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Sono-Tek Announces Second Quarter Results and Fiscal Year Guidance

(October 13, 2017 – Milton, NY) Sono-Tek Corporation (OTC QX: SOTK) today announced sales of $2,674,000 for the three months ended August 31, 2017, compared to sales of $2,310,000 for the prior year period, an increase of $364,000 or 16%. The Company’s second quarter sales level also increased over first quarter sales, as expected, and as communicated to shareholders in the Company’s recent press releases. The current quarter’s revenue increase compared to last year occurred in most of the Company’s business segments and geographic markets, as customers showed increasing confidence in the global economy. The Company also expects to see a continued upward trend in revenues for the remainder of the fiscal year based on orders, backlog, and quotation activity. These sales trends have been anticipated and communicated to shareholders in the Company’s recent press releases.

The Company reported net income of $55,000 for the three months ended August 31, 2017, compared to a net loss of $90,000 for the prior year period. The improvement over the prior year period is due to increased revenue which resulted in higher gross profit, also, the Company’s fixed overhead costs remained steady as revenue levels increased. The Company’s second quarter net income was an increase when compared to the first quarter. The Company expects to see increased profitability in the second half of this year as well and to achieve overall profitability for the current Fiscal Year.

Dr. Christopher L. Coccio, Sono-Tek’s Chairman and CEO stated that, “Sono-Tek has experienced quarterly and annual revenue fluctuations in the past, primarily due to economic factors or the timing of larger shipments to its customers. Sono-Tek has proven resiliency in riding out these ups and downs, and expects to continue to do so. The Company has accumulated a significant amount of cash and marketable securities in recent years, which cushions it from these revenue variations, while still permitting the Company to pursue a strategy of adding new ultrasonic product applications to its market basket. This strategy has allowed the Company to grow organically in the past, and it expects to do so in the future.”

For further information, contact Dr. Christopher L. Coccio, at 845-795-2020, or visit our website at www.sono-tek.com

Sono-Tek Corporation is the 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.

Microsoft Word - 2Q18earnings

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 global economic and business conditions; political, regulatory, competitive and technological developments affecting our operations or the demand for our products, timely development and market acceptance of new products; adequacy of financing; the continued accumulation of cash and marketable securities; stability in our geographic markets; capacity additions; the ability to enforce patents; maintenance of order backlog; consummation of order proposals; the ability to achieve increased sales volume at projected and targeted levels for the third and fourth quarters and current fiscal year and to maintain profitability. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.

Sono-Tek Holds Annual Shareholders Meeting and Provides Guidance for Second Half of Fiscal 2018

Milton, NY, August 25, 2017 – Sono-Tek Corporation (OTCQX: SOTK) held its Annual Shareholders Meeting on August 24, 2017 at Buttermilk Falls in Milton, New York. The business review presentation used is available online at the Company’s website http://www.sono-tek.com/annual-meeting/. The results of Fiscal Year 2017, which ended on February 28, 2017, were discussed.

During the meeting, Dr. Christopher L. Coccio, Chairman and CEO, reviewed the past year’s business performance which resulted in an 18% decrease in sales over the previous fiscal year. He discussed the performance of the Company’s product and geographic diversification strategy. The sales decrease resulted from a global slowdown in Asia, Latin America, and Europe, which has reversed in the current Fiscal Year. The Company remained profitable, maintained its previous level of R&D spending, and generated additional cash reserves. He attributed a majority of the cash generation to the success of the Company’s LEAN manufacturing program.

Robb Engle, VP Engineering, discussed the LEAN manufacturing program in more detail, as well as the significant engineering advancements in the past year. Technology development has been the core driver of the Company’s recent growth and is expected to be so in the future.

The Company’s President, R. Stephen Harshbarger, described the current outlook for FY 2018, where the Company expects an increase in sales based on orders, backlog, and proposal activity. He introduced new additions to the senior management team who are expected to help the Company execute its future growth plans. He also described the Company’s new product development efforts and related marketing outreach efforts. Since the meeting takes place just prior to the end of the second quarter of the Company’s current fiscal year, he indicated that the guidance provided in the Company’s last quarterly press release remains accurate and the Company expects second quarter sales of approximately $2,650,000, representing an increase over first quarter sales. Additionally, the Company anticipates sales to continue increasing in the second half of the year, and expects to achieve profitability for the Fiscal Year.

For further information, contact Dr. Christopher L. Coccio, at 845-795-2020, or visit our website at www.sono-tek.com.

Sono-Tek Corporation is the world leader in ultrasonic spray systems for applying precise, thin film coatings. Founded in 1975, the Company’s products have long been recognized for their performance, quality, and reliability.

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This 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 global, Asian, Latin American and European economic and business conditions; political, regulatory, competitive and technological developments affecting the Company’s operations or the demand for its products, including printed circuit board fluxing equipment, medical device coating equipment and sophisticated robotic coating equipment for fuel cell and other advanced applications; timely development and market acceptance of new technology and products; integration of new senior managers; adequacy of financing; capacity additions; the ability to enforce patents; maintenance of order backlog; consummation of order proposals; continued success of the Company’s LEAN manufacturing program; and the ability to achieve increased sales volume at projected and targeted levels for the second quarter and current fiscal year and to maintain profitability. The Company refers you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.

