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0000806172
sono tek corp
0000806172
2025-01-13
2025-01-13
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xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 13, 2025
Sono-Tek Corporation
(Exact name of registrant as specified in its charter)
Commission File Number: 000-16035
| New York |
|
14-1568099 |
| (State of Incorporation) |
|
(I.R.S. Employer ID No.) |
| |
|
|
| 2012 Route 9W, Milton, New York |
|
12547 |
| (Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code: (845) 795-2020
Check appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligations of the registrant under any of the following provisions:
| ☐ |
Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425) |
| ☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading
Symbol(s) |
Name of each exchange on which registered |
| Common Stock, $0.01 par value per share |
SOTK |
NASDAQ |
Indicate by check mark whether the registrant is an emerging growth company as defined
in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2
of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02: Results of Operations and Financial Condition.
Item 7.01: Regulation FD Disclosure
On January 13, 2025, Sono-Tek Corporation issued a press release regarding its financial
results for the quarter ended November 30, 2024 in the form attached as exhibit 99.1.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not
be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
or otherwise subject to the liabilities under such section and shall not be deemed to be incorporated by reference into any filing of
the Company under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01: Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release dated January 13, 2025.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SONO-TEK CORPORATION
By: /s/ Stephen J. Bagley
Stephen J. Bagley
Chief Financial Officer
January 13, 2025
Exhibit 99.1
2012 Route 9W ●
Milton, NY 12547 ●
845-795-2020
Sono-Tek Reports Third
Quarter and Nine Months Fiscal 2025 Financial Results
-Reports Third Consecutive Quarter of Revenue above $5
million
-First Nine Months Revenue Growth of 3% YOY
- Backlog Remains Strong at $10.6 Million
- Provides Guidance for Revenue of over $20 million and
Continued Profitability for Fiscal Year 2025
MILTON, N.Y., January 13, 2025 – Sono-Tek
Corporation (Nasdaq: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today reported financial
results for the third quarter and nine months of fiscal year 2025, ended November 30, 2024.
Third Quarter and Nine Months Fiscal 2025 Highlights
(compared with the third quarter of fiscal 2024 unless otherwise noted. The three-month periods ended November 30, 2024 and 2023 are referred
to as the third quarter of fiscal 2025 and fiscal 2024, respectively.)
| · | Net sales for the third
quarter of fiscal 2025 were $5,190,595, compared to last year’s record results of $5,690,022 and up sequentially from $5,162,000.
Sales in the third quarter of fiscal 2024 benefitted from supply chain improvements that cleared a backlog of orders, particularly in
the Alternative/Clean Energy and Medical markets. Third quarter of fiscal 2025 results were impacted by lower sales in the Industrial
and Medical markets and reduced revenue from the U.S. and EMEA regions. |
| · | Sales to the Alternative/Clean Energy market
grew 42% to $3.0 million, positively impacted by a growing number of Sono-Tek’s customers transitioning from our R&D systems
to production scale systems that carry much higher average selling prices (ASPs). |
| · | Multi-Axis Coating systems sales increased 20%,
or $600,000, to $3.56 million in the third quarter of fiscal 2025, which included a $1.12M production system. |
| · | The other revenue category, which includes spare
parts and service-related activities, increased 24% to $1.22 million, significantly impacted by a strong quarter for service-related activities,
which is a growing revenue stream. |
| · | The Gross Profit percentage declined to 45% compared to an
all-time high of 51% in the third quarter of fiscal 2024. The decline was influenced by a higher proportion of international sales, which
