He also noted that our food industry initiative, headed by Dr.
We demonstrated in our laboratory the financial cost benefits our systems provide for numerous applications, and we are now proceeding with the installation and field tests of industrial scale systems at three major food manufacturing facilities in the
The Company reported an operating loss of
According to Dr. Coccio, "This year, we have committed ourselves to building the business for the future, and it has taken increased spending, the use of some of our cash reserves, and reported losses to do so. We have continued this 'spend to grow' approach for the past three quarters as well as in the last quarter of the preceding fiscal year, in spite of the difficulties facing the economy. As a result, we have seen double digit sales growth this year -- a clear indication that our business development program is working. We are now busy with orders in the newer areas, and our fourth quarter promises to be one of our best in terms of sales revenues, based on the backlog on hand.
For the upcoming fiscal year, we will be reducing costs with the goal of bringing the business back to a profitable mode again. We believe that we will be able to reduce certain expenditures that were needed to fulfill the business development objectives, and that the new products, technology developments, and increased marketing and sales coverage we established will continue to generate higher sales volume for us next year. The combination of increased sales and cost reductions should lead the way to profitability in the coming year.
For further information, contact Dr.
Sono-Tek Corporation is a leading developer and manufacturer of liquid spray products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the Company's products have long been recognized for their performance, quality, and reliability.
This earnings release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory, competitive and technological developments affecting the Company's operations or the demand for its products; timely development and market acceptance of new products; adequacy of financing; capacity additions, the ability to enforce patents and the successful implementation of the business development program. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-KSB and Form 10-Qs containing additional important information.
Sono-Tek Corporation Selected Financial Data Nine Months Ended Three Months Ended November 30, November 30, 2008 2007 2008 2007 Net Sales $4,808,012 $4,207,724 $1,582,010 $1,560,558 Net Income $(1,284,038) $55,632 $(976,284) $23,649 Basic Earnings Per Share - $(0.09) $0.00 $(0.07) $0.00 Diluted Earnings Per Share - $(0.09) $0.00 $(0.07) $0.00 Weighted Average Shares - Basic 14,372,056 14,360,541 14,386,864 14,360,541 Weighted Average Shares - Diluted 14,372,056 14,412,523 14,386,864 14,409,178
SOURCE Sono-Tek Corporation