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.
Sono-Tek Corporation (OTCQX: SOTK) reported preliminary sales of approximately $14.9 million for the fiscal year ending February 28, 2021, a 4% decrease from the $15.4 million recorded in the previous year. The operating income is expected to match last year's historic high of $1.1 million. Despite challenges from COVID-19, the company maintained strong sales throughout the year, barring a dip in the fourth quarter. Looking ahead, Sono-Tek forecasts a revenue increase of 4-8% for the first quarter of fiscal 2022 and anticipates record revenue growth for the fiscal year ending February 28, 2022.
On February 16, 2021, Sono-Tek Corporation (SOTK) announced the sale of its 300th ultrasonic coating system for fuel cells and electrolyzers. This milestone includes a large platform electrolyzer system aimed at reducing CO2 emissions. Since 2008, Sono-Tek has transitioned from R&D to production-scale manufacturing, increasing average selling prices from below $50,000 to over $150,000 per unit. The company's innovations continue to support the growing demand in the hydrogen fuel market, even amid the challenges posed by the global pandemic.
Sono-Tek Corporation (SOTK) reported a 4% increase in second quarter revenues to $3.48 million and a remarkable 50% rise in net income to $178,000. For the first half of FY2021, sales reached $6.9 million, a 12% year-over-year growth, with net income more than doubling to $346,000. The company's backlog surged 45% to $5.1 million compared to February 2020. Looking forward, Sono-Tek anticipates continued growth as global industrial markets recover.
Sono-Tek Corporation (OTCQX:SOTK) is set to present at the LD 500 investor conference on September 1st at 9:00am ET. Dr. Chris Coccio, CEO, and Steve Harshbarger, President, will address the audience, reflecting on the challenges faced during the pandemic and the importance of innovation in the microcap market. The conference will run from September 1st to 4th, 2020, emphasizing accessibility for all attendees. Sono-Tek specializes in ultrasonic coating systems and is focused on environmentally friendly and efficient solutions for various industries.