commonly include international distributor discounts, product mix and the reclass of specific labor expenses from the engineering department
to cost of goods sold. |
| · | Operating income declined to $197,637 versus $720,522 last year;
and up from $103,481 the year before. Decreased operating income was due to the decrease in gross profit. |
| · | Income before taxes was $313,990 versus $890,364 last year due
to the decrease in gross profit. |
| · | Record first nine months fiscal 2025 revenue increased by 3%
year over year to $15.4 million compared to $14.9 million, supported by contributions from several new products. |
| · | As of November 30, 2024, the Company had no outstanding debt
and held $12.7M in cash, cash equivalents, and marketable securities. |
Backlog and Expected Revenue Growth for Fiscal Year 2025
| · | Total equipment and service-related backlog
remained strong at $10,564,060, compared to $10,671,260
million at the end of the third quarter of fiscal 2024. |
| · | Continued revenue growth is expected for the full fiscal year
ending February 28, 2025, which is projected to be a record high of over $20 million, fueled by shipments from Sono-Tek’s strong
backlog and projected new and reoccurring orders. |
Dr. Christopher L. Coccio, Executive Chairman, stated, “Overall,
we remain pleased with our performance this fiscal year, especially given the backdrop of the dramatic increase in last year’s third
quarter results as we came out of supply chain restrictions to have our best quarter ever last year. With our third quarter of fiscal
2025 results lower than last year’s third quarter, we still had a very good quarter with revenue up sequentially, and the nine months
show a continuing revenue trend of $5M plus for the past three consecutive quarters. Going forward, shareholders should expect to see
some variability in reported quarterly results due to larger system orders with high ASP’s, that can often take several quarters
to deliver. We remain pleased with the overall direction of the business, as reflected by our strong backlog, and expect continued growth
for the full fiscal year 2025. As we close our fiscal year in the coming months and enter our 50th year in business in 2025,
we are excited to report projected revenue of over $20 million for the first time with continued profitability, a fitting milestone and
achievement we are extremely proud to share.”
Steve Harshbarger,
CEO & President of Sono-Tek, remarked, “We continue to be excited by our growth strategies taking hold with customers moving
through R&D and pilot systems to complex large-scale production systems. Importantly, these more advanced systems come with significantly
higher ASPs. We also remain excited about our prospects for attracting additional high-volume, high-ASP production system orders in fiscal
year 2026 and beyond. With solid customer demand fueling our backlog and our strong balance sheet, we remain focused on continued execution
and look forward to building on our record revenues.”
| Third Quarter Fiscal 2025 Results |
| (Narrative compares with prior-year period unless otherwise noted) ($ in thousands) |
|
| | |
Three Months Ended November 30, | | |
Change | |
| | |
2024 | | |
2023 | | |
$ | | |
% | |
| Net Sales | |
$ | 5,191 | | |
$ | 5,690 | | |
| (499 | ) | |
| (9% | ) |
| Gross Profit | |
$ | 2,343 | | |
$ | 2,926 | | |
| (583 | ) | |
| (20% | ) |
| Gross Profit % | |
| 45% | | |
| 51% | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Income | |
$ | 198 | | |
$ | 721 | | |
| (523 | ) | |
| (73% | ) |
| Operating Margin | |
| 4% | | |
| 13% | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | |
| Net Income | |
$ | 274 | | |
$ | 690 | | |
| (416 | ) | |
| (60% | ) |
| Net Margin | |
| 5% | | |
| 12% | | |
| | | |
| | |
Third Quarter Fiscal 2025 Product and Market Sales Overview
Net sales decreased 9% to $5,191,000 compared to $5,690,000
in the third quarter of fiscal 2024 which reflected a strong recovery from supply chain constraints. Net sales increased 1% sequentially
compared to $5,162,000 million in the second quarter of fiscal 2025. The increase was primarily driven by increased demand for our Multi-Axis
Coating systems which are commonly used in the clean energy sector.
