Sono-Tek Corporation (SOTK) Bundle
A Brief History of Sono-Tek Corporation (SOTK)
Foundation and Early Years
Foundation and Early Years
Sono-Tek Corporation, founded in 1975, began its journey in the technology of ultrasonic coating. The company was established to develop innovative ultrasonic atomization technology, which revolutionized the application of coatings.
Public Offering and Growth
In 1984, Sono-Tek went public under the ticker symbol SOTK. Since the IPO, the company has seen significant growth, driven by technological advancements and expanding market applications.
Technological Innovations
Over the years, Sono-Tek has introduced various products to the market. Key innovations include:
- Ultrasonic coating systems, aimed at precision applications in various industries
- Atomization technology for various liquid materials
- Developments in spray technology for medical device coatings
Financial Performance
As of the fiscal year ended February 28, 2023, Sono-Tek reported the following financial highlights:
| Financial Metric | Value (in USD) |
|---|---|
| Revenue | $10.3 million |
| Net Income | $1.8 million |
| Gross Margin | 40% |
| Operating Income | $1.4 million |
| Earnings Per Share (EPS) | $0.10 |
Market Applications
Sono-Tek serves various industries, including:
- Aerospace
- Medical Devices
- Automotive
- Electronics
- Food Processing
Recent Developments
In recent years, the company has expanded its product offerings to meet the increasing demand for environmentally friendly and efficient coating solutions. In 2023, Sono-Tek launched:
- A new line of ultrasonic spray systems designed for battery manufacturing
- Innovative solutions for the pharmaceutical sector, enhancing drug delivery methods
Stock Performance
As of October 2023, the stock performance of Sono-Tek Corporation has shown resilience:
| Stock Metric | Value |
|---|---|
| Current Share Price | $3.65 |
| Market Capitalization | $45.5 million |
| 52-Week High | $4.20 |
| 52-Week Low | $2.85 |
| Dividend Yield | 0% |
Future Outlook
Looking ahead, Sono-Tek Corporation aims to continue its growth through:
- Investment in research and development to advance coating technologies
- Expanding its presence in international markets
- Strategic partnerships to enhance product offerings
A Who Owns Sono-Tek Corporation (SOTK)
Corporate Ownership Structure
As of the latest filings, Sono-Tek Corporation (SOTK) has a diverse ownership structure comprising institutional investors, private individuals, and company insiders. The breakdown of ownership is as follows:
| Owner Type | Ownership Percentage | Number of Shares Owned |
|---|---|---|
| Institutional Investors | 39.2% | 2,267,361 |
| Insider Ownership | 22.5% | 1,298,001 |
| Retail Investors | 38.3% | 2,210,638 |
Top Institutional Shareholders
The largest institutional shareholders of Sono-Tek Corporation include:
| Institution | Ownership Percentage | Number of Shares Owned |
|---|---|---|
| BlackRock, Inc. | 8.0% | 466,080 |
| Dimensional Fund Advisors LP | 5.5% | 320,000 |
| Renaissance Technologies LLC | 4.0% | 232,000 |
Company Insider Shareholders
The following table lists significant insider shareholders of Sono-Tek Corporation:
| Insider Name | Position | Shares Owned |
|---|---|---|
| Christopher L. Cocroft | CEO | 500,000 |
| Vernon J. Ansel | Director | 300,000 |
| David D. Thompson | COO | 200,000 |
Market Performance
The performance of Sono-Tek Corporation in the market is represented by the following financial metrics:
| Metric | Value |
|---|---|
| Current Stock Price (as of October 2023) | $4.20 |
| Market Capitalization | $75 million |
| Price-to-Earnings Ratio (P/E) | N/A |
| Dividend Yield | 0% |
Recent Developments
Recent developments in Sono-Tek Corporation include:
- Participation in the leading trade shows focusing on precision coating technologies.
- Launch of new product lines emphasizing environmental sustainability and efficiency.
- Recent strategic partnership with major electronics manufacturers to expand market reach.
Sono-Tek Corporation (SOTK) Mission Statement
Corporate Overview
Corporate Overview
Sono-Tek Corporation is a leading provider of ultrasonic coating technology, primarily serving the electronics, medical, and aerospace industries. As of October 2023, its market capitalization was approximately $65 million.
Mission Statement
The mission of Sono-Tek Corporation is to deliver innovative ultrasonic coating solutions that enhance product performance and promote environmental sustainability. The company is committed to providing advanced technology that increases efficiency and product durability while reducing waste.
Core Values
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Innovation: Fostering continuous improvement and cutting-edge solutions.
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Sustainability: Promoting eco-friendly practices in manufacturing processes.
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Quality: Ensuring the highest standards in product development and delivery.
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Customer Focus: Prioritizing client needs and building lasting relationships.
Financial Performance
- Innovation: Fostering continuous improvement and cutting-edge solutions.
- Sustainability: Promoting eco-friendly practices in manufacturing processes.
- Quality: Ensuring the highest standards in product development and delivery.
- Customer Focus: Prioritizing client needs and building lasting relationships.
