Sono-Tek Corporation designs and manufactures precision ultrasonic coating systems that apply thin-film coatings for electronics, medical device, energy, industrial, and research applications worldwide. Company news commonly covers customer orders for medical device coating systems, including MediCoat and ExactaCoat MD platforms, as customers move from development and early production toward higher-capability manufacturing lines. Updates also address technical collaborations for advanced materials processes, quarterly financial results, backlog trends, gross margin commentary, and demand conditions across medical, alternative energy, microelectronics, and industrial markets.
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Sono-Tek Corporation (NASDAQ: SOTK) announced its expected inclusion in the Russell 3000® Index as of June 27, 2022. This milestone signifies the company's growth and enhances visibility among investors, potentially broadening its shareholder base. The Russell 3000® Index encompasses the 4,000 largest U.S. stocks, providing a benchmark for numerous investment strategies. CEO Dr. Chris Coccio highlighted that this inclusion reflects Sono-Tek's progress, including its uplisting to the Nasdaq Capital Market and significant growth over the past year.
Sono-Tek Corporation (NASDAQ: SOTK) announced its participation in the Sidoti Summer Virtual Investor Conference on June 15-16, 2022. The presentation, led by Dr. Chris Coccio (Chairman and CEO) and Steve Harshbarger (President and COO), will take place on June 15 at 10:45 AM ET. This event offers investors a chance to engage in one-on-one meetings. Interested parties can register for the presentation at www.sidoti.com/events. Additionally, Sono-Tek's investor presentation will be available on their website on the same day.
Sono-Tek Corporation (NASDAQ: SOTK) reported strong financial results for fiscal year 2022, with net sales reaching a record $17.1 million, a 16% increase from fiscal 2021. Gross profit rose 23% to $8.6 million, enhancing the gross margin to 50.3%. The backlog also increased by 38% year-over-year, totaling $5.3 million. Net income surged 127% to $2.5 million, driven by improved operating income and effective cost management. The company projects continued growth in fiscal 2023, focusing on key markets like microelectronics, clean energy, and medical devices.
Sono-Tek Corporation (NASDAQ: SOTK) announced a conference call on May 24, 2022, at 10:00 am EST to discuss its fourth quarter and fiscal year 2022 financial results, ending February 28, 2022. The results will be disclosed before the market opens on the same day. Investors can participate by calling 1 (877) 270-2148 or viewing a live webcast through the company's website. Sono-Tek specializes in ultrasonic coating systems aimed at various industries, emphasizing environmentally-friendly and efficient solutions.
Sono-Tek Corporation (NASDAQ: SOTK) announced its preliminary sales for FY2022 at approximately $17.1 million, marking a 16% increase from $14.8 million the previous year. Operating income also rose to $1.8 million, up 38% from $1.3 million. The company achieved significant growth across all quarters, especially in Q4 with $5 million in revenue. A strong backlog of $10.7 million and no debt position the company favorably for FY2023, with expected revenue growth of over 15% in Q1.
Sono-Tek Corporation (SOTK) reported Q3 fiscal 2022 sales of $4.4 million, up 15% year-over-year. Gross profit rose 12% to $2.16 million, with a gross margin of 48.9%. Backlog reached a record $6.5 million, a 69% increase from the previous year. Operating income increased 10% to $491,000, with net income up 17.5% to $376,000. The company anticipates double-digit sales growth for Q4 and FY2022, expecting its highest annual sales in corporate history.
Sono-Tek Corporation (NASDAQ: SOTK) announced its participation in the Sidoti Fall Virtual Investor Conference scheduled for December 8-9, 2021. The company's CEO, Dr. Chris Coccio, and President Steve Harshbarger will present and engage in one-on-one meetings with investors. The presentation will start on December 8th at 1:45 PM ET. Interested parties can register for the event free of charge. Sono-Tek specializes in ultrasonic coating systems that are innovative and environmentally friendly, catering to various industries including microelectronics and medical markets.
Sono-Tek Corporation (NASDAQ: SOTK) has announced a significant expansion of its laboratory facilities in New York to meet the rising demand for its ultrasonic coating machinery, which applies catalyst coatings onto membranes for clean energy applications. The expansion includes three new coating platforms and increased lab space. This move is part of Sono-Tek's strategy to cater to the growing customer base in the carbon capture, fuel cell, and electrolysis markets, with expectations of continued sales growth in production-level machines.
Sono-Tek Corporation (NASDAQ: SOTK) reported impressive Q2 FY2022 results with net sales reaching $4.07 million, a 17% increase year-over-year. Net income soared 93% to $344,000, while backlog surged 64% to a record $6.33 million. Operating income also rose significantly by 123% to $449,000, reflecting strong sales in the semiconductor and diagnostic coating markets, particularly in China. Gross profit saw a 28% increase, resulting in a gross margin of 51%. The company anticipates continued double-digit sales growth for the upcoming quarters.