| · | Multi-Axis Coating systems sales grew by 20%, or $600,000, to
$3.56 million in the third quarter of fiscal 2025. |
| · | Integrated Coating System sales decreased by 94% due to very
strong orders in the prior year quarter. |
| · | Fluxing system sales increased 15% and are expected to further
rebound with recent significant distributor changes that should positively impact
sales for the remaining quarter of the fiscal year and fiscal year 2026. |
| · | OEM sales dipped slightly due to many OEM partners having previously
built-up excess inventory to combat supply chain concerns and partially due to a
reduction in sales of our China based OEM partners’ products due to China’s struggling economy. |
| · | Other revenue increased to $1.22 million or 24% due to an increase
in spare parts and service-related revenue, which is a growing revenue stream. |
Sales to the Alternative/Clean Energy market grew 42% to $3.0 million,
positively impacted by a growing number of Sono-Tek’s customers transitioning from our R&D systems to production scale systems
that carry much higher ASPs. Sono-Tek platforms are used in the production of advanced solar cells, and manufacturing of critical membranes
for carbon capture, green hydrogen generation, and fuel cell applications.
Electronics market sales decreased 26% or $358,000, Medical
sales decreased by 33% or $443,000, Industrial sales declined by 59% or $439,000
and Emerging R&D were down 89% or 135,000 as a result of many R&D projects
successfully transitioning over to other market baskets as they have matured.
Approximately 54% of sales were to the U.S. and Canada compared to
60% in the comparable period of fiscal 2024. Sales to the U.S. and Canada decreased by 17% while Asia Pacific (APAC) sales increased by
64%. Sales to Europe, Middle East, Asia (EMEA) decreased by 35% while Latin American sales increased by 165% due to a large order in the
medical device sector.
At the end of
the third quarter of fiscal 2025, total equipment-related and service-related backlog
was $10,564,060 compared to $10,671,260 at the end of the third quarter of fiscal 2024.
Third Quarter FY 2024 Financial Overview
Gross profit was $2.34 million, a decrease of 20%, compared with $2.93
million for the third quarter of fiscal 2024. The gross profit percentage was 45% compared to 51% for the prior year period.
Operating expenses were $2.15 million, a 3% decrease from $2.21 in
the prior year period.
Research and product development costs decreased 19% to $628,000 primarily
due to a decrease in salary associated with the departure of a senior engineer, a decrease in research and development materials and the
reallocation and recharacterization of specific labor expenses from the engineering department to cost of goods sold that started in the
fourth quarter of fiscal year 2024. The reallocation of the labor expenses is an outcome of the completion of several successful R&D
endeavors.
Marketing and selling expenses decreased slightly in the third quarter
of fiscal 2025 due to a decrease in salary expense which was partially offset by an increase in commissions. The decrease in salary expense
is due to the reallocation of CEO Steve Harshbarger’s salary to the General and Administrative category.
General and administrative expenses increased 24% to $589,000 primarily
due to increased salaries, legal and audit fees, corporate expenses and stock-based compensation.
In the third quarter of fiscal 2025, operating income decreased 73% to $198,000 compared
to $721,000 in the prior year period. The current period’s decrease in operating income is a result of a decrease in revenue and
gross profit offset by a decrease in operating expenses. Operating margin for the quarter decreased to 4% compared with 13% in the prior
year period.
Interest and dividend income and unrealized loss on marketable securities
decreased to $116,000 compared to $170,000 in the prior year period.
Net income decreased by $416,000 or 60% to $274,000 for the third
quarter of fiscal 2025 compared with $690,000 for the third quarter of fiscal 2024. The decrease in net income during the third quarter
is primarily the result of a decrease in revenue and gross profit combined with decreases in operating expenses and income tax expense.
Diluted weighted average shares outstanding were 15,771,511 compared
to 15,776,972 for the prior year period.
