Sono-Tek Announces Preliminary Net Sales for Q4 and FY2024 and Provides Preliminary Sales Guidance for Q1 FY2025 and FY2025
08 Aprile 2024 - 2:00PM
Sono-Tek Corporation (NASDAQ: SOTK), the leading developer and
manufacturer of ultrasonic coating systems, today announced
preliminary net sales and backlog for the fourth quarter of fiscal
year 2024, ended February 29, 2024, and for the full fiscal year.
- Preliminary net sales for the
fourth quarter of FY2024 were approximately $4.8 million, compared
to net sales of $3.7 million for the fourth quarter a year ago, an
increase of approximately 30%.
- Preliminary net sales for the
twelve months of FY2024, were approximately $19.7 million, an
increase of approximately 31% from net sales of $15.1 million in
FY2023.
- The preliminary estimate for
equipment related backlog at February 29, 2024 is approximately
$9.1 million, a year-over-year increase of 7% compared to backlog
of $8.5 million at February 28, 2023, reflecting strong orders in
the second, third, and fourth quarters of FY2024.
- Net sales for
the first quarter of FY2025, ending May 31, 2024, are expected to
increase approximately 35%-40% year-over-year, compared to a weaker
supply chain constrained period in last year’s first quarter.
Dr. Christopher L. Coccio, Executive Chairman of
Sono-Tek, said, “Sono-Tek’s preliminary results remained strong for
the fourth quarter and we ended the fiscal year at nearly $20
million in net sales, a new record for the Company and
approximately 31% ahead of the previous year. Record shipments
drove the increase, reflecting robust orders and delivery of
several large orders which were delayed by Covid-related supply
chain issues of the previous year. We expect a strong first quarter
as well, against a weaker first quarter last year, and continued
year over year growth for the full fiscal year ahead (FY2025,
ending February 28, 2025), even though quarterly comparisons will
be against record shipments for the year just ended.
“Backlog is strong and activity levels in our
development labs remain high. By working together with our
customers and engineers, Sono-Tek’s advanced technology and
ultrasonic coating systems have become critical elements in our
customers’ manufacturing processes, including in the clean energy
sector in applications such as next-gen solar cells, fuel cells,
green hydrogen generation, and carbon capture. The announcement
from several of our largest customers of their own multiple
multi-million dollar orders supports our outlook for growth and we
look forward to the year ahead.”
Sono-Tek’s final fourth quarter and FY2024
financial results, ended February 29, 2024, will be released in May
2024, and an investor conference call will be held at that time as
well.
About Sono-Tek
Sono-Tek Corporation is a global leader in the
design and manufacture of ultrasonic coating systems that are
shaping industries and driving innovation worldwide. Our ultrasonic
coating systems are used to apply thin films onto parts used in
diverse industries including microelectronics, alternative energy,
medical devices, advanced industrial manufacturing, and the
research and development sectors. Sono-Tek's bold venture into the
clean energy sector is showing transformative results in next-gen
solar cells, fuel cells, green hydrogen generation, and carbon
capture applications as we shape a sustainable future.
The Company’s product line is rapidly evolving,
transitioning from R&D to high-volume production machines with
significantly higher average selling prices, showcasing Sono-Tek’s
market leadership and adaptability. Our comprehensive suite of thin
film coating solutions and application consulting services ensures
unparalleled results for our clients, and helps some of the world's
most promising companies achieve technological breakthroughs and
bring them to the market. The company strategically delivers its
products to customers through a network of direct sales personnel,
carefully chosen independent distributors, and experienced sales
representatives, ensuring efficient market reach across diverse
sectors around the globe. For more information, please 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 alternative energy market; 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. BagleyChief Financial OfficerSono-Tek
Corporationinfo@sono-tek.com
Investor Relations:Catie CorcoranPCG
Advisory(804)767-9773catie@pcgadvisory.com
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