Sono-Tek (US:SOTK)2025-01-13 12:10Financial Performance - Third quarter fiscal 2025 net sales were $5,190,595, a decrease of 9% compared to $5,690,022 in the same quarter of fiscal 2024[3] - Revenue for the first nine months of fiscal 2025 increased by 3% year over year to $15.4 million, compared to $14.9 million[3] - Net income for the third quarter of fiscal 2025 was $274,000, a decrease of 60% from $690,000 in the prior year[17] - Net income for the nine months ended November 30, 2024, was $945,700, down from $1,284,848 in the prior year, reflecting a decline of 26%[31] - Operating income decreased 73% to $197,637 compared to $720,522 in the same quarter last year[3] - Operating income for the nine months ended November 30, 2024, decreased to $721,923 from $1,194,764 in the same period of 2023[31] - Gross profit margin for the third quarter of fiscal 2025 declined to 45%, down from 51% in the prior year[3] - Gross profit for the nine months ended November 30, 2024, was $7,313,783, a decrease of 3% from $7,503,809 in the prior year[31] - The company reported a basic earnings per share of $0.06 for the nine months ended November 30, 2024, down from $0.08 in the same period of 2023[31] Market Performance - Sales to the Alternative/Clean Energy market grew 42% to $3.0 million, driven by customers transitioning to production scale systems[3] - Sales in the Alternative Energy market increased by 42% to $2,959,000 for the three months ended November 30, 2024, compared to $2,083,000 in 2023[34] - Sales in the Electronics/Microelectronics market decreased by 26% to $1,016,000 for the three months ended November 30, 2024, compared to $1,374,000 in 2023[34] - Multi-Axis Coating systems sales increased by 20% to $3.56 million in the third quarter of fiscal 2025[12] Financial Position - Backlog at the end of the third quarter of fiscal 2025 was strong at $10.6 million, slightly down from $10.7 million at the end of the third quarter of fiscal 2024[6] - Cash, cash equivalents, and marketable securities totaled $12.7 million with no outstanding debt as of November 30, 2024[21] - Total current assets as of November 30, 2024, were $19,821,290, an increase from $18,746,566 as of February 29, 2024[29] - Total stockholders' equity increased to $17,400,774 as of November 30, 2024, from $16,278,998 as of February 29, 2024[29] Guidance and Projections - Guidance for fiscal year 2025 projects revenue of over $20 million with continued profitability[2] Research and Development - Research and product development costs for the nine months ended November 30, 2024, were $2,054,846, a decrease of 7% from $2,221,712 in the same period of 2023[31]