Exhibit 99.1
Sono-Tek Announces Its Annual Earnings -
Eleventh Consecutive Profitable Quarter
MILTON, N.Y., May 17 /PRNewswire-FirstCall/ -- Sono-Tek Corporation (OTC
Bulletin Board: SOTK) today announced sales of $3,501,594 for the year ended
February 29, 2004 compared to $3,157,756 for the same period of last year, an
increase of 11% or $343,838. For the three months ended February 29, 2004 the
Company reported sales of $1,106,592 compared to sales of $923,729 for the
same period of last year, an increase of 20% or $182,863. The increases in
sales are due to rebound of the electronics market that the Company serves as
well as diversification of the Company's product lines over the last two and
one half years to include applications in the medical and nanotechnology
areas. For the year ended February 29, 2004, the Company had operating income
of $359,504 compared to $241,301 last year. For the year ended February 29,
2004, the Company had net income of $785,229 (which included a $585,000 tax
benefit due to the recognition of a deferred tax asset) as compared to
$120,956 last year. The Diluted earnings per share increased from $.01 for
the year ended February 28, 2003 to $.07 for the year ended February 29, 2004.
The Company's balance sheet is greatly improved from last year at this
time with working capital at $786,459 at February 29, 2004 up from working
capital of $527,085 last year, liabilities have been reduced from $2,074,807
at February 28, 2003 to $1,898,247 at February 29, 2004, and shareholders'
equity improved markedly with a consolidated equity of $586,847 at
February 29, 2004, up from an equity deficiency of $639,453 at February 28,
2003. The most significant factors in this change are improving operating
income, exercise of warrants and stock options, conversion of debt to equity
by several noteholders and the recognition of a net tax asset relating to net
operating loss carryforwards.
According to Dr. Christopher L. Coccio, Sono-Tek's CEO and President, "We
have noted a resurgence in new business prospects during the last two
quarters, particularly in the electronics markets with new orders for the
Company's latest solder flux application system, the SonoFlux 2000F. We have
sold many systems specifically designed for applying anti-restenosis drug
coatings to arterial stents. Customers in the nanotechnology field continue
to use our ultrasonic nozzle systems to apply nanophase liquids to their
products and we are optimistic about additional opportunities in this growing
business area. We are continuing to develop coating systems for medical
device customers and other customers in a diverse range of industries from
food processing to plate glass manufacturing."
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
February 29, February 28,
2004 2003
Net Sales $3,501,594 $3,157,756
Operating Income $359,504 $241,301
Net Income $785,229 $120,956
Basic Earnings per Share $0.08 $0.01
Diluted Earnings per Share $0.07 $0.01
Weighted Average Shares - Basic 9,248,175 9,152,401
Weighted Average Shares - Diluted 11,414,584 10,265,644
SOURCE Sono-Tek Corporation
-0- 05/17/2004
/CONTACT: Dr. Christopher L. Coccio of Sono-Tek Corporation,
+1-845-795-2020/
/Web site: http://www.sono-tek.com/
(SOTK)
CO: Sono-Tek Corporation
ST: New York
IN: CPR MTC HEA OTC
SU: ERN