8-K 1 fm8k10153.txt EARNINGS RELEASE - QUARTER ENDED AUGUST 31, 2003 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): October 15, 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 October 15, 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 October 15, 2003, the Registrant issued a press release announcing its financial results for the quarterly period ending August 31, 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 October 15, 2003 Exhibit 99.1 Sono-Tek Announces Its Second Quarter Earnings Ninth Consecutive Profitable Quarter (October 15, 2003-Milton, NY) Sono-Tek Corporation (OTC BB: SOTK) today announced sales of $690,735 for the three months ended August 31, 2003, a decrease of 2% or $14,398 compared to sales of $705,133 for the same period of last year. For the six months ended August 31, 2003 the Company reported sales of $1,449,257 as compared to $1,485,991 for the same period of last year. The decline in sales is due to a decrease in sales of specialty spraying systems partially offset by an increase in sales of medical device spraying systems for drug coated arterial stents. Operating income for the first six months of the year was $102,255 or 7% of sales compared to $64,902 or 4% of sales for the prior year period. For the six and three month periods ended August 31, 2003, the Company had net income of $16,795 and $5,749 as compared to $36,401 and $2,975 for respective the prior year periods. Our balance sheet is improved from last year at this time with working capital at $569,753 at August 31, 2003 from working capital of $200,085 last year, liabilities have been reduced from $2,126,562 at August 31, 2002 to $2,037,339 at August 31, 2003, and shareholders deficiency reduced from $746,153 at August 31, 2002 to $622,658 at August 31, 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 has experienced a turn-around in profitability during the last nine 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 maintaining a stable work force and a cohesive management team. The Company expects these benefits to be strategic assets as the economy recovers. The Company has returned its focus to its core business, ultrasonic nozzles and systems, and has partially offset the downturn in its traditional electronics industry offerings by developing new uses for its products in the growing medical products field, the defense industry, liquid metal powder manufacturing, nanotechnology coatings for glass, non-woven fabrics, and spray drying. According to Dr. Christopher L. Coccio, Sono-Teks CEO and President, the Company has developed and introduced the SonoFlux 2000F fluxer and a new liquid metal nozzle system and has sold numerous new systems specifically designed for coating arterial stents. We are continuing to develop coating systems for medical device customers and other customers in a diverse range of industries, and are working to create new business opportunities in these fields. 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 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 Six Months Ended Three Months Ended August 31, August 31, 2003 2002 2003 2002 Net Sales $1,449,257 $1,485,991 $690,735 $705,133 Net Income $16,795 $36,401 $5,749 $2,975 Basic Earnings Per Share - $0.002 $0.004 $0.001 $0.000 Diluted Earnings Per Share - $0.002 $0.003 $0.001 $0.000 Weighted Average Shares Basic 9,200,161 9,105,422 9,200,161 9,105,422 Weighted Average Shares Diluted 10,242,454 10,454,318 10,302,258 10,291,966