UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
Date of Report (Date of earliest event reported): January 6, 2004
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
ITEM 7: FINANCIAL INFORMATION AND EXHIBITS
c. Exhibits:
Exhibit No. Exhibit Description
--------------- -----------------------
99.1 Press release issued by Registrant, dated as of January 6, 2004.
ITEM 9: REGULATION FD DISCLOSURE
The information contained in this Item 9 of this Current Report on Form 8-K is
being furnished pursuant to "Item 12. Results of Operations and Financial
Condition" in accordance with SEC Release No. 33-8216.
On October 15, 2003, the Registrant issued a press release announcing its
financial results for the quarterly period ending November 30, 2003. A copy of
the earnings release is attached as Exhibit 99.1.
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/ Christopher L. Coccio
Christopher L. Coccio
Chief Executive Officer
January 6, 2004
Exhibit 99.1
Sono-Tek Announces Its Third Quarter Earnings
Tenth Consecutive Profitable Quarter
(January 6, 2004-Milton, NY) Sono-Tek Corporation (OTC BB: SOTK) today
announced sales of $945,745 for the three months ended November 30, 2003,
an increase of 26% or $197,709 compared to sales of $748,036 for the same
period of last year. For the nine months ended November 30, 2003, the
Company reported sales of $2,395,002 as compared to $2,234,027 for the same
period of last year, an increase of seven (7) percent. The increase in
sales is due to an increase in sales of solder flux application systems.
Operating income for the first nine months of the year was $208,491 or 9%
of sales compared to $138,151 or 6% of sales for the prior year period.
For the nine and three month periods ended November 30, 2003, the Company
had net income of$85,277 and $68,482, respectively, as compared to $56,934
and $20,533 for respective the prior year periods.
The balance sheet is improved from last year at this time with working capital
at $569,769 at November 30, 2003 from working capital of $211,182 last year and
shareholders' deficiency reduced from $707,620 at November 30, 2002 to $552,612
at November 30, 2003. Management has taken action to preserve working capital by
seeking longer term financing, and by restructuring agreements with current
lenders to defer payments of principal.
The Company has experienced a turn-around in profitability during the last ten
quarters as a result of changes in management, discontinuance of unprofitable
business segments, reductions in the cost structure, and settlements with
creditors. The Company has benefited from maintaining a stable work force and a
cohesive management team. The Company expects these benefits to be strategic
assets as the economy recovers. The Company has returned its focus to its core
business, ultrasonic nozzles and systems, and has been expanding beyond its
traditional electronics industry offerings by developing new uses for its
products in the growing medical products field, the defense industry,
metal powder manufacturing, nanotechnology coatings, non-wovenfabrics, and
spray drying.
According to Dr. Christopher L. Coccio, Sono-Tek's CEO and President, "The
Company has noted a resurgence in new business prospects during this quarter
particularly in the electronics markets with new orders for the Company's
latest solder flux application system, the SonoFlux 2000F. Also we have
experienced continued demand for our new nozzle systems for spraying liquid
metals, the "Molten Mist". Additionally, we have sold many systems
specifically designed for applying anti-restenosis drug coatings to arterial
stents. Customers in the nanotechnology business continue to use our
ultrasonic nozzle systems to apply nanophase liquids to their products and
we are optimistic about additional opportunities in this growing business
area. We are continuing to develop coating systems for medical device
customers and other customers in a diverse range of industries".
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 the Company's operations or the demand for its products; timely
development and market acceptance of new products; adequacy of financing;
capacity additions and the ability to enforce patents. We refer you to documents
that the company files with the Securities and Exchange Commission, which
include Form 10-KSB and Form 10-QSBs containing additional important
information.
Sono-Tek Corporation
Selected Financial Data:
Nine Months Three Months
Ended November 30, Ended November 30,
2003 2002 2003 2002
Net Sales $2,395,002 $2,234,027 $945,745 $748,036
Net Income $85,277 $56,934 $68,482 $20,533
Basic Earnings Per Share - $0.01 $0.01 $0.01 $0.00
Diluted Earnings Per Share - $0.01 $0.01 $0.01 $0.00
Weighted Average Shares
- Basic 9,200,161 9,105,422 9,200,161 9,200,161
- Diluted 10,582,278 10,300,229 10,943,467 9,779,139