| Nine Month Fiscal 2025 Results |
| (Narrative compares with prior-year period unless otherwise noted) ($ in thousands) |
|
| | |
Nine Months Ended November 30, | | |
Change | |
| | |
2024 | | |
2023 | | |
$ | | |
% | |
| Net Sales | |
$ | 15,383 | | |
$ | 14,932 | | |
| 451 | | |
| 3% | |
| Gross Profit | |
$ | 7,314 | | |
$ | 7,504 | | |
| (190 | ) | |
| (3% | ) |
| Gross Profit % | |
| 48% | | |
| 50% | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Income | |
$ | 722 | | |
$ | 1,195 | | |
| (473 | ) | |
| (40% | ) |
| Operating Margin | |
| 5% | | |
| 8% | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | |
| Net Income | |
$ | 946 | | |
$ | 1,285 | | |
| (339 | ) | |
| (26% | ) |
| Net Margin | |
| 6% | | |
| 9% | | |
| | | |
| | |
First Nine Months FY 2025 Overview
Net Sales for the first nine months of fiscal 2025 increased by 3%
or $451,000 to $15,383,000, driven by increased sales of high ASP production systems, using our multi-axis coating equipment and integrated
coating systems, primarily to the clean energy market. Gross Profit decreased 3% or $190,000 to $7,314,000. The gross profit percentage
decreased by 200 basis points to 48% compared with 50% in the prior year period. The decrease in gross profit is due to product mix and
the reallocation and recharacterization of specific labor expenses from the engineering department to cost of goods sold that started
in the fourth quarter of fiscal year 2024 as an outcome of the completion of several successful R&D endeavors.
Operating income decreased 40% to $722,000 compared with $1,195,000
for the first nine months of fiscal 2024. Net income decreased 26% to $946,000, or $0.06 per share, for the first nine months of fiscal
2025 compared with $1,285,000, or $0.08 per share, for the first nine months of fiscal 2024. Diluted weighted average shares outstanding
were 15,771,039 compared to 15,775,675 for the prior year period.
Balance Sheet and Cash Flow Overview
At November 30, 2024, cash, cash equivalents and marketable securities
totaled $12.7 million, Sono-Tek had no debt on its balance sheet and stockholders’ equity was $17.4 million.
Capital expenditures in the first nine months of fiscal 2025 were
$403,000, which were invested in ongoing upgrades to the Company’s manufacturing facilities. Sono-Tek anticipates capital expenditures
will total approximately $500,000 in fiscal year 2025.
About Sono-Tek
Sono-Tek Corporation is a global leader in the design and manufacture
of ultrasonic coating systems that are shaping industries and driving innovation worldwide. Our ultrasonic coating systems are used
to apply thin films onto parts used in diverse industries including microelectronics, alternative energy, medical devices, advanced industrial
manufacturing, and research and development sectors worldwide. Sono-Tek's inroads into the clean energy sector are showing transformative
results in next-gen solar cells, fuel cells, green hydrogen generation, and carbon capture applications.
Our product line is rapidly evolving, transitioning from R&D
to high-volume production machines with significantly higher average selling prices, showcasing our market leadership and adaptability.
Our comprehensive suite of thin film coating solutions and application consulting services are expected to generate unparalleled results
for our clients and help some of the world's most promising companies achieve technological breakthroughs and bring them to the market.
The Company strategically delivers its products to customers through a network of direct sales personnel, carefully chosen independent
distributors, and experienced sales representatives, ensuring efficient market reach across diverse sectors around the globe.
The Company’s solutions are environmentally friendly,
efficient and highly reliable, and enable dramatic reductions in overspray, savings in raw material, water and energy usage and provide
improved process repeatability, transfer efficiency, high uniformity and reduced emissions.
Sono-Tek’s growth strategy is focused on leveraging
its innovative technologies, proprietary know-how, unique talent and experience, and global reach to further develop thin film coating
technologies that enable better outcomes for its customers’ products and processes. For further information, visit www.sono-tek.com.
