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 13, 2017
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))
1
Item 2.02: Results of Operations and Financial Condition.
Item 7.01: Regulation FD Disclosure
On October 13, 2017, Sono-Tek Corporation issued a press release regarding its financial results for the quarter ended August 31, 2017, in the form attached as exhibit 99.1
Item 9.01: Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release dated October 13, 2017.
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 13, 2017
Exhibit 99.1
Sono-Tek Announces Second Quarter Results and Fiscal Year Guidance
(October 13, 2017 - Milton, NY) Sono-Tek Corporation (OTC QX: SOTK) today announced sales of $2,674,000 for the three months ended August 31, 2017, compared to sales of $2,310,000 for the prior year period, an increase of $364,000 or 16%. The Company’s second quarter sales level also increased over first quarter sales, as expected, and as communicated to shareholders in the Company’s recent press releases. The current quarter’s revenue increase compared to last year occurred in most of the Company’s business segments and geographic markets, as customers showed increasing confidence in the global economy. The Company also expects to see a continued upward trend in revenues for the remainder of the fiscal year based on orders, backlog, and quotation activity. These sales trends have been anticipated and communicated to shareholders in the Company’s recent press releases.
The Company reported net income of $55,000 for the three months ended August 31, 2017, compared to a net loss of $90,000 for the prior year period. The improvement over the prior year period is due to increased revenue which resulted in higher gross profit, also, the Company’s fixed overhead costs remained steady as revenue levels increased. The Company’s second quarter net income was an increase when compared to the first quarter. The Company expects to see increased profitability in the second half of this year as well and to achieve overall profitability for the current Fiscal Year.
Dr. Christopher L. Coccio, Sono-Tek’s Chairman and CEO stated that, “Sono-Tek has experienced quarterly and annual revenue fluctuations in the past, primarily due to economic factors or the timing of larger shipments to its customers. Sono-Tek has proven resiliency in riding out these ups and downs, and expects to continue to do so. The Company has accumulated a significant amount of cash and marketable securities in recent years, which cushions it from these revenue variations, while still permitting the Company to pursue a strategy of adding new ultrasonic product applications to its market basket. This strategy has allowed the Company to grow organically in the past, and it expects to do so in the future.”
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 the 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 global 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; the continued accumulation of cash and marketable securities; stability in our geographic markets; capacity additions; the ability to enforce patents; maintenance of order backlog; consummation of order proposals; the ability to achieve increased sales volume at projected and targeted levels for the third and fourth quarters and current fiscal year and to maintain 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
| Six Months Ended August 31, | Three Months Ended August 31, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Net Sales | $ | 5,186,630 | $ | 4,550,663 | $ | 2,674,496 | $ | 2,310,451 | ||||||||
| Gross Profit | $ | 2,561,331 | $ | 2,048,716 | $ | 1,358,849 | $ | 1,025,313 | ||||||||
| Income (Loss) Before Taxes | $ | 122,589 | $ | (21,882 | ) | $ | 98,238 | $ | (87,298 | ) | ||||||
| Net Income (Loss) | $ | 70,514 | $ | (33,882 | ) | $ | 54,645 | $ | (89,673 | ) | ||||||
| Basic Earnings (Loss) Per Share | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.01 | ) | |||||||
| Diluted Earnings (Loss) Per Share | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.01 | ) | |||||||
| Weighted Average Shares - Basic | 14,961,137 | 14,961,076 | 14,961,197 | 14,961,076 | ||||||||||||
| Weighted Average Shares - Diluted | 15,060,026 | 14,961,076 | 15,064,631 | 14,961,076 | ||||||||||||