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Sono-Tek Reports Increased Sales and Strong Backlog for Third Quarter Fiscal 2022 and Continues to Expect Record Annual Sales for FY2022

Q3 Sales of $4.4M, Up 15% Year-over-Year; Record Backlog of $6.5M, up 69% from FYE February 28, 2021

MILTON, N.Y. - (NewMediaWire) - January 12, 2022 - Sono-Tek Corporation (NASDAQ: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today reported financial results for the third quarter and first nine-month periods of fiscal year 2022, ended November 30, 2021.

Third Quarter Fiscal 2022 Highlights (compared with the third quarter of fiscal 2021 unless otherwise noted).  


Net sales increased 15% to $4,419,000, driven by strong sales to Asia for medical device coating machines and clean energy coating systems.  

• Gross Profit increased 12% to $2,159,000 due to the increase in sales.

  • Gross Margin was 48.9% compared with 50.5% for the prior year period due to changes in product mix.

• Operating income increased 10% to $491,000 due to the increase in gross profit, partially offset by increases in operating expenses.

• Income before taxes increased 9% to $493,000.

  • Backlog on November 30, 2021 reached another record high of $6,505,000, an increase of 3% compared with backlog of $6,332,000 on August 31, 2021 (the end of the fiscal Q2) and increased 69% compared to backlog of $3,851,000 on February 28, 2021 (the end of fiscal year 2021). 


Nine Month Fiscal 2022 Highlights (compared with the first nine months of fiscal 2021 unless otherwise noted) 


• Net Sales increased 13% to $12,134,000, primarily driven by sales of several recently developed new products for the medical market as well as continued expansion of Sono-Tek systems used in the clean energy sector.  

• Gross Profit increased 18% to $6,057,000 due to higher sales and a favorable product mix.

• Gross Margin expanded 230 basis points to 49.9% primarily due to a favorable product mix and lower than expected warranty and installation costs.

• Operating Income increased 54% to $1,282,000 due to the increase in gross profit, partially offset by increases in operating expenses.

Income before taxes increased 50% to $1,295,000, excluding the benefit from PPP loan forgiveness of $1.0 million.

• As of November 30, 2021, the Company had no outstanding debt.

• Cash and marketable securities were $10,184,000 on November 30, 2021, an increase of $1,537,000 from February 28, 2021, nearly half of which was due to an increase in customer deposits of $729,000, bringing total deposits to $1,896,000 at November 30, 2021.  The increase in customer deposits is primarily due to our record backlog and the growing percentage of orders for costly, complex systems in the backlog.


Guidance 

  • For the fourth quarter of FY2022, Sono-Tek expects double digit sales growth over the comparable period of the prior fiscal year. 

  • Sono-Tek anticipates double digit sales growth for FY2022, and continues to expect the highest annual sales in corporate history for the fiscal year ending February 28, 2022.


Dr. Christopher L. Coccio, Chairman and CEO, commented, “Sono-Tek had an excellent third quarter with sales and net income growth of 15% and 10%, respectively. This was the third consecutive quarter of sales increases and strong results in backlog, margins, and net income, which were achieved against the backdrop of an uncertain global environment with limited travel for sales and service personnel and the continuing impact of supply chain issues on our production schedules. We correctly anticipated this issue and deployed some of the Company’s significant cash reserves to purchase additional key inventory items earlier in the fiscal year. We also utilized creative hiring approaches and higher compensation to offset the shortage of labor that developed and leveraged Sono-Tek’s strong IT infrastructure to engage with customers on a virtual basis when in-person visits were not feasible.” 


“We ended the third quarter with $10.2 million in cash, no debt and reached another record for backlog of $6.5 million, reflecting the high activity levels in our development labs. Sales for the fourth quarter of FY2022 are expected to increase by double digits over the comparable period last year. For the full fiscal year, ending February 28, 2022, we continue to expect to report the highest annual sales in corporate history.” 


