Dr. Christopher L. Coccio, Executive Chairman at Sono-Tek, commented on the results, saying, “Sono-Tek reported its strongest quarter ever for the third quarter of FY2024 ended November 30th. Significant improvements in our supply chain enabled us to ship both new orders and from backlog, resulting in record net sales of $5.7 million, an increase of 59% compared to net sales of $3.6 million in the comparable period last year. Sales growth was again driven by strong shipments to the alternative/clean energy and medical markets.”
Dr. Coccio said that backlog remained high despite the record sales and had nearly doubled from a year ago to reach $10.4 million. He attributed the growth in backlog to the increasing order activity from the clean energy sector, as well as continuing strength in other business segments.
Highlights
Net sales for the period rose by 59% year-over-year to a record $5.69 million, driven by strong shipments to the alternative/clean energy and medical markets.
Gross profit increased by 60% to $2.92 million and gross margin remained steady at 51%.
Operating income increased 600% to $721,000 from $103,000, and income before taxes increased 569% to $890,000 from $133,000, fueled by positive operating leverage from the strong increase in quarterly sales.
The Company had no outstanding debt and cash, cash equivalents and marketable securities totaling $12.6 million, as of November 30, 2023.
About Sono-Tek
Sono-Tek Corporation is the leading developer and manufacturer of ultrasonic coating systems for applying precise, thin film coatings to protect, strengthen or smooth surfaces on parts and components for the microelectronics/electronics, alternative energy, medical and industrial markets, including specialized glass applications in construction and automotive.
The Company’s solutions are environmentally-friendly, efficient and highly reliable, and enable dramatic reductions in overspray, savings in raw material, water and energy usage and provide improved process repeatability, transfer efficiency, high uniformity and reduced emissions.
Sono-Tek’s growth strategy is focused on leveraging its innovative technologies, proprietary know-how, unique talent and experience, and global reach to further develop thin film coating technologies that enable better outcomes for its customers’ products and processes. For further information, visit www.sono-tek.com.
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