MILTON, NY – Sono-Tek reported fiscal second quarter 2019 net sales of $2.8 million, up 6% year-over-year.  

For the year-to-date period ended Aug. 31, net sales were up 7% to $5.5 million.

The firm’s backlog grew to $2 million, driven by alternative energy and medical markets, up 63% compared to the end of fiscal 2018, and up 39% sequentially.

“Industry conditions combined with our sales and marketing initiatives are driving record levels of proposals and quotes, which we expect to continue to drive strong order flow,” said Dr. Christopher L. Coccio, chairman and CEO. “As expected, operating income reflects the continued investments we are making to expand our addressable markets and develop industry-leading technology. In the long run, we expect the growth in volume we are working to capture will ultimately translate into strong operating leverage.

“Given our current backlog, we anticipate solid performance in fiscal 2019. Because of the shift in product mix toward higher value, complex ultrasonic coating machines, we can have wide variations in both order flow and shipments from quarter to quarter, given the timing and nature of machine sales.”

The company’s net sales growth in the first half of fiscal 2019 was driven primarily by the medical market, which was up 47% to $2.1 million. Approximately 62% of sales originated outside of the US and Canada, compared with 56% in the prior-year period.

Cash and cash equivalents and short-term investments at quarter-end were $5.7 million, down from $6.4 million at the end of fiscal 2018.

At Aug. 31, Sono-Tek had total debt of $949,000, down $77,000 since fiscal 2018 year-end.

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