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): October 15, 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 October 15, 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 October 15, 2003, the Registrant issued a press release announcing its
financial results for the quarterly period ending August 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
October 15, 2003
Exhibit 99.1
Sono-Tek Announces Its Second Quarter Earnings
Ninth Consecutive Profitable Quarter
(October 15, 2003-Milton, NY) Sono-Tek Corporation (OTC BB: SOTK) today
announced sales of $690,735 for the three months ended August 31, 2003, a
decrease of 2% or $14,398 compared to sales of $705,133 for the same period of
last year. For the six months ended August 31, 2003 the Company reported sales
of $1,449,257 as compared to $1,485,991 for the same period of last year. The
decline in sales is due to a decrease in sales of specialty spraying systems
partially offset by an increase in sales of medical device spraying systems for
drug coated arterial stents. Operating income for the first six months of the
year was $102,255 or 7% of sales compared to $64,902 or 4% of sales for the
prior year period. For the six and three month periods ended August 31, 2003,
the Company had net income of $16,795 and $5,749 as compared to $36,401 and
$2,975 for respective the prior year periods.
Our balance sheet is improved from last year at this time with working capital
at $569,753 at August 31, 2003 from working capital of $200,085 last year,
liabilities have been reduced from $2,126,562 at August 31, 2002 to $2,037,339
at August 31, 2003, and shareholders deficiency reduced from $746,153 at August
31, 2002 to $622,658 at August 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 nine
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, nanotechnology coatings for glass, non-woven
fabrics, and spray drying.
According to Dr. Christopher L. Coccio, Sono-Teks CEO and President, the
Company has developed and introduced the SonoFlux 2000F fluxer and a new liquid
metal nozzle system and has sold numerous new 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 are working 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 Companys 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 Companys 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
Six Months Ended Three Months Ended
August 31, August 31,
2003 2002 2003 2002
Net Sales $1,449,257 $1,485,991 $690,735 $705,133
Net Income $16,795 $36,401 $5,749 $2,975
Basic Earnings Per Share - $0.002 $0.004 $0.001 $0.000
Diluted Earnings Per Share - $0.002 $0.003 $0.001 $0.000
Weighted Average Shares Basic 9,200,161 9,105,422 9,200,161 9,105,422
Weighted Average Shares Diluted 10,242,454 10,454,318 10,302,258 10,291,966