August 31, 2023 - SONO TEK CORP [SOTK], a leading provider of ultrasonic coating solutions, announced today its financial results for the second quarter of 2023. The company reported a net income of $541 million for the quarter, reflecting a significant increase compared to the same period last year. Quarterly revenue reached $5.6 million, demonstrating strong growth and positive momentum for the company.
Sono Tek Corp's financial performance in the second quarter was impressive. The company generated a gross profit of $2.8 million, representing a 47% increase compared to the previous year. Operating expenses were well managed, with research and product development costs at $789,261, marketing and selling expenses at $944,526, and general and administrative costs at $500,923. The company achieved an operating income of $565,858, a substantial improvement from the $177,578 reported in the same quarter last year.
The strong quarterly revenue of $5.6 million reflects a growth rate of 50% compared to the second quarter of 2022. This growth can be attributed to increased sales across all product lines, as well as successful market penetration in key regions. Sono Tek Corp's commitment to innovation and investment in research and product development has allowed the company to introduce new and improved products, attracting a larger customer base and driving revenue growth.
Sono Tek Corp maintains a solid financial position with total assets of $21.6 million, an increase from $20.2 million reported in the previous period. The company's current assets, including cash and cash equivalents, marketable securities, accounts receivable, inventories, and prepaid expenses, reached $17.9 million. With current liabilities at $6.3 million, Sono Tek Corp demonstrates strong liquidity and a healthy balance sheet.
The company reported basic earnings per share of $0.03 and diluted earnings per share of $0.03 for the second quarter. These positive earnings reflect the company's ability to generate profits and create value for its shareholders. It is important to note that the weighted average shares outstanding remained relatively stable compared to the previous period.
Looking ahead, Sono Tek Corp remains optimistic about its future prospects. The company expects to continue its strong sales performance, driven by increasing customer demand and the successful launch of new products. Sono Tek Corp will continue to invest in research and development, ensuring its solutions remain at the forefront of the industry. Additionally, the company will focus on expanding its global presence and exploring new market opportunities.
Sono Tek Corp's second-quarter results demonstrate its ability to deliver strong financial performance with significant revenue growth and increased net income. The company's commitment to innovation, investment in research and product development, and effective cost management have all contributed to its success. With a solid financial position and a positive outlook for the future, Sono Tek Corp is well-positioned to create long-term value for its shareholders and stakeholders in the ultrasonic coating industry.