Sono-Tek Corp. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended November 30, 2012; Provides Earnings Guidance for the Fiscal Year Ending February 28, 2013
For the nine months, the company's net sales were $7,433,215 against $9,083,801 a year ago. Net income was $96,101 or $0.01 per diluted share against $871,923 or $0.06 per diluted share a year ago. The decrease in net income was related to the overall decrease in sales, which is currently being offset by cost reductions. The company experienced some of the same slowdown that other businesses have experienced due to global economic uncertainty and reductions in government programs worldwide.
The company provides earnings guidance for the fiscal year ending February 28, 2013. For the year, the company expects to report annual sales in the $9.5 - $10 million range, net income of above $100,000 and EBITDA to be significantly higher than net income, which is usually considered a better measure of a business.