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 13, 2012
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 January 13, 2012, Sono-Tek Corporation issued a press release regarding its financial results for the quarter ended November 30, 2011, in the form attached as exhibit 99.1
Item 9.01: Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release dated January 13, 2012.
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 16, 2012
Exhibit 99.1
Sono-Tek Announces Third Quarter Results
(January 13, 2012 - Milton, NY) Sono-Tek Corporation (OTC BB: SOTK.pk) today announced sales of $2,944,772 for the three months ended November 30, 2011, compared to sales of $2,587,818 for the same period last year, an increase of 14%. For the nine months ended November 30, 2011, the Company's sales increased to $9,083,801 from $7,303,606 for the same period last year, an increase of 24%. The Company attributed these continuing year-over-year sales increases to the Company's diversification program. We have pursued new technical applications for our ultrasonic spraying and coating technology, and also opened up business channels in additional global territories as quickly as our resources have allowed. We have booked significant orders in Southeast Asia in the electronics segment for printed circuit board applications. Solar energy and fuel cell applications continued in the third quarter, although there is a slowdown for solar projects in China at present, which is believed to be temporary in nature. The glass coating industry has been quiet in the previous quarter, but is coming back now with a number of opportunities for our WideTrack Systems both in the US and Europe. We recently attended a large European Medical Trade show, and generated numerous requests for proposals involving our MediCoat Stent Coating Systems and other implantable coating systems, so we look forward to continued strength in this segment. Lastly, we have several new projects in-house involving the textile industry and the food industry, both of which were slow earlier in the year.
The Company reported net income of $195,803 for the three months ended November 30, 2011 as compared to $213,922 for the same period last year. For the nine months ended November 30, 2011, the Company reported net income of $871,923 as compared to $434,562 for the same period last year, an increase of 100%. The strong increase in year-to-date profitability was a direct result of increased sales coupled with appropriate cost controls as our Company grows. Of interest regarding our financial performance, a December 6, 2011 article in the investor site “Seeking Alpha” ranked Sono-Tek at the top of a list of companies with sales and earnings growth over time, and the Bowser Report moved Sono-Tek up to their top investment category in their November 2011 newsletter.
According to Dr. Christopher L. Coccio, Chairman and CEO, "We are very pleased with these record year-to-date revenues and associated strong profitability. As we look ahead to the end of our fiscal year in February, we expect to finish the year exceeding our target of $1 million in net income, which was identified earlier in the 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 coating products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the Company’s products have long been recognized for their superior performance, quality, and reliability over conventional
spraying systems technologies.
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 ability to achieve expected increased sales volume and continued profitability. 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
Unaudited
| Nine Months Ended November 30, | Three Months Ended November 30, | |||
| 2011 | 2010 | 2011 | 2010 | |
| Net Sales | $9,083,801 | $7,303,606 | $2,944,772 | $2,587,818 |
| Gross Profit | $4,617,667 | $3,524,508 | $1,506,120 | $1.291,208 |
| Net Income | $871,923 | $434,562 | $195,803 | $213,922 |
| Basic Earnings Per Share | $0.06 | $0.03 | $0.01 | $0.02 |
| Diluted Earnings Per Share | $0.06 | $0.03 | $0.01 | $0.01 |
| Weighted Average Shares - Basic | 14,441,743 | 14,438,398 | 14,442,211 | 14,440,192 |
| Weighted Average Shares - Diluted | 14,540,733 | 15,250,807 | 14,483,245 | 15,233,760 |