Sono-Tek Corporation (OTC BB: SOTK), held its Annual Shareholders Meeting on August 22, 2013 in Milton, New York. The results of Fiscal Year 2013, which ended on February 28, 2013, were discussed.
During the meeting, Dr. Christopher L. Coccio, Chairman and CEO, highlighted the past years business performance and future prospects. He noted that while Sono-Teks sales decreased last year as a result of declining financial support of clean energy initiatives by governments around the world, the company implemented cost reduction actions and remained profitable while increasing cash and marketable securities. He also noted that the Sono-Teks sales levels over the previous three years increased by a rate of over 20 percent on an annual aggregate growth basis, and that the company has set a target of returning to double-digit revenue growth this year with increased income and cash generation. He noted that the company created a number of new products aimed at additional markets during last year, and already is seeing a positive impact in sales to the medical device, semiconductor and food markets.
Sono-Tek President, R. Stephen Harshbarger and other members of the management team presented information about the companys markets which include electronics, clean energy including fuel cells and solar energy, medical device coatings, and the glass, textile and food industries.
Since the meeting takes place just prior to the end of the second quarter of the companys current fiscal year, Dr. Coccio indicated that, We have seen an increase in sales from the fourth quarter of last year to the first quarter of this year of more than 10 percent and we expect to show another increase in the current quarter ending August 31, 2013, supporting our growth targets for this year.
For further information, contact Dr. Christopher L. Coccio, at 845-795-2020, or visit www.sono-tek.com. The companys slide show presentation used at the annual meeting is available online at http://www.sono-tek.com/investor-relations/ and a video presentation is available online at: https://s3.amazonaws.com/video.sono-tek.com/mp4/SOTK_Annual_Meeting_2013.mp4.
Sono-Tek Corporation is a leading developer and manufacturer of liquid spray products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the companys products have long been recognized for their performance, quality, and reliability.