“Sono-Tek’s multi-year financial gains stem from the strategic shift in the Company’s business model that was initiated several years ago, expanding its product line to provide higher value complete machine solutions and larger subsystems to original equipment manufacturers (“OEMs”). These product advancements are supported by a high level of application engineering expertise from our specialized staff, in combination with the Company’s globally located process development labs. Looking ahead, we believe that the gains from this shift will continue to be realized as we continue to invest significant resources to further enhance our market diversity with new and expanded applications for Sono-Tek’s unique ultrasonic coating systems,” concluded Dr. Coccio.


Year-to-Date Fiscal 2022 Results (Narrative compares with prior-year period unless otherwise noted

 ($ in thousands)

 

Nine Months Ended November 30,  

 

Change

 

2021

 

2020

 

$

 

%

Net Sales

$   12,134 

 

$   10,736 

 

    1,398

 

13%

Gross Profit

$     6,057 

 

$     5,112 

 

945

 

18%

    Gross Margin

49.9%

 

47.6%

 


 

 

 

 

 

 

 


 

 

Operating Income 

$     1,282 

 

$        832 

 

450

 

54%

    Operating Margin

10.6%

 

7.8%

 


 

 

 

 

 

 

 


 

 

Net Income

$     1,987 

 

$       666 

 

        1,321

 

198%

    Net Margin

16.4%

 

6.2%

 


 

 

 

 

 

 

 

 

 

 









Third Quarter Fiscal 2022 Results (Narrative compares with prior-year period unless otherwise noted)

 ($ in thousands)



Three Months Ended November 30,  

 

Change

 

2021

 

2020

 

$

 

%

Net Sales

$     4,419 

 

$     3,827 

 

    592 

 

15%

Gross Profit

$     2,159 

 

$     1,931 

 

        228 

 

12%

    Gross Margin

48.9%

 

50.5%

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

$       491 

 

$       447 

 

        44 

 

10%

    Operating Margin

11%

 

12%

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$        376 

 

$        320 

 

        56 

 

18%

    Net Margin

8.5%

 

8.4%

 

 

 

 



Third Quarter FY2022 Financial Overview


Fiscal third quarter net sales were $4,419,000, up 15% from the third quarter of last year. 


Sales of multi-axis coating systems were strong, increasing $1.5 million or 118% year-over-year, driven by continued demand for membrane coating systems used in fuel cells and carbon capture applications in the alternative clean energy sector as well as sales of new medical device coating systems, including a newly developed full system solution for drug delivery coating onto a consumable medical device that shipped to China.  


Integrated coatings systems sales decreased by $1.0 million or 94% in the third quarter.  This was due to the shipments of two large orders in last year’s third quarter -- for a textile coating machine and a solar cell coating machine -- neither of which repeated in the current period.


The micro-electronics market also dipped in the third quarter. However, this market sector is expected to rebound in the current fourth quarter due to the planned delivery of a large six-axis robot for the semiconductor industry that is scheduled to ship by the end of Sono-Tek’s fiscal year in February.   


In the third quarter of fiscal 2022, approximately 78% of sales originated outside of the United States and Canada compared with 70% in the prior year period.  


Strong sales in Q3 fiscal 2022 were primarily driven from sales to APAC, reflecting the continuing transition of several countries emerging from COVID-19 lockdowns to bring their manufacturing operations back online. APAC shipments during the third quarter included two significant fuel cell membrane coating systems that were sold to different customers in South Korea that together totaled over $550,000, as well as continued strong demand for Sono-Tek’s balloon catheter coating systems that were sold into several different regions of APAC.   


At quarter end, backlog was a record high of $6,505,000, an increase of 3% compared with backlog of $6,332,000 on August 31, 2021 (the end of the fiscal Q2) and increased 69% compared to backlog of $3,851,000 on February 28, 2021 (the end of fiscal year 2021).


