Home > News > Sono-Tek Announces Third Quarter Earnings
January 12th, 2007
Sono-Tek Announces Third Quarter Earnings
Abstract:
Sono-Tek Corporation(OTC Bulletin Board: SOTK) today announced sales of $1,624,000 for the
three months ended November 30, 2006 compared to sales of $1,671,000 for the same period of last year, a decrease of 2.8% or $47,000. For the nine months ended November 30, 2006, the Company reported sales of $5,240,000, an increase of 3% or $157,000 compared to sales of $5,083,000 for the same period of last year. The Company's nine months sales levels have increased slightly as the result of continued new product development efforts, related marketing thrusts, and expansion into international markets. The Company experienced a significant increase in sales in its international
markets, which offset a 20% decline in its domestic electronics business this year. The Company anticipated this decline in view of an accelerating move to offshore electronics production, combined with a slowdown in the housing market, and a reduction in the competitiveness of domestic
automotive manufacturers. The housing market and domestic automotive companies are large users of printed circuit boards in a variety of electronic devices.
According to Dr. Christopher L. Coccio, "We are continuing to invest
time and money in the creation of new products and markets. For example, in the past quarter, we have engaged a food technology expert, Dr. Joseph Riemer, to help us explore and pursue opportunities for ultrasonic spray applications in that industry, particularly as that industry turns to coating technology that includes nanotechnology to prevent spoilage, improve flavorings, and to reduce costs. Dr. Riemer will be joining Sono-Tek this month on a full time basis to head up our engineering organization, in addition to pursuing opportunities in the food industry. We feel that his strong technology and management background will be an asset to Sono-Tek in the future. We are also collaborating with an oil burner company to develop a new, higher efficiency way of heating based on our nozzle technology. In addition, we are continuing the development of our WideTrack coating system for application to glass lines, textile lines, solar and fuel cell applications, and a growing array of nanotechnology based applications."
Source:
prnewswire.com
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