average Shares - Diluted 10,265,644 9,096,436 9,444,603 9,207,228 ========== ========= ========= ========= -----END PRIVACY-ENHANCED MESSAGE-----