MILTON, NY -- Sono-Tek reported fiscal fourth quarter revenue of $2.8 million, up 13% from a year ago.

Operating income was $94,000, up 225%, and net income was $103,000, up 54%.

For its fiscal year ended Feb. 28, the developer and manufacturer of ultrasonic coating systems reported revenue of $11 million, up 14%. Net income was $368,000, up 285% from the previous year. 

Gross margin was up 280 basis points primarily due to product mix. Operating margin improved to 3.5%. Cash and cash equivalents increased $1.5 million, to $6.4 million. In fiscal 2018, approximately 56% of sales originated outside of the US and Canada, down four percentage points, on higher sales to the US medical market.

“We had excellent growth trends through the year. Strong market conditions combined with the expansion of our sales effort drove sales up 14% to $11.0 million,” said Christopher L. Coccio, chairman and CEO. “Additionally, the strong operating leverage inherent in our business was evident in our measurable margin expansion.

“We believe our continued implementation of Lean manufacturing practices this past year were apparent in our strong cash generation. Our productivity focus has resulted in a significant reduction in inventory requirements and is also increasingly contributing to improved operating efficiencies and cycle time reduction.”

Sono-Tek said it expects stronger sales in the first quarter of fiscal 2019 and "solid growth" in revenue for fiscal 2019.

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