Sono-Tek Corporation Reports Net Income of $53,406 for the Quarter Ended May 31, 2023
The company generates $3.6 million in revenue during the same period
Sono-Tek Corporation,(SOTK) a leading provider of precis ion ultrasonic coating systems, has announced its financial results for the quarter ended May 31, 2023. The company reported a net income of $53,406, reflecting its ability to maintain profitability despite challenging market conditions. Additionally, Sono-Tek Corporation generated $3.6 million in revenue during the same period, demonstrating its continued success in delivering innovative solutions to its global customer base.
Consolidated Balance Sheets
The condensed consolidated balance sheets of Sono-Tek Corporation as of May 31, 2023, reveal the following financial position:
Current Assets: The company's cash and cash equivalents increased to $4,294,339 compared to $3,354,601 as of February 28, 2023. Marketable securities amounted to $7,847,008, slightly lower than $8,090,000 in the previous period. Accounts receivable decreased to $1,141,476 from $1,633,866, while inventories rose to $3,755,057 from $3,242,909. Prepaid expenses and other current assets amounted to $189,300, down from $254,046.
