| MILTON,
N.Y., May 17 /PRNewswire-FirstCall/ -- Sono-Tek Corporation
(OTC Bulletin Board: SOTK) today announced sales of
$3,501,594 for the year ended February 29, 2004 compared
to $3,157,756 for the same period of last year, an increase
of 11% or $343,838. For the three months ended February
29, 2004 the Company reported sales of $1,106,592 compared
to sales of $923,729 for the same period of last year,
an increase of 20% or $182,863. The increases in sales
are due to rebound of the electronics market that the
Company serves as well as diversification of the Company's
product lines over the last two and one half years to
include applications in the medical and nanotechnology
areas. For the year ended February 29, 2004, the Company
had operating income of $359,504 compared to $241,301
last year. For the year ended February 29, 2004, the
Company had net income of $785,229 (which included a
$585,000 tax benefit due to the recognition of a deferred
tax asset) as compared to $120,956 last year. The Diluted
earnings per share increased from $.01 for the year
ended February 28, 2003 to $.07 for the year ended February
29, 2004.
The Company's balance sheet is greatly improved from
last year at this time with working capital at $786,459
at February 29, 2004 up from working capital of $527,085
last year, liabilities have been reduced from $2,074,807
at February 28, 2003 to $1,898,247 at February 29,
2004, and shareholders' equity improved markedly with
a consolidated equity of $586,847 at February 29,
2004, up from an equity deficiency of $639,453 at
February 28, 2003. The most significant factors in
this change are improving operating income, exercise
of warrants and stock options, conversion of debt
to equity by several noteholders and the recognition
of a net tax asset relating to net operating loss
carryforwards.
According to Dr. Christopher L. Coccio, Sono-Tek's
CEO and President, "We have noted a resurgence
in new business prospects during the last two quarters,
particularly in the electronics markets with new orders
for the Company's latest solder flux application system,
the SonoFlux 2000F. We have sold many systems specifically
designed for applying anti-restenosis drug coatings
to arterial stents. Customers in the nanotechnology
field 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
from food processing to plate glass manufacturing."
For further information, contact Dr. Christopher L.
Coccio, at 845-795-2020, or visit our website at www.sono-tek.com.
|
