Sono-Tek Holds Annual Shareholders Meeting and Provides Sales Guidance for Remainder of Fiscal Year 2021

MILTON, N.Y., Aug. 20, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Sono-Tek Corporation (OTCQX: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced that it held its Annual Shareholders Meeting on August 20, 2020 as a virtual meeting, due to the coronavirus. The presenters safely gathered at the Company’s headquarters in Milton, New York, and the presentation is available online at the Company’s website, http://www.sono-tek.com/investor-relations/. The results of Fiscal Year 2020, which ended on February 29, 2020, were discussed.

During the meeting, Dr. Christopher L. Coccio, Chairman and CEO, highlighted the 2020 fiscal year business performance which resulted in a more than 32% year-over-year increase in sales to $15.3 million, and a seven fold increase in net income to over $1.1 million.   Dr. Coccio also noted that the recently reported fiscal first quarter of 2021 (March-May 2020), showed a 21% increase in revenue over the fiscal 2020 first quarter. The Company also expects to report revenue gains over last year’s second quarter, ending August 31st and to be reported in mid-October.

“Sono-Tek’s results this fiscal year are benefitting from the long cycle backlog that was in place prior to the impact of Covid-19. For the balance of the 2021 fiscal year, we expect a slight softening of orders from some of our market segments due to the impact of COVID-19. However, offsetting this, we disclosed the receipt of two major orders in July 2020, totaling over $3 million, half of which is anticipated to ship in fiscal year 2021.  Sono-Tek has also recently applied to up-list to the NASDAQ exchange which should provide more liquidity for our common stock if our application is successful,” concluded Dr. Coccio.

Steve Harshbarger, Sono-Tek’s President, added, “Sono-Tek’s outlook remains bright.  Although COVID-19 has resulted in several orders being put on hold or delayed, our growth strategy to sell higher priced full system solutions continues to be successful.   Looking to the second half of the current 2021 fiscal year, we are projecting the third quarter to show modest year-over-year growth and to finish FY2021 in a strong position.”

The Company’s slide show presentation used at the annual meeting and a video presentation is available on the Company’s website at http://www.sono-tek.com/investor-relations/.

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.