- Sales Grew 58% YOY; Backlog Grew 68% YOY and Remains Strong at
- Preliminary sales for the third quarter of FY2024 were approximately
$5.7 million , compared to sales of$3.6 million for the third quarter a year ago, an increase of approximately 58%. - The Company’s preliminary estimate of backlog at
November 30, 2023 , is approximately$10.4 million , a year-over-year increase of 68% compared to backlog of$6.2 million atNovember 30, 2022 . Backlog is also just slightly less than the record high quarter end backlog of$10.7 million at the end of the second fiscal quarter onAugust 30, 2023 . - Revenue for the twelve months of fiscal year 2024, ending
February 29, 2024 , is expected to reach another record and increase approximately 30% year-over-year, which is higher than Sono-Tek’s previous estimates and is based on strength in shipments, backlog and proposal activity.
“The preliminary results indicate another record quarter for revenue and a near record for backlog for the third quarter of fiscal year 2024,” said Dr.
“Backlog remained high despite the record sales. Backlog at
Sono-Tek’s final third quarter FY2024 financial results, ended
About
Sono-Tek’s growth strategy is focused on leveraging its innovative technologies, proprietary know-how, unique talent and experience, and global reach to further develop thin film coating technologies that enable better outcomes for its customers’ products and processes. For further information, visit www.sono-tek.com.
Safe Harbor Statement
This news release contains forward-looking statements regarding future events and the future performance of
These factors include, among other considerations, general economic and business conditions; political, regulatory, tax, competitive and technological developments affecting our operations or the demand for our products; inflationary and supply chain pressures; residual effects from COVID-19 pandemic; maintenance of increased order backlog and timely completion and shipment of related product; the imposition of tariffs; timely development and market acceptance of new products and continued customer validation of our coating technologies; adequacy of financing; capacity additions, the ability to enforce patents; maintenance of operating leverage; maintenance of increased order backlog; consummation of order proposals; completion of large orders on schedule and on budget; continued sales growth in the medical and alternative energy markets; successful transition from primarily selling ultrasonic nozzles and components to a more complex business providing complete machine solutions and higher value subsystems; and realization of quarterly and annual revenues within the forecasted range of sales guidance. We undertake no obligation to update any forward-looking statement.
For more information, contact:
Stephen J. Bagley
Chief Financial Officer
Sono-Tek Corporation
info@sono-tek.com
Investor Relations:
Stephanie Prince
PCG Advisory
(646) 863-6341
sprince@pcgadvisory.com
Source:
2023 GlobeNewswire, Inc., source