Thu, Jul 11, 2:52 PM (58 days ago)
For the quarter ending May 31, 2024, Sono-Tek Corporation reported a 40% increase in net sales to $5,031,000, driven by strong shipments to the Medical and Alternative/Clean Energy markets. Gross profit rose 38% to $2,454,000, though gross profit margin slightly decreased to 48.8%. Operating income improved to $238,000 from a loss of $92,000 the previous year. Interest and dividend income increased due to higher interest rates. Net income surged to $331,000 from $53,000. The company's cash, cash equivalents, and marketable securities totaled $12.2 million, with no outstanding debt. While backlog decreased 15.4% to $7.69 million, the company anticipates revenue variability due to high average selling price orders. Operating expenses increased by 19%, attributed to higher salaries, travel, and legal fees. Future growth is expected from expanding sales capabilities and focusing on R&D.