UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02: Results of Operations and Financial Condition.
Item 7.01: Regulation FD Disclosure
On December 14, 2023, Sono-Tek Corporation issued a press release regarding its preliminary revenue for the three months ended November 30, 2023 and providing revenue guidance for its fiscal year ending February 29, 2024 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 December 14, 2023. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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
December 14, 2023
Exhibit 99.1
Sono-Tek Announces Preliminary Record Revenue
with Continued Strong Backlog
for Q3 FY2024 and Increases Revenue Guidance for Fiscal Year 2024
- Sales Grew 58% YOY; Backlog Grew 68%
YOY and Remains Strong at $10.4 Million; Company
Projects 30% Revenue Growth for Fiscal Year ending February 29, 2024-
MILTON, NY, December 14, 2023 – Sono-Tek Corporation (NASDAQ: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced preliminary sales and backlog for the third quarter of fiscal year 2024, ended November 30, 2023.
| • | Preliminary sales for the third quarter of FY2024 were approximately $5.7 million, compared to sales of $3.6 million for the third quarter a year ago, an increase of approximately 58%. |
| • | The Company’s preliminary estimate of backlog at November 30, 2023 is approximately $10.4 million, a year-over-year increase of 68% compared to backlog of $6.2 million at November 30, 2022. Backlog is also just slightly less than the record high quarter end backlog of $10.7 million at the end of the second fiscal quarter on August 30, 2023. |
| • | Revenue for the twelve months of fiscal year 2024, ending February 29, 2024, is expected to reach another record and increase approximately 30% year-over-year, which is higher than Sono-Tek’s previous estimates and is based on strength in shipments, backlog and proposal activity. |
“The preliminary results indicate another record quarter for revenue and a near record for backlog for the third quarter of fiscal year 2024,” said Dr. Christopher L. Coccio, Chairman and CEO of Sono-Tek. “Sales growth was fueled by strong shipments to the clean energy, medical and industrial markets and consisted of a combination of new orders and shipments from previously supply chain constrained backlog, of which we have now largely caught up.
“Backlog remained high despite the record sales. Backlog at November 30th increased to $10.4 million, 68% higher than the $6.2 million backlog in the year ago quarter. This is the second highest reported backlog in our history - the second quarter of this year was the highest - and it reflects the increasing order activity from the clean energy sector in particular, as well as continuing strength in our other business segments.”
Sono-Tek’s final third quarter FY2024 financial results, ended November 30, 2023, will be released in mid-January 2024.
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 “forward-looking statements’ are based on currently available competitive, financial and economic data and our operating plans. They are inherently uncertain, and investors must recognize that events could turn out to be significantly different from our expectations and 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; inflationary and supply chain pressures; residual effects from COVID-19 pandemic; maintenance of increased order backlog and timely completion and shipment of related product; the imposition of tariffs; timely development and market acceptance of new products and continued customer validation of our coating technologies; 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 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 and annual revenues within the forecasted range of sales guidance. We undertake no obligation to update any forward-looking statement.
For more information, contact:
Stephen J. Bagley
Chief Financial Officer
Sono-Tek Corporation
info@sono-tek.com
Investor Relations:
Stephanie Prince
PCG Advisory
(646) 863-6341
sprince@pcgadvisory.com
Cover |
Dec. 14, 2023 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Dec. 14, 2023 |
| Entity File Number | 000-16035 |
| Entity Registrant Name | SONO TEK CORP |
| Entity Central Index Key | 0000806172 |
| Entity Tax Identification Number | 14-1568099 |
| Entity Incorporation, State or Country Code | NY |
| Entity Address, Address Line One | 2012 Route 9W |
| Entity Address, City or Town | Milton |
| Entity Address, State or Province | NY |
| Entity Address, Postal Zip Code | 12547 |
| City Area Code | (845) |
| Local Phone Number | 795-2020 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, $0.01 par value per share |
| Trading Symbol | SOTK |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
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