Safe Harbor Statement
This news release contains forward looking statements regarding
future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results
to differ materially. These “forward-looking statements” are based on currently available competitive, financial and economic
data and our operating plans. They are inherently uncertain, and investors must recognize that events could turn out to be significantly
different from our expectations and could cause actual results to differ materially. These factors include, among other considerations,
general economic and business conditions; political, regulatory, tax, competitive and technological developments affecting our operations
or the demand for our products; inflationary and supply chain pressures; the recovery of the Electronics/Microelectronics and Medical
markets; rebound of sales to the industrial market in the fourth quarter of fiscal year 2025; maintenance of increased order backlog;
the imposition of tariffs; timely development and market acceptance of new products and continued customer validation of our coating technologies;
adequacy of financing; capacity additions, the ability to enforce patents; maintenance of operating leverage; consummation of order proposals;
completion of large orders on schedule and on budget; continued sales growth in the medical and alternative energy markets; successful
transition from primarily selling ultrasonic nozzles and components to a more complex business providing complete machine solutions and
higher value subsystems; and realization of quarterly and annual revenues and income within the forecasted range of sales guidance.
For more information:
Sono-Tek Corp.
Stephen J. Bagley
Chief Financial Officer
Ph: (845) 795-2020
info@sono-tek.com
Investor Relations
Kirin Smith
PCG Advisory, Inc.
ksmith@pcgadvisory.com
-FINANCIAL TABLES FOLLOW –
SONO-TEK CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
| | |
November 30,
2024
(Unaudited) | | |
February 29,
2024 | |
| ASSETS | |
| | | |
| | |
| | |
| | | |
| | |
| Current Assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 8,098,750 | | |
$ | 2,134,786 | |
| Marketable securities | |
| 4,582,428 | | |
| 9,711,351 | |
| Accounts receivable (less allowance of $12,225) | |
| 2,279,304 | | |
| 1,470,711 | |
| Inventories | |
| 4,737,510 | | |
| 5,221,980 | |
| Prepaid expenses and other current assets | |
| 123,298 | | |
| 207,738 | |
| Total current assets | |
| 19,821,290 | | |
| 18,746,566 | |
| | |
| | | |
| | |
| Land | |
| 250,000 | | |
| 250,000 | |
| Buildings, equipment, furnishings and leasehold improvements, net | |
| 2,713,682 | | |
| 2,832,156 | |
| Intangible assets, net | |
| 39,931 | | |
| 47,566 | |
| Deferred tax asset | |
| 1,511,459 | | |
| 1,255,977 | |
| | |
| | | |
| | |
| TOTAL ASSETS | |
$ | 24,336,362 | | |
$ | 23,132,265 | |
| | |
| | | |
| | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| | |
| | | |
| | |
| Current Liabilities: | |
| | | |
| | |
| Accounts payable | |
$ | 1,116,831 | | |
$ | 1,049,742 | |
| Accrued expenses | |
| 1,925,036 | | |
| 1,739,478 | |
| Customer deposits | |
| 3,363,301 | | |
| 3,419,706 | |
| Income taxes payable | |
| 213,350 | | |
| 414,807 | |
| Total current liabilities | |
| 6,618,518 | | |
| 6,623,733 | |
| | |
| | | |
| | |
| Deferred tax liability | |
| 317,070 | | |
| 229,534 | |
| Total liabilities | |
| 6,935,588 | | |
| 6,853,267 | |
| | |
| | | |
| | |
| Stockholders’ Equity | |
| | | |
| | |
| Common stock, $.01 par value; 25,000,000 shares authorized, 15,751,153 and 15,750,880 shares issued and outstanding, respectively | |
| 157,512 | | |
| 157,509 | |
| Additional paid-in capital | |
| 9,946,460 | | |
| 9,770,387 | |
| Accumulated earnings | |
| 7,296,802 | | |
| 6,351,102 | |
| Total stockholders’ equity | |
| 17,400,774 | | |
| 16,278,998 | |
| | |
| | | |
| | |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | |
$ | 24,336,362 | | |
$ | 23,132,265 | |
See notes to unaudited condensed consolidated financial statements.
