Sono-Tek FY2023 revenue down 12%, net income drops 75% to $636K; backlog up 60% to $8.5M

SONO TEK CORP

Net sales $15.1M (-12% YoY); net income $636K ($0.04 EPS) vs $2.5M ($0.16 EPS) in FY2022.
Backlog at Feb 28, 2023: $8.5M, a record high, up 60% from prior year.
Gross margin improved to 50.8% from 50.3%; operating income fell 64% to $683K.
Cash and equivalents $11.4M; no debt; capital expenditures $0.6M.
Guidance: Q1 FY2024 sales slightly below Q4's $3.7M; full year expects positive growth as supply chain eases.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SONO TEK CORP reported Fourth Quarter Fiscal 2023 results: revenue $3.7 million, net income $63. Guidance initiated.

Period: Fourth Quarter Fiscal 2023
Revenue: $3.7 million
Net income: $63
Guidance: initiated
Result: reported results

Exact text from the filing

net sales are expected to be slightly below net sales of $3.7 million recorded in the fourth quarter of fiscal 2023

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SONO TEK CORP reported fiscal year 2023, ended February 28, 2023 results: revenue $15.1 million, net income $636,000. Guidance initiated.

Period: fiscal year 2023, ended February 28, 2023
Revenue: $15.1 million
Net income: $636,000
Guidance: initiated
Result: reported results

Exact text from the filing

have high average selling prices and longer than typical delivery lead times, which is often necessary for customized production scale, complex coating systems. · Net sales were $15.1 million, a 12% decrease, compared to $17.1 million in fiscal 2022. The decline was primarily due to supply chain challenges which delayed the receipt of necessary parts to complete

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SONO TEK CORP filing history →

Source: SEC EDGAR

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