Sono-Tek reports Q1 FY2022 sales up 6% to $3.64M; backlog up 14% to $4.38M

SONO TEK CORP

2022-Q1 EPS reported $0.08 revenue$3,644,468

Q1 sales $3.64M (+6% YoY); gross margin 50.0% (up 450 bps); operating income $343K (+86%).
Net income ex-PPP forgiveness $261K (+56%); diluted EPS $0.02 vs $0.01 prior year.
Backlog $4.38M, up 13.7% from Feb 2021; no debt; cash and equivalents $9.3M at quarter-end.
Guidance: Q2 FY2022 expects double-digit sales increase; FY2022 projects highest annual sales ever.

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