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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sono Tek Corporation | NASDAQ:SOTK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.1201 | 2.54% | 4.8501 | 4.52 | 4.85 | 4.8506 | 4.67 | 4.68 | 1,169 | 16:36:48 |
“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
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