SONO-TEK CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
| | |
Nine Months Ended
November 30, | | |
Three Months Ended
November 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| | |
| |
| Net Sales | |
$ | 15,383,416 | | |
$ | 14,932,157 | | |
$ | 5,190,596 | | |
$ | 5,690,022 | |
| Cost of Goods Sold | |
| 8,069,633 | | |
| 7,428,348 | | |
| 2,847,397 | | |
| 2,764,013 | |
| Gross Profit | |
| 7,313,783 | | |
| 7,503,809 | | |
| 2,343,199 | | |
| 2,926,009 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Expenses | |
| | | |
| | | |
| | | |
| | |
| Research and product development costs | |
| 2,054,846 | | |
| 2,221,712 | | |
| 627,543 | | |
| 776,013 | |
| Marketing and selling expenses | |
| 2,814,804 | | |
| 2,700,327 | | |
| 929,196 | | |
| 955,017 | |
| General and administrative costs | |
| 1,722,210 | | |
| 1,387,006 | | |
| 588,823 | | |
| 474,457 | |
| Total Operating Expenses | |
| 6,591,860 | | |
| 6,309,045 | | |
| 2,145,562 | | |
| 2,205,487 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Income | |
| 721,923 | | |
| 1,194,764 | | |
| 197,637 | | |
| 720,522 | |
| | |
| | | |
| | | |
| | | |
| | |
| Interest and Dividend Income | |
| 359,248 | | |
| 379,949 | | |
| 131,518 | | |
| 149,666 | |
| Net unrealized gain/(loss) on marketable securities | |
| 38,776 | | |
| 31,031 | | |
| (15,165 | ) | |
| 20,176 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income Before Income Taxes | |
| 1,119,947 | | |
| 1,605,744 | | |
| 313,990 | | |
| 890,364 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income Tax Expense | |
| 174,247 | | |
| 320,896 | | |
| 39,812 | | |
| 200,195 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net Income | |
$ | 945,700 | | |
$ | 1,284,848 | | |
$ | 274,178 | | |
$ | 690,169 | |
| | |
| | | |
| | | |
| | | |
| | |
| Basic Earnings Per Share | |
$ | 0.06 | | |
$ | 0.08 | | |
$ | 0.02 | | |
$ | 0.04 | |
| | |
| | | |
| | | |
| | | |
| | |
| Diluted Earnings Per Share | |
$ | 0.06 | | |
$ | 0.08 | | |
$ | 0.02 | | |
$ | 0.04 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted Average Shares - Basic | |
| 15,750,980 | | |
| 15,743,224 | | |
| 15,751,152 | | |
| 15,744,543 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted Average Shares - Diluted | |
| 15,771,039 | | |
| 15,775,675 | | |
| 15,771,511 | | |
| 15,776,972 | |
See notes to unaudited condensed consolidated financial statements.
SONO-TEK CORPORATION
PRODUCT, MARKET, AND GEOGRAPHIC SALES
(Unaudited)
Product Sales
| | |
Three
Months Ended
November 30, | | |
Change | | |
Nine
Months Ended
November 30, | | |
Change | |
| | |
2024 | | |
2023 | | |
$ | | |
% | | |
2024 | | |
2023 | | |
$ | | |
% | |
| Fluxing Systems | |
$ | 71,000 | | |
$ | 62,000 | | |
| 9,000 | | |
| 15% | | |
$ | 324,000 | | |
$ | 503,000 | | |
| (179,000 | ) | |
| (36% | ) |
| Integrated Coating Systems | |
| 81,000 | | |
| 1,418,000 | | |
| (1,337,000 | ) | |
| (94% | ) | |
| 2,850,000 | | |
| 2,579,000 | | |
| 271,000 | | |
| 11% | |
| Multi-Axis Coating Systems | |
| 3,563,000 | | |
