Sono-Tek Corporation announced its earnings results for the first quarter of fiscal 2010, ending May 31, 2009. The company had a net loss of ($0.01) per share, and sales of $1.46 million, down 10% from the same quarter last year as its customers continued to feel the effects of the recession. Sono-Tek Corporation did note that it saw strong growth in alternative energy applications of its products, including fuel cell and solar energy.
Dr. Christopher L. Coccio, the CEO of Sono-Tek said, â€œWe believe that the new products, technology developments, and increased marketing and sales coverage we now have in place will continue to generate new business in the clean energy, medical, and food areas for us in the current fiscal year. The combination of these sales, with the cost reductions, may lead the way to profitability later this year, particularly since a part of the US stimulus plan is aimed at increasing domestic capability in clean energy technologies which include both fuel and solar cells.”
Sono-Tek Corporation designs and manufactures ultrasonic spray technology products and associated equipment for use in many different end markets. These markets include Electronics, Energy, Medical, Industrial and Nanotechnology. The companyâ€™s ultrasonic spray products are used in the manufacturing of circuit boards, solar and fuel cells, and medical stents.
Ultrasonic spray products are taking market share from the pressure spray segment as customers begin to see the advantages of the technology such as more control and precision, less waste of raw materials and less contamination of the atmosphere inside facilities where the spraying is completed. The products are also more reliable and clog less during applications.