Sono-Tek GAAP EPS of $0.04, revenue of $15.1M

Sono-Tek press release (NASDAQ:SOTK): FY GAAP EPS of $0.04.

Revenue of $15.1M (-11.7% Y/Y).

Gross profit decreased 11% to $7.7 million for fiscal year 2023 compared with $8.6 million for fiscal year 2022. The gross profit margin increased to 50.8% compared to 50.3% for fiscal 2022. The increase was driven by increased efficiencies and a favorable product mix.

Operating income decreased to $683,000 or 64% in fiscal 2023 when compared to fiscal 2022, due to the current period’s decrease in gross profit.

Net income was $636,000 compared to $2.5 million in fiscal 2022, primarily due to decreases in operating income and income tax expense combined with PPP Loan forgiveness recorded in the prior year.

Cash, cash equivalents and marketable securities totaled $11.4 million at February 28, 2023, the highest level ever, while the Company continues to have no debt.