Sono-Tek Holds Annual Shareholders Meeting; Provides Revenue Guidance for Second Quarter Ending August 31, 2023 and Full Fiscal Year
- Revenue growth of at least 25% expected in FY 2024
- Second-quarter revenue expected to be 40%-45% above last year's results
- Strong balance sheet positions the company for strategic opportunities
- Solid outlook driven by semiconductor, medical device, and clean energy sectors
- None.
- Revenue Growth of at least
- Dr. Christopher L. Coccio, Chairman and CEO, Announces Transition to Executive Chairman at Calendar Year End-
MILTON, NY, Aug. 24, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Sono-Tek Corporation (Nasdaq: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced that at its Annual Shareholders Meeting being held this morning at the Company’s headquarters in Milton, New York, the Company’s senior management will make the following comments.
During the meeting, Dr. Christopher L. Coccio, Chairman and CEO: “Sono-Tek’s 2023 fiscal year business performance maintained its historic strong gross margins and was profitable despite the lingering impact of Covid-19 on our supply chain. Our challenges shipping scheduled backlog in a timely manner caused revenue to decrease
Other highlights covered during the meeting will include comments on Sono-Tek’s strong balance sheet that had over
Steve Harshbarger, Sono-Tek’s President and COO: “Sono-Tek’s outlook remains solid due to our focus on three major areas of global importance: the semiconductor industry, the medical device industry, and the clean energy sector. The latter is driven by climate change concerns and increased government funding to reduce greenhouse emissions, including the
On a personal note, Dr. Coccio will announce that “after 22 years as Chief Executive Officer, I plan to transition to the role of Executive Chairman at the end of this calendar year. This will maintain my presence on the executive staff, where I can continue to provide mentoring and support as well as assistance in Investor Relations. I will also continue in my role as Chairman of the Board of Directors. I am recommending to our Board that Steve Harshbarger be promoted to Chief Executive Officer at the end of the calendar year. Steve has served as President and Chief Operating Officer of Sono-Tek for eleven years and he has deep and intimate knowledge of our company’s workings at the highest level. In total, Steve and I have worked together since 2001 and I’m confident that he is highly qualified to excel in this new role. I’m very grateful for the opportunity that I’ve had to lead Sono-Tek from a bumpy past to its current strong position, and especially for the opportunity to work with so many highly talented and dedicated team members in building our company over the years.”
The slide presentation shown at the annual meeting will be available on the Company’s website at http://www.sono-tek.com/investor-relations/.
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 microscopic coating technologies that enable better outcomes for its customers’ products and processes.
For further information, visit www.sono-tek.com.
Safe Harbor Statement
We discuss expectations regarding our future performance, such as our business outlook, in our annual and quarterly reports, press releases, and other written and oral statements. These “forward-looking statements” are based on currently available competitive, financial and economic data and our operating plans. They are inherently uncertain, and investors must recognize that events could turn out to be significantly different from our expectations. These factors include, among other considerations, general economic and business conditions; political, regulatory, tax, competitive and technological developments affecting our operations or the demand for our products; inflationary and supply chain pressures; residual effects from COVID-19 pandemic; continuing beneficial effects on demand for our products resulting from government funding initiatives in the clean energy sector and in semiconductor manufacturing; continuing strength in medical device market; maintenance of increased order backlog and timely completion and shipment of related product; the imposition of tariffs; timely development and market acceptance of new products and continued customer validation of our coating technologies; adequacy of financing; capacity additions, the ability to enforce patents; maintenance of operating leverage; consummation of order proposals; completion of large orders on schedule and on budget; successful transition from primarily selling ultrasonic nozzles and components to a more complex business providing complete machine solutions and higher value subsystems; increased sales to the clean energy sector; and realization of quarterly and annual revenues as forecasted. We undertake no obligation to update any forward-looking statement.
Contact
Stephen J. Bagley
Chief Financial Officer
Sono-Tek Corporation
info@sono-tek.com
Investor Relations:
Stephanie Prince
PCG Advisory
(646) 863-6341
sprince@pcgadvisory.com