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): October 15, 2013
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 2.02: Results of Operations and Financial Condition.
On October 15, 2013, Sono-Tek Corporation issued a press release regarding its financial results for the quarter ended August 31, 2013, in the form attached as exhibit 99.1
Item 9.01: Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release dated October 15, 2013.
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
October 15, 2013
Exhibit 99.1
Sono-Tek Announces Second Quarter Results
(October 15, 2013 - Milton, NY) Sono-Tek Corporation (OTC QB: SOTK) today announced sales of $2,537,000 for the three months ended August 31, 2013, compared to sales of $2,391,000 for the prior year period, an increase of $146,000 or 6%. Although not directly reported, a comparison of the three months ended August 31, 2013 to the three months ended May 31, 2013, also showed an increase in sales of $163,000 or 7%, a continuing improvement over last fiscal year’s trend of declining quarterly sales.
The current quarter’s increase was due to the continuing strength of Sono-Tek’s SonoFlux Servo equipment to the electronics printed circuit board industry, combined with sales of Stent Coating equipment to the Medical Device industry. In addition, Sono-Tek experienced an increase in sales of ultrasonic nozzles and generators and XYZ Platform Units. Based on Sono-Tek’s backlog and proposal rate, Sono-Tek is expecting another increase in sales for the third quarter of this Fiscal Year. In September 2013, Sono-Tek shipped three new antimicrobial coaters to the packaged meat segment of the food industry. There is increasing customer interest in utilizing this new product to apply minor amounts of food safety enhancing agents, in compliance with the FDA labeling definition of Processing Aids, a Sono-Tek strength.
The Company reported income before taxes of $172,000 for the three months ended August 31, 2013, compared to $13,000 for the prior year period, an increase of $159,000. For the six month period ended August 31, 2013, the Company reported income before taxes of $266,000 compared to $31,000 for the prior year period, an increase of $235,000.
Dr. Christopher L. Coccio, Sono-Tek’s Chairman and CEO, stated that, “We are pleased to see that there appears to be a continuing strengthening of our business, as viewed from the quarter to quarter proposal backlog, and sales activity that we are experiencing. At our Annual Shareholders Meeting on August 22, 2013, we announced our current year targets at double digit sales growth versus last year, combined with net income in the $500,000 - $1,000,000 range. A video version of the Shareholders Meeting presentation is available on our website at http://www.sono-tek.com/investor-relations/”.
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 our operations or the demand for our products; timely development and market acceptance of new products; adequacy of financing; capacity additions, the ability to enforce patents, acceptance of our advanced medical device platform; continued penetration into the food coating and the ability to achieve increased sales volume and net income at projected levels. 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
| Six Months Ended August 31, | Three Months Ended August 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Net Sales | $ | 4,911,772 | $ | 5,230,809 | $ | 2,537,378 | $ | 2,391,107 | ||||||||
| Gross Profit | $ | 2,383,646 | $ | 2,515,070 | $ | 1,242,232 | $ | 1,165,373 | ||||||||
| Income Before Taxes | $ | 266,273 | $ | 31,189 | $ | 172,337 | $ | 12,948 | ||||||||
| Net Income | $ | 179,177 | $ | 70,836 | $ | 105,429 | $ | 59,735 | ||||||||
| Basic Earnings Per Share | $ | 0.01 | $ | 0.00 | $ | 0.01 | $ | 0.00 | ||||||||
| Diluted Earnings Per Share | $ | 0.01 | $ | 0.00 | $ | 0.01 | $ | 0.00 | ||||||||
| Weighted Average Shares - Basic | 14,503,040 | 14,466,892 | 14,503,070 | 14,472,849 | ||||||||||||
| Weighted Average Shares - Diluted | 14,558,306 | 14,582,873 | 14,604,147 | 14,576,509 | ||||||||||||