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): November 29, 2018
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.
Item 7.01: Regulation FD Disclosure
On November 29, 2018, Sono-Tek Corporation issued a press release regarding its preliminary revenue for the nine month period ended November 30, 2018 and the receipt of two orders totaling approximately $2,000,000, in the form attached as exhibit 99.1.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under such section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01: Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | Press Release dated November 29, 2018. |
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
November 29, 2018
Exhibit 99.1
FOR IMMEDIATE RELEASE
Sono-Tek Wins $2.0 Million in Orders for
Two Market-Leading Ultrasonic Coating Solutions
| · | Sold highest value machine to date for approximately $1.6 million; solution to be used in precision semiconductor manufacturing process |
| · | Company also announces preliminary revenue expectations for the first nine months of fiscal 2019 of approximately $8.6 million to $9.0 million, up 5% to 10% over prior-year period |
| · | Backlog at third quarter end expected to exceed historic record |
MILTON, N.Y., November 29, 2018 – Sono-Tek Corporation (OTCQX: SOTK), the leading developer and manufacturer of ultrasonic coating systems, announced that it received two orders totaling approximately $2.0 million from its Medical and Microelectronic/Electronics markets.
The award from its Microelectronic/Electronics market customer was the Company’s highest value single ultrasonic coating machine order to date. Valued at approximately $1.6 million, the equipment will be delivered by the end of fiscal year 2020, which concludes February 28, 2020, and revenue will be recognized at various stages during the year. The solution is a highly sophisticated ultrasonic coating machine for a European manufacturer of equipment used in precision fabrication of semiconductor wafers. The second order was from a European medical devices company that is expanding operations in its Caribbean manufacturing facility. The ultrasonic coating solution is valued at approximately $0.4 million and is expected to be delivered in the second quarter of fiscal 2020.
Dr. Christopher L. Coccio, Chairman and CEO noted, “These awards validate the value of our coatings applications expertise in these industries and our ability to custom design thin coating solutions for our customers. We believe the recognition of our superior thin coating solutions is gaining greater traction over traditional coating techniques in the microelectronics and medical markets, as well as the many other markets we serve.”
The Company also announced preliminary unaudited revenue for the first nine months
of fiscal 2019, which ends November 30, 2018. Revenue is expected to be approximately $8.6 million to
$9.0 million, representing an increase of between 5% and 10% compared with the prior-year period. Preliminary results are subject
to change pending review by the Company’s independent accountants.
Dr. Coccio added, “These two orders and the recently announced wins in the fuel cell market will drive our backlog to a record level for the third quarter of fiscal 2019, fostering strong prospects for fiscal 2020. As we advance our strategy to expand the use of ultrasonic coating as a preferred coating solution in our targeted markets, we are investing in people and research to capture a larger addressable market. Given the numerous opportunities we are addressing and investments for these new project wins, we expect costs and cash consumption to increase ahead of revenue growth over the next several quarters.”
The Company expects to release its full third quarter fiscal 2019 financial results in mid-January 2019.
About Sono-Tek
Sono-Tek Corporation is the leading developer and manufacturer of ultrasonic coating systems for applying precise, thin film coatings to protect, strengthen or smooth surfaces on parts and components for the microelectronics/electronics, alternative energy, medical and industrial markets, including specialized glass applications in construction and automotive.
The Company’s solutions are environmentally-friendly, efficient and highly reliable, and enable dramatic reductions in overspray, savings in raw material, water and energy usage and provide improved process repeatability, transfer efficiency, high uniformity and reduced emissions.
Sono-Tek’s growth strategy is focused on leveraging
its innovative technologies, proprietary know-how, unique talent and experience, and global reach to further develop thin film
coating technologies that enable better outcomes for its customers’ products and processes. For
further information, visit
www.sono-tek.com.
Safe Harbor Statement
This news 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, tax, competitive and technological developments affecting our
operations or the demand for our products; timely development and market acceptance of new products and paid coating services;
adequacy of financing; capacity additions; the ability to enforce patents; maintenance of operating leverage; maintenance of increased
order backlog; consummation of order proposals; completion of large orders on schedule and on budget; continued sales growth in
the electronics, medical and alternative energy markets; successful transition from primarily selling ultrasonic nozzles and components
to a more complex business providing complete machine solutions and higher value subsystems; and realization of quarterly revenues
within the forecasted range. 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.
For more information, contact:
| Stephen J. Bagley | Deborah K. Pawlowski |
| Chief Financial Officer | Investor Relations |
| Sono-Tek Corporation | (716) 843-3908 |
| info@sono-tek.com | dpawlowski@keiadvisors.com |
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