MILTON, NY – Sono-Tek reported fiscal first quarter sales of $2.7 million, up 8% year-over-year.
Net income for the quarter ended May 31 was $21,000, up 31% compared to the same period last year.
“Our new products and applications continue to be well received in our served markets,” said chairman and CEO Christopher L. Coccio, Ph.D. “We are also benefitting from strong market conditions that supported the 8% increase in net sales to $2.7 million. Our investments in research and product development, as well as expansion of our marketing and sales effort, continue to drive future market opportunities.
“With a healthy backlog and robust business pipeline, we expect to achieve stronger sales in the second quarter compared with last year’s second quarter, as well as solid growth in revenue for fiscal year 2019.”
The company's net sales growth was driven primarily by demand from the electronics/microelectronics and medical industries, which were up 50% to $1.3 million and 46% to $889,000, respectively.
In the first quarter, approximately 63% of sales originated outside of the US and Canada, compared with 67% in the prior-year period.
Cash and cash equivalents and short-term investments at quarter-end were $5.9 million, down from $6.4 million at the end of fiscal 2018.
As of May 31, the Sono-Tek had total debt of $988,000, down $39,000 since fiscal 2018 year-end.
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