8-K
filed August 24, 2023, 7:59 PM ET
ticker SOTK
CIK 0000806172
earnings
confidence high
sentiment positive
materiality 0.75
Sono-Tek guides Q2 rev up 40-45% YoY; CEO Coccio to step down Dec 31, recommends Harshbarger
SONO TEK CORP
- Q2 FY2024 revenue expected 40-45% above prior year; full year growth at least 25%.
- FY2023 revenue $15M (-12% YoY); net income $0.6M; strong gross margins maintained.
- Balance sheet: $12M+ cash, cash equivalents and marketable securities; zero debt at May 31, 2023.
- CEO transition: Dr. Coccio becomes Executive Chairman; recommends Steve Harshbarger as CEO effective Dec 31, 2023.
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 updated its full fiscal year ending February 29, 2024 guidance (initiated).
- Period
- full fiscal year ending February 29, 2024
- Guidance
- initiated
- Result
- guidance update
Exact text from the filing
we expect the full fiscal year, ending February 29, 2024, to generate revenue growth of at least 25%
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
SONO TEK CORP reported 2023 fiscal year results: revenue $15 million, net income $0.6 million.
- Period
- 2023 fiscal year
- Revenue
- $15 million
- Net income
- $0.6 million
- Result
- reported results
Exact text from the filing
Sono-Tek’s 2023 fiscal year business performance maintained its historic strong gross margins and was profitable despite the lingering impact of Covid-19 on our supply chain. Our challenges shipping scheduled backlog in a timely manner caused revenue to decrease 12% to $15 million. Despite the decline, net income for the year was $0.6 million
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
SONO TEK CORP updated its second quarter ending August 31, 2023 guidance (initiated).
- Period
- second quarter ending August 31, 2023
- Guidance
- initiated
- Result
- guidance update
Exact text from the filing
revenue for the second quarter, ending August 31, 2023, is expected to be strong and approximately 40%-45% above last year’s results
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Dr. Coccio departed as Chief Executive Officer at SONO TEK CORP.
- Action
- step down
- Role
- Chief Executive Officer
Exact text from the filing
Dr. Coccio indicated that he intends to step down as the Company’s Chief Executive Officer effective as of December 31, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.85
Steve Harshbarger was appointed as Chief Executive Officer at SONO TEK CORP.
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
Dr. Coccio further indicated that he intends to recommend that Steve Harshbarger, the Company’s current President and Chief Operating Officer, be appointed as the Company’s Chief Executive Officer as of December 31, 2023.
View on SEC.gov
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