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): July 14, 2003
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
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99.1 Press release issued by Registrant, dated as of July 14, 2003.
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 July 14, 2003, the Registrant issued a press release announcing its financial
results for the quarterly period ending May 31, 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
July 22, 2003
Exhibit 99.1
Sono-Tek Announces Its First Quarter Earnings
Eighth Consecutive Profitable Quarter
(July 14, 2003-Milton, NY) Sono-Tek Corporation (OTC BB: SOTK) today announced
sales of $758,523 for the three months ended May 31, 2003, a decrease of 3% or
$22,335 compared to sales of $780,858 for the same period of last year.
Operating income for the first three months of the year was $60,783 or 8% of
sales compared to $66,814 or 9% of sales for the prior year period. For the
three months ended May 31, 2003 the Company had net income of $11,047 compared
to $33,426 for the prior year period.
Our balance sheet is improved from last year at this time with working capital
at $445,149 at May 31, 2003 from working capital of $260,840 last year,
liabilities have been reduced from $2,269,590 at May 31, 2002 to $2,047,411 at
May 31, 2003, and shareholders' deficiency reduced from $749,128 at May 31, 2002
to $628,406 at May 31, 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 eight
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 partially offset the downturn
in its traditional electronics industry offerings by developing new uses for its
products in the growing medical products field, the defense industry, liquid
metal powder manufacturing, glass coatings, non-woven fabrics, and spray drying.
According to Dr. Christopher L. Coccio, Sono-Tek's CEO and President, "The
Company has developed and introduced the SonoFlux 2000F fluxer and a new liquid
metal nozzle system and has sold over 50 nozzle systems specifically designed
for coating arterial stents. We are continuing to develop coating systems for
medical device customers and other customers in a diverse range of industries,
and expect to continue to create new business opportunities in these fields".
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
includes Form 10-KSB and Form 10-QSBs containing additional important
information.
Sono-Tek Corporation
Selected Financial Data
Three Months Ended May 31,
2003 2002
Net Sales $758,523 $780,858
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Net Income $11,047 $33,426
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Basic Earnings Per Share - $0.001 $0.004
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Diluted Earnings Per Share - $0.001 $0.003
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Weighted Average Shares - Basic 9,200,161 9,105,422
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Weighted Average Shares - Diluted 10,137,303 10,819,772
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