Sono-Tek (US:SOTK)2024-05-23 11:21Financial Performance - Record net sales for fiscal year 2024 increased 31% to $19.7 million from $15.1 million in the prior year[4] - Net income increased 127% year over year to $1.4 million compared to $636,000 in fiscal year 2023[4] - Gross profit increased 29% to $9.8 million, with a slight decrease in gross profit margin from 50.8% to 50%[4] - Operating income rose 73% to $1.2 million, with an operating margin of 6% compared to 4.54% in the prior fiscal year[4] - Net sales for the fiscal year ended February 29, 2024, increased by 31% to $19,699,886 compared to $15,058,203 for the fiscal year ended February 28, 2023[36] - Gross profit rose to $9,844,575, representing a gross margin of approximately 50% for the fiscal year 2024, up from $7,652,007 in 2023[36] - Operating income increased to $1,182,485, a growth of 73% from $682,991 in the previous year[36] - Net income for the fiscal year 2024 was $1,441,463, compared to $635,905 in 2023, reflecting a growth of 127%[36] Market Performance - Multi-Axis Coating systems sales increased 48% to $10.1 million, driven by demand in the clean energy sector[9] - Sales to the Alternative/Clean Energy market grew 96% in fiscal year 2024, reflecting a shift to production scale systems[11] - Multi-axis coating systems sales grew by 48% to $10,075,000, accounting for 51% of total sales in 2024[40] - Sales in the alternative energy market surged by 96% to $5,997,000, representing 30% of total sales[41] Financial Position - Backlog at fiscal year-end reached a record high of $9.1 million, a 7% increase year over year[4] - Cash, cash equivalents, and marketable securities increased to $11.8 million, maintaining a debt-free status[23] - Total assets increased to $23,132,265 as of February 29, 2024, up from $20,174,718 in 2023[34] - Stockholders' equity rose to $16,278,998, reflecting an increase of 11% from $14,633,958 in the previous year[34] - Cash and cash equivalents decreased to $2,134,786 from $3,354,601, indicating a decrease of 36% year-over-year[38] Future Outlook - The company expects first quarter fiscal year 2025 revenue growth above 30% and projects 8% to 10% year-over-year revenue growth for fiscal year 2025[4] Capital Expenditures - Capital expenditures for fiscal year 2024 amounted to $0.8 million, with significant investments in IT infrastructure and facility expansion[24] Research and Development - Research and product development expenses rose to $2,885,773, an increase of 34% from $2,149,525 in the previous year[36]