MILTON, N.Y., July 14, /PRNewswire-FirstCall/ -- Sono-Tek Corporation (OTC Bulletin Board: SOTK) today announced sales of $1,465,000 for the three months ended May 31, 2009, compared to sales of $1,621,000 for the prior year period, a decrease of $156,000 or 10%. During the current quarter, sales of fluxer units, nozzles, Widetrack units, spray dryer units and solder recovery systems decreased when compared to the prior year. However, the Company did see an increase in sales of programmable XYZ precision coating units, SonoFlux EZ units, stent coating systems and Hypersonic units (recently released) when compared to the prior year.
The Company incurred a net loss of ($169,427) for the three months ended May 31, 2009, compared to a net loss of ($130,458) for the prior year period. During the quarter, the Company reduced its cash expenditures and operating expenses. These actions had a positive impact on this quarter's net loss. The Company's net use of cash during the current quarter amounted to less than $1,000, and is consistent with its goal to conserve and maintain adequate cash reserves.
Shipments of circuit boards by our customers, to whom we provide spray fluxing equipment, were still lower than previous levels in the US, as they are still being impacted by the recession. However, we are seeing positive signs in other regions, plus strong growth in fuel cell and solar energy applications in the US and abroad. Another promising area has been in the food industry, where we recently reported our first industrial coating sale for the application of flavoring oils to baked goods.
Dr. Christopher L. Coccio, Sono-Tek's Chairman and CEO, reiterated that "Late in the preceding fiscal year, we began to reduce costs with the goal of bringing the business back to a profitable mode again. We have now been able to reduce expenditures that were needed to fulfill the busines
|SOURCE Sono-Tek Corporation|
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