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): June 2, 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
--------------- -------------------------
99.1 Press release issued by Registrant, dated as of June 2, 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 June 2, 2003, the Registrant issued a press release announcing its financial
results for the quarterly period ending February 28, 2003 and for the year ended
February 28, 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 Fourth Quarter Earnings
Seventh Consecutive Profitable Quarter
(June 2, 2003-Milton, NY) Sono-Tek Corporation (OTC BB: SOTK) today announced
sales of $923,729 for the three months ended February 28, 2003, an increase of
20% or $155,103 compared to sales of $768,626 for the same period of last year.
The increase is due to increasing demand for the Company's newest generation of
spray fluxer, the SonoFlux 2000F. For the year ended February 28, 2003 the
Company reported sales of $3,157,756 as compared to $3,469,409 for the same
period of last year. The decline in sales is due to lower sales of specialty
coating systems for national defense contracts. For the three months ended
February 28, 2003, the Company had net income of $64,022 compared to income of
$112,862 from continuing operations, and earnings of $14,703 from discontinued
operations for the prior year period. For the year ended February 28, 2003, the
company had net income of $120,956 compared to a loss of $186,391 last year.
Our balance sheet is slightly improved from last year at this time with working
capital at $527,085 at February 28, 2003 from working capital of $499,948 last
year, liabilities have been reduced from $2,452,461 at February 28, 2002 to
$2,074,807 at February 28, 2003, and shareholders' deficiency reduced from
$782,554 at February 28, 2002 to $639,453 at February 28, 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 experienced a turn-around in profitability during the last seven
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 having a stable work force and a
cohesive management team and expects this to be an asset as the economy
recovers. The Company returned its focus to its core business, ultrasonic
nozzles and systems, and partially offset the downturn in the electronics
industry by developing new uses for its products in the growing medical products
field, and the defense industry.
"The Company introduced the SonoFlux 2000F fluxer and a new liquid metal nozzle
system this year and has sold over 50 nozzle systems specifically designed for
coating arterial stents. We are continuing to develop coatings for medical and
nano-technology customers, and expect to continue to create new business
opportunities in these fields", stated Dr. Christopher L. Coccio, Sono-Tek's CEO
and President.
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
Year Ended Three Months Ended
February 28, February 28,
2003 2002 2003 2002
----------------- ------------------
Net Sales $3,157,756 $3,469,409 $923,729 $768,626
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Net Income (Loss) $120,956 $(186,391) $64,022 $127,565
======== ========= ======= ========
Basic Earnings (Loss) Per Share - $0.01 $(0.02) $0.01 $0.01
===== ======= ===== =====
Diluted Earnings (loss) Per Share - $0.01 $(0.02) $0.01 $0.01
===== ======= ===== =====
Weighted Average Shares - Basic 9,096,436 9,096,436 9,200,159 9,095,801
========= ========= ========= =========
Weighted Average Shares - Diluted 10,265,644 9,096,436 9,444,603 9,207,228
========== ========= ========= =========