Sono-Tek Announces First Quarter Results and Second Quarter Guidance

(July 14, 2017 – Milton, NY) Sono-Tek Corporation (OTC QX: SOTK) today announced sales of $2,512,000 for the three months ended May 31, 2017 compared to sales of $2,240,000 for the prior year period, an increase of $272,000 or 12%. The first quarter’s increase represents a positive change in direction from last year’s comparable quarter, where the Company experienced lower revenues due to global economic uncertainty. The Company’s sales of certain printed circuit board fluxing equipment as well as medical device coating equipment led the way upward compared to the prior year’s first quarter. Based on strong proposal activity and backlog, the Company expects to see a continued upward trend in revenues for the second quarter and likely beyond. The Company is experiencing strong customer interest and purchases of its more sophisticated robotic coating equipment for fuel cell and other advanced applications. Globally, Europe and Asia both seem much more energized in their spending than last year.

The Company reported operating income of $19,000 for the three months ended May 31, 2017 compared to an operating loss of $140,000 for the prior year period, an increase of $159,000. The prior year period’s operating loss was due primarily to a decrease in sales in that quarter.

The Company reported net income of $16,000 for the three months ended May 31, 2017, compared to $56,000 for the prior year period, a decrease of $40,000. However, the prior year period included a one-time, non-recurring “Other Income” amount of $200,000, which offset what would have been a net loss due to the lower revenues in last year’s comparable quarter.

Dr. Christopher L. Coccio, Sono-Tek’s Chairman and CEO, stated that, “We are pleased to see that our business is advancing, as viewed from the increasing activity levels, and this quarter’s results and next quarter’s anticipated results. We will be communicating these trends at our Annual Shareholders Meeting on August 24, 2017, and we invite Shareholders to join us at the Buttermilk Falls in Milton, NY at 10 am that day. We are targeting double digit sales growth compared to last year, based on both improved global economic conditions and our continued progress in creating new market applications through technology development around our core ultrasonic coating systems.”

For further information, contact Dr. Christopher L. Coccio, at 845-795-2020, or visit our website at www.sono-tek.com

Sono-Tek Corporation is the world leader in ultrasonic spray systems for applying precise, thin film coatings. Founded in 1975, the Company’s products have long been recognized for their performance, quality, and reliability.

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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 global, European and Asian economic and business conditions; political, regulatory, competitive and technological developments affecting our operations or the demand for our products, including printed circuit board fluxing equipment, medical device coating equipment and sophisticated robotic coating equipment for fuel cell and other advanced applications; timely development and market acceptance of new products; adequacy of financing; capacity additions, the ability to enforce patents, maintenance of order backlog, consummation of order proposals, the ability to achieve increased sales volume at projected and targeted levels for the second quarter and current fiscal year and to maintain profitability. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.

Sono-Tek Announces Fiscal Year 2017 Results and First Quarter 2018 Guidance

(May 25, 2017 – Milton, NY) Sono-Tek Corporation (OTC QX: SOTK) today announced sales of $9,725,000 for the fiscal year ended February 28, 2017 compared to sales of $11,834,000 for the previous fiscal year, a decrease of $2,109,000 or 18%. On a positive note, the Company showed increased revenues in each subsequent quarter after a slow start in the first quarter of the fiscal year ended February 28, 2017. The current year’s sales decrease was primarily driven by lower demand for float glass line coating equipment and textile coating machinery. A continued strong US dollar and political uncertainty in several foreign markets also negatively affected sales, most significantly from Europe and Latin America. Based on current backlog, shipments, and proposals, the Company is expecting to see an increase in revenue for the first quarter of the new fiscal year (March-May 2017) compared to last year’s first quarter. The Company is targeting growth in revenue for fiscal year 2018 based on several new products and applications, as well as the anticipated improving tax and regulatory climate in the US.

The Company had net income of $96,000 or $.01 per share, compared to $548,000 or $.04 for the previous fiscal year. During fiscal 2017, the Company continued to invest resources in its new product development and associated sales and marketing efforts, despite the reduction in revenues. The Company believes that this continued investment, is the correct strategy to improve its continuing technology and market expansion opportunities.

Dr. Christopher L. Coccio, Sono-Tek’s Chairman and CEO, stated that, “We are pleased with the ongoing strength of our business, as evidenced by generating over $815,000 of additional cash and cash equivalents in a year of reduced sales and income, while also continuing our technology and market developments. Much of our cash generation and increasing balance sheet strength is attributable to the implementation of a successful LEAN manufacturing program this past year. The LEAN program focuses on creating significant reductions in our inventory levels, which in turn led to the improvement in our cash position.”

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For further information, contact Dr. Christopher L. Coccio, at 845-795-2020, or visit our website at www.sono-tek.com

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, including the recently improved US tax and regulatory climate; political, regulatory, competitive and technological developments affecting our operations or the demand for our products; continued investment in the development and marketing of new products and the timely deployment and market acceptance of such products; adequacy of financing; capacity additions; the ability to enforce patents; the continued successful implementation of our Lean manufacturing program; and maintenance of order backlog, consummation of order proposals, and the ability to achieve increased sales volume at projected levels and continued profitability. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.

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