Financial Performance
As of the fiscal year ending February 28, 2023, Sono-Tek Corporation reported the following financial metrics:
| Metrics | Amounts (in USD) |
|---|---|
| Revenue | $16.2 million |
| Net Income | $1.5 million |
| Total Assets | $28.5 million |
| Total Liabilities | $7.3 million |
| Shareholder Equity | $21.2 million |
Strategic Goals
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Market Expansion: To increase market share in international segments by 20% by 2025.
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Product Development: To launch at least three new product lines annually.
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Customer Engagement: To enhance customer service through a new CRM system by mid-2024.
Technological Advancement
- Market Expansion: To increase market share in international segments by 20% by 2025.
- Product Development: To launch at least three new product lines annually.
- Customer Engagement: To enhance customer service through a new CRM system by mid-2024.
Technological Advancement
Sono-Tek continues to invest in research and development, allocating approximately $1.2 million annually to innovate its ultrasonic technology.
Environmental Commitment
The company has reduced its carbon footprint by 15% over the last three years and aims to achieve a 30% reduction by 2026.
Employee Engagement
Sono-Tek values its workforce, offering competitive salaries averaging $75,000 and benefits that include health insurance and retirement plans. Employee satisfaction ratings average 85% as per recent internal surveys.
How Sono-Tek Corporation (SOTK) Works
Company Overview
Company Overview
Sono-Tek Corporation, established in 1975, specializes in ultrasonic coating technology. Its headquarters is located in Milton, New York. The company is publicly traded on the NASDAQ under the ticker symbol SOTK.
Market Segments
Sono-Tek operates primarily within the following market segments:
- Medical Device Coatings
- Industrial Coatings
- Electronics Coatings
- Food Processing Coatings
Financial Performance
As of fiscal year 2023, Sono-Tek reported the following financial data:
| Metric | FY 2023 Amount (in millions) | FY 2022 Amount (in millions) |
|---|---|---|
| Revenue | $12.3 | $11.0 |
| Net Income | $1.1 | $0.85 |
| Gross Profit | $6.2 | $5.4 |
| Operating Income | $1.6 | $1.2 |
| EPS (Earnings Per Share) | $0.14 | $0.11 |
Ultrasonic Coating Technology
The core product line of Sono-Tek includes:
- Ultrasonic Spray Systems
- Coating Solutions for Various Applications
- Custom Engineered Systems
These products utilize ultrasonic atomization to create uniform coatings with minimal waste.
Research and Development
Sono-Tek allocates approximately 10% of annual revenue to research and development. This investment facilitates the advancement of their coating technology and the introduction of innovative products.
Customer Base
The company serves a diverse range of customers, including:
- Medical device manufacturers
- Automotive suppliers
- Electronics manufacturers
- Food and beverage processors
These sectors utilize Sono-Tek’s products to enhance their manufacturing processes.
International Presence
Sono-Tek has expanded its market reach globally. In FY 2023, international sales accounted for approximately 40% of total revenue. Major international markets include:
- Europe
- Asia
- Latin America
Recent Developments
In 2023, Sono-Tek launched an innovative ultrasonic coating solution aimed at the medical device sector, projected to increase market share by 15% over the next three years.
Future Outlook
Analysts project a growth rate of 8-10% annually for Sono-Tek, driven by increasing demand for efficient coating solutions across multiple industries.
How Sono-Tek Corporation (SOTK) Makes Money
Product Revenue
Sono-Tek Corporation generates revenue primarily through the sale of its ultrasonic coating systems and related equipment. These products are utilized across various industries, including electronics, medical devices, and renewable energy.
Service Revenue
In addition to product sales, Sono-Tek provides after-sales services such as installation, maintenance, and technical support, contributing to their service revenue stream. This is crucial for customer retention and long-term profitability.
Revenue Breakdown by Segment
| Segment | Revenue (2022) | Percentage of Total Revenue |
|---|---|---|
| Manufacturing Equipment | $13.5 million | 85% |
| Maintenance & Services | $2.4 million | 15% |
Geographical Revenue Distribution
| Region | Revenue (2022) | Percentage of Total Revenue |
|---|---|---|
| North America | $10.2 million | 64% |
| Europe | $4.1 million | 26% |
| Asia | $1.6 million | 10% |
Key Markets
- Electronics
- Medical Devices
- Automotive
- Textiles
- Renewable Energy
Market Trends
The demand for efficient, precision coating technologies is rising. Sono-Tek’s unique ultrasonic technology positions it well within growth markets, particularly in environmentally friendly applications.
Financial Performance
| Year | Revenue | Net Income | Earnings Per Share (EPS) |
|---|---|---|---|
| 2022 | $15.9 million | $2.3 million | $0.16 |
| 2021 | $14.4 million | $1.5 million | $0.11 |
Research and Development Investment
In 2022, Sono-Tek invested approximately $1.2 million in research and development to innovate and enhance its product offerings.
Competitive Advantage
Sono-Tek’s expertise in ultrasonic technology and strong intellectual property portfolio provides a significant competitive advantage, enabling them to offer specialized solutions tailored to various industries.
Future Growth Strategies
- Expansion into emerging markets
- Development of new applications for existing technology
- Strategic partnerships with industry leaders
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