Sono-Tek Holds Annual Shareholders Meeting
During the meeting, Dr. Christopher L. Coccio, Chairman and CEO, highlighted the past year's business performance and future prospects. He noted that while Sono-Tek's sales decreased last year as a result of declining financial support of clean energy initiatives by governments around the world, the company implemented cost reduction actions and remained profitable while increasing cash and marketable securities. He also noted that the Sono-Tek's sales levels over the previous three years increased by a rate of over 20 percent on an annual aggregate growth basis, and that the company has set a target of returning to double-digit revenue growth this year with increased income and cash generation. He noted that the company created a number of new products aimed at additional markets during last year, and already is seeing a positive impact in sales to the medical device, semiconductor and food markets.
Sono-Tek President, R. Stephen Harshbarger and other members of the management team presented information about the company's markets which include electronics, clean energy including fuel cells and solar energy, medical device coatings, and the glass, textile and food industries.
Since the meeting takes place just prior to the end of the second quarter of the company's current fiscal year, Dr. Coccio indicated that, "We have seen an increase in sales from the fourth quarter of last year to the first quarter of this year of more than 10 percent and we expect to show another increase in the current quarter ending August 31, 2013, supporting our growth targets for this year."
For further information, contact Dr. Christopher L. Coccio, at 845-795-2020, or visit www.sono-tek.com. The company's slide show presentation used at the annual meeting is available online at http://www.sono-tek.com/investor-relations/ and a video presentation is available online at: https://s3.amazonaws.com/video.sono-tek.com/mp4/SOTK_Annual_Meeting_2013.mp4.
Sono-Tek Corporation is a leading developer and manufacturer of liquid spray products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the company's products have long been recognized for their performance, quality, and reliability.
This news release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory, competitive and technological developments affecting our operations or the demand for our products; timely development and market acceptance of new products; adequacy of financing; capacity additions, the ability to enforce patents, acceptance of our advanced medical device platform; continued penetration into the food coating and solar energy markets and the ability to achieve increased sales volume at projected levels and continued profitability. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.
Sono-Tek is the world leader in the development and application of liquid ultrasonic atomization technology into nozzle systems and spraying and coating application systems. Compared to conventional pressure spraying methods, the company's ultrasonic nozzles do not clog, reduce liquid usage, waste, and environmental impact while achieving much more precise, uniform, thin film coatings. Sono-Tek is continually developing new applications for its unique technology, replacing wasteful practices in a world that is growing ever more environmentally sensitive. For more information, visit the company at www.sono-tek.com.