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): May 23, 2011
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:
[ ] Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] 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 May 23, 2011, Sono-Tek Corporation issued a press release regarding its results for the year ended February 28, 2011, in the form attached as exhibit 99.1
Item 9.01: Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release dated May 23, 2011.
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
May 25, 2011
Exhibit 99.1
Sono-Tek Announces Year End Results
(May 23, 2011 - Milton, NY) After the completion of our annual audit, Sono-Tek Corporation (OTCQB: SOTK) today announced record sales of $9,914,312 for the fiscal year ended February 28, 2011, compared to sales of $7,242,000 for the previous fiscal year, an increase of 37%. Sales increased versus last year due to growth in the advanced energy markets involving coating systems for fuel cells and solar energy devices, sales of coating systems for glass and non-woven fabric manufacturers, and the resurgence and increase of our spray fluxing business worldwide. The Company also announced net income of $593,945 or $.04/share for the year, versus $81,676 for the previous year, an increase of $512,269 or 627%.
According to Dr. Christopher L. Coccio, Sono-Tek’s Chairman and CEO, “Looking ahead, based on our existing backlog, we expect to see similar continued sales growth and profitability in the new fiscal year. We are quite pleased that most of the development initiatives we put in place during the recession have been showing such positive results, and we are looking forward to another year of strong growth in sales and net income. This growth resulted in a decision late last year to purchase the Industrial Park where we have leased for many years, in order to provide expansion space without the need for relocation. In addition, we are in the process of making a major purchase of a new CNC lathe machine to handle our greater production volume in house, rather than outsourcing it. We expect this purchase to lead to greater profitability, timeliness, and quality control in our manufacturing operation.”
The Company announced earlier that effective February 22, 2011, its common stock is being quoted on OTC Markets Group Inc’s (“OTCM”) OTCQB platform. The change in coverage to the OTCQB trading platform was caused by the migration of the Company’s market makers away from the OTCBB, and does not affect, nor is it a reflection upon, Sono-Tek’s business, operations or growth prospects. Sono-Tek is current in all of its reporting obligations to the SEC. Sono-Tek is not on the Pink Sheets, although some online sites show our results under SOTK.PK.
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-K and Form 10-Qs containing additional important information.
Sono-Tek Corporation | ||
Selected Financial Data | ||
Fiscal Year Ended February 28, | ||
2011 | 2010 | |
Net Sales | $9,914,312 | $7,242,324 |
Net Income | $593,945 | $81,676 |
Basic Earnings Per Share | $0.04 | $0.01 |
Diluted Earnings Per Share | $0.04 | $0.01 |
Weighted Average Shares - Basic | 14,439,166 | 14,414,969 |
Weighted Average Shares - Diluted | 15,028,047 | 14,524,417 |