-----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, MkP4l3kLWtDHfDoZyLSzBmtzZ+iQswxifpuLJlylwbMBW6CnhELMkbMQPusADS8g 727lMpVZ7CFpugt7nbOmww== 0001171520-09-000013.txt : 20090120 0001171520-09-000013.hdr.sgml : 20090119 20090120133436 ACCESSION NUMBER: 0001171520-09-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090115 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090120 DATE AS OF CHANGE: 20090120 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: 09533678 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 eps3242.htm SONO-TEK CORPORATION eps3242.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 15, 2009

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

Check appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

o
Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)

o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
 

 


Item 7.01: Regulation FD Disclosure.

On January 15, 2009, the Company issued a press release regarding the quarterly earnings for the three month period ended November 30, 2008 in the form of the attached exhibit 99.1.

Item 9.01: Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release dated January 15, 2009.

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/ Stephen J. Bagley
 
Stephen J. Bagley
 
Chief Financial Officer

January 19, 2009

 
 

 

EX-99.1 2 ex99-1.htm ex99-1.htm
Exhibit 99.1

Sono-Tek Announces Third Quarter Results


(January 15, 2009 – Milton, NY)  Sono-Tek Corporation (OTC BB: SOTK) today announced sales of $1,582,000 for the three months ended November 30, 2008, compared to sales of $1,561,000 for the same period last year. For the nine months ended November 30, 2008, the Company’s sales increased to $4,808,000 from $4,208,000 for the same period last year, an increase of 14%.  Dr. Christopher L. Coccio, Chairman and CEO, attributed the increase to the Company’s recent business development program, and he noted that the sales increase was based on products such as the Exactacoat and Flexicoat, which serve the solar and fuel cell markets, the new SonoFlux EZ and Servoflux, Widetrack systems for glass customers, sales of medical device coating systems, and SonoDry ultrasonic spray dryers for the pharmaceutical and nanotechnology industries. Most of these products were developed as part of the business development program initiated a year ago, and they explain the Company’s positive sales performance in a negative economic climate, particularly within the electronics industry.

He also noted that our food industry initiative, headed by Dr. Joseph Riemer, President, has reached some important milestones. During the past quarter we introduced the advantages of our ultrasonic spraying technology to global food manufacturers of baked goods, cheese, and biodegradable food packaging.

We demonstrated in our laboratory the financial cost benefits our systems provide for numerous applications, and we are now proceeding with the installation and field tests of industrial scale systems at three major food manufacturing facilities in the USA and abroad.  Most of these applications are aimed at providing our customers with a reduction in their production costs, and we believe there will be a significant future sales opportunity for Sono-Tek, especially during this period of general economic downturn.

The Company reported an operating loss of ($366,000) for the three months ended November 30, 2008 compared to operating income of $4,000 for the prior year period.  The operating loss is attributed to the increased spending associated with the technical and market development portions of the new business development program. The Company reported a net loss of ($976,000) for the three months ended November 30, 2008 as compared to net income of $24,000 for the prior year period.  During the quarter ended November 30, 2008, the Company recognized $612,000 in tax expense related to the write down of its deferred tax asset.  The write down of the deferred tax asset is a non cash expense item. In the future, the deferred tax asset may be recorded based upon the Company’s return to profitable operations.


 
 

 

According to Dr. Coccio, “This year, we have committed ourselves to building the business for the future, and it has taken increased spending, the use of some of our cash reserves, and reported losses to do so. We have continued this “spend to grow” approach for the past three quarters as well as in the last quarter of the preceding fiscal year, in spite of the difficulties facing the economy. As a result, we have seen double digit sales growth this year—a clear indication that our business development program is working. We are now busy with orders in the newer areas, and our fourth quarter promises to be one of our best in terms of sales revenues, based on the backlog on hand.

For the upcoming fiscal year, we will be reducing costs with the goal of bringing the business back to a profitable mode again. We believe that we will be able to reduce certain expenditures that were needed to fulfill the business development objectives, and that the new products, technology developments, and increased marketing and sales coverage we established will continue to generate higher sales volume for us next year. The combination of increased sales and cost reductions should lead the way to profitability in the coming year.

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, the ability to enforce patents and the successful implementation of the business development program. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-KSB and Form 10-Qs containing additional important information.




 
 

 

Sono-Tek Corporation

Selected Financial Data


   
Nine Months Ended November 30,
   
Three Months Ended November 30,
 
   
2008
   
2007
   
2008
   
2007
 
                         
Net Sales
  $ 4,808,012     $ 4,207,724     $ 1,582,010     $ 1,560,558  
                                 
Net Income
  $ (1,284,038 )   $ 55,632     $ (976,284 )   $ 23,649  
                                 
Basic Earnings Per Share -
  $ (0.09 )   $ 0.00     $ (0.07 )   $ 0.00  
                                 
Diluted Earnings Per Share -
  $ (0.09 )   $ 0.00     $ (0.07 )   $ 0.00  
                                 
Weighted Average Shares – Basic
    14,372,056       14,360,541       14,386,864       14,360,541  
                                 
Weighted Average Shares – Diluted
    14,372,056       14,412,523       14,386,864       14,409,178  

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