For the third quarter of fiscal 2022, Gross Profit increased 12% to $2,159,000 due to the increase in sales. Gross Margin was 48.9% compared with 50.5% for the prior year period due to increased sales of products with lower sales margins, as well as an increase in overseas sales which typically have higher expenses due to distributor commissions.


Operating income increased 9.8% to $491,000 compared with $447,000 for the prior year period primarily due to growth in revenue and gross profit. Operating margin for the third quarter of fiscal 2022 was 11.1% compared with 11.7% in the prior year period. 


Net income for the third quarter was $376,000, an increase of 17.5%, compared with $320,000 for the prior year period. The increase is a result of the increase in operating income combined with a decrease in income taxes. On a per share basis, earnings were $0.02 compared with $0.02 for the prior year period. Diluted weighted average shares outstanding totaled 15,654,936 compared to 15,583,089 for the prior year period.


Balance Sheet and Cash Flow Overview


Cash and cash equivalents and short-term investments at November 30, 2021 were $10.2 million, an increase of $1.6 million from February 28, 2021, the end of fiscal year 2021.  The increase was primarily the result of growth in the current period’s net income and noncash charges partially offset by purchases of equipment.


Capital expenditures in the third quarter totaled $285,000 and were directed to ongoing upgrades of the Company’s manufacturing and development lab facilities.  Sono-Tek anticipates that capital expenditures will total approximately $300,000 - $350,000 for fiscal year 2022. 


At November 30, 2021, the Company had no debt on its balance sheet.


About Sono-Tek

Sono-Tek Corporation is the leading developer and manufacturer of ultrasonic coating systems for applying precise, thin film coatings to protect, strengthen or smooth surfaces on parts and components for the microelectronics/electronics, alternative energy, medical and industrial markets, including specialized glass applications in construction and automotive.


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; the duration and scope of the COVID-19 pandemic; the extent and duration of the pandemic’s adverse effect on economic and social activity, consumer confidence, discretionary spending and preferences, labor and healthcare costs, and unemployment rates, any of which may reduce demand for some of our products and impair the ability of those with whom we do business to satisfy their obligations to us; our ability to sell and provide our services and products, including as a result of continued pandemic related travel restrictions, mandatory business closures, and stay-at home or similar orders; any temporary reduction in our workforce, closures of our offices and facilities and our ability to adequately staff and maintain our operations resulting from the pandemic; the ability of our customers and suppliers to continue their operations as result of the pandemic, which could result in terminations of contracts, losses of revenue; the continued recovery of the Microelectronics, Medical and Alternative Energy markets following COVID-19 related slowdowns; and further adverse effects to our supply chain; maintenance of increased order backlog, including effects of any COVID-19 related cancellations; the imposition of tariffs; the continued strong sales of the multi-axis coatings systems; 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; maintenance of increased order backlog; 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 within the forecasted range of sales guidance. We undertake no obligation to update any forward-looking statement.


For more information, contact:

Stephen J. Bagley
Chief Financial Officer
Sono-Tek Corporation
info@sono-tek.com

Investor Relations:
Stephanie Prince
PCG Advisory
(646) 863-6341
sprince@pcgadvisory.com


SONO-TEK CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS


 

 

November 30,


 

 

 

 

 

 

2021


 

 

February 28,

 

 

 

(Unaudited)


 

 

2021

 

ASSETS

 

 


 

 

 

 

 

 

 


 

 

 

 

Current Assets:

 

 

 


 

 

 

 

 

Cash and cash equivalents

 

$

6,833,804


 

 

$

4,084,078

 

Marketable securities

 

 

3,349,962


 

 

 

4,563,470

 

Accounts receivable (less allowance of $56,123)

 

 

1,563,460


 

 

 

1,757,802

 

Inventories, net

 

 

2,799,763


 

 

 

2,611,106

 

Prepaid expenses and other current assets

 

 

139,856


 

 

 

151,316

 

Total current assets

 

 

14,686,845


 

 

 

13,167,772

 

 

 

 

 


 

 

 

 

 

Land

 

 

250,000


 

 

 

250,000

 