| 2,962,000 | | |
| 601,000 | | |
| 20% | | |
| 8,158,000 | | |
| 7,648,000 | | |
| 510,000 | | |
| 7% | |
| OEM Systems | |
| 259,000 | | |
| 268,000 | | |
| (9,000 | ) | |
| (3% | ) | |
| 796,000 | | |
| 1,078,000 | | |
| (282,000 | ) | |
| (26% | ) |
| Other | |
| 1,217,000 | | |
| 980,000 | | |
| 237,000 | | |
| 24% | | |
| 3,255,000 | | |
| 3,124,000 | | |
| 131,000 | | |
| 4% | |
| TOTAL | |
$ | 5,191,000 | | |
$ | 5,690,000 | | |
| (499,000 | ) | |
| (9% | ) | |
$ | 15,383,000 | | |
$ | 14,932,000 | | |
| 451,000 | | |
| 3% | |
Market Sales
| | |
Three
Months Ended
November 30, | | |
Change | | |
Nine
Months Ended
November 30, | | |
Change | |
| | |
2024 | | |
2023 | | |
$ | | |
% | | |
2024 | | |
2023 | | |
$ | | |
% | |
| Electronics/Microelectronics | |
$ | 1,016,000 | | |
$ | 1,374,000 | | |
| (358,000 | ) | |
| (26% | ) | |
$ | 4,060,000 | | |
$ | 3,724,000 | | |
| 336,000 | | |
| 9% | |
| Medical | |
| 897,000 | | |
| 1,340,000 | | |
| (443,000 | ) | |
| (33% | ) | |
| 2,156,000 | | |
| 3,452,000 | | |
| (1,296,000 | ) | |
| (38% | ) |
| Alternative Energy | |
| 2,959,000 | | |
| 2,083,000 | | |
| 876,000 | | |
| 42% | | |
| 7,740,000 | | |
| 4,735,000 | | |
| 3,005,000 | | |
| 63% | |
| Emerging R&D and Other | |
| 17,000 | | |
| 152,000 | | |
| (135,000 | ) | |
| (89% | ) | |
| 57,000 | | |
| 315,000 | | |
| (258,000 | ) | |
| (82% | ) |
| Industrial | |
| 302,000 | | |
| 741,000 | | |
| (439,000 | ) | |
| (59% | ) | |
| 1,370,000 | | |
| 2,706,000 | | |
| (1,336,000 | ) | |
| (49% | ) |
| TOTAL | |
$ | 5,191,000 | | |
$ | 5,690,000 | | |
| (499,000 | ) | |
| (9% | ) | |
$ | 15,383,000 | | |
$ | 14,932,000 | | |
| 451,000 | | |
| 3% | |
Geographic Sales
| | |
Three
Months Ended
November 30, | | |
Change | | |
Nine
Months Ended
November 30, | | |
Change | |
| | |
2024 | | |
2023 | | |
$ | | |
% | | |
2024 | | |
2023 | | |
$ | | |
% | |
| U.S. & Canada | |
$ | 2,823,000 | | |
$ | 3,421,000 | | |
| (598,000 | ) | |
| (17% | ) | |
$ | 9,409,000 | | |
$ | 8,988,000 | | |
| 421,000 | | |
| 5% | |
| Asia Pacific (APAC) | |
| 1,114,000 | | |
| 681,000 | | |
| 433,000 | | |
| 64% | | |
| 1,994,000 | | |
| 1,790,000 | | |
| 204,000 | | |
| 11% | |
| Europe, Middle East, Asia (EMEA) | |
| 957,000 | | |
| 1,476,000 | | |
| (519,000 | ) | |
| (35% | ) | |
| 3,338,000 | | |
| 3,057,000 | | |
| 281,000 | | |
| 9% | |
| Latin America | |
| 297,000 | | |
| 112,000 | | |
| 185,000 | | |
| 165% | | |
| 642,000 | | |
| 1,097,000 | | |
| (455,000 | ) | |
| (41% | ) |
| TOTAL | |
$ | 5,191,000 | | |
$ | 5,690,000 | | |
| (499,000 | ) | |
| (9% | ) | |
$ | 15,383,000 | | |
$ | 14,932,000 | | |
| 451,000 | | |
| 3% | |
v3.24.4
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
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| Namespace Prefix: |
dei_ |
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| Period Type: |
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- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
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