Buildings, net

 

 

1,501,369


 

 

 

1,575,135

 

Equipment, furnishings and building improvements, net

 

 

1,114,606


 

 

 

1,075,190

 

Intangible assets, net

 

 

80,875


 

 

 

95,456

 

Deferred tax asset

 

 

236,120


 

 

 

259,838

 

 

 

 

 


 

 

 

 

 

TOTAL ASSETS

 

$

17,869,815


 

 

$

16,423,391

 

 

 

 

 


 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 


 

 

 

 

 

 

 

 

 


 

 

 

 

 

Current Liabilities:

 

 

 


 

 

 

 

 

Accounts payable

 

$

876,283


 

 

$

1,294,483

 

Accrued expenses

 

 

1,733,451


 

 

 

1,750,916

 

Customer deposits

 

 

1,895,671


 

 

 

1,166,541

 

Income taxes payable

 

 

142,517


 

 

 

53,567

 

Total current liabilities

 

 

4,647,922


 

 

 

4,265,507

 

 

 

 

 


 

 

 

 

 

Deferred tax liability

 

 

183,011


 

 

 

205,562

 

Long term debt, less current maturities

 

 

-


 

 

 

1,001,640

 

Total liabilities

 

 

4,830,933


 

 

 

5,472,709

 

 

 

 

 


 

 

 

 

 

Stockholders’ Equity

 

 

 


 

 

 

 

 

Common stock, $.01 par value; 25,000,000 shares authorized, 15,699,719 and 15,452,656 shares issued and outstanding, respectively

 

 

156,997


 

 

 

154,527

 

Additional paid-in capital

 

 

9,163,979


 

 

 

9,064,994

 

Accumulated earnings

 

 

3,717,906



 

 

1,731,161


Total stockholders’ equity

 

 

13,038,882


 

 

 

10,950,682

 

 

 

 

 


 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

17,869,815


 

 

$

16,423,391

 


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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

12,134,336

 

 

$

10,736,327

 

 

$

4,419,401

 

 

$

3,827,142

 

Cost of Goods Sold

 

 

6,077,645

 

 

 

5,624,002

 

 

 

2,260,874

 

 

 

1,896,516

 

        Gross Profit

 

 

6,056,691

 

 

 

5,112,325

 

 

 

2,158,527

 

 

 

1,930,626

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and product development costs

 

 

1,243,513

 

 

 

1,241,739

 

 

 

417,300

 

 

 

406,799

 

Marketing and selling expenses

 

 

2,349,607

 

 

 

2,154,956

 

 

 

845,362

 

 

 

765,969

 

General and administrative costs

 

 

1,181,502

 

 

 

883,384

 

 

 

405,280

 

 

 

311,130

 

            Total Operating Expenses

 

 

4,774,622

 

 

 

4,280,079

 

 

 

1,667,942


 

 

1,483,898

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

1,282,069

 

 

 

832,246

 

 

 

490,585

 

 

 

446,728

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

-


 

 

(23,949

)

 

 

-


 

 

(6,245

)

Interest and Dividend Income

 

 

13,367

 

 

 

26,953

 

 

 

2,367

 

 

 

1,470

 

Other Income



-

 

 

 

30,343

 

 

 

-

 

 

 

10,824


Paycheck Protection Program Loan Forgiveness 

 

 

1,005,372

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

 

2,300,808

 

 

 

865,593

 

 

 

492,952

 

 

 

452,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Tax Expense

 

 

314,063

 

 

 

199,424

 

 

 

116,783

 

 

 

132,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

1,986,745

 

 

$

666,169

 

 

$

376,169

 

 

$

320,478

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

$

0.13

 

 

$

0.04

 

 

$

0.02

 

 

$

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share

 

$

0.13

 

 

$

0.04

 

 

$

0.02

 

 

$

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares - Basic

 

 

15,541,247

 

 

 

15,420,787

 

 

 

15,622,721

 

 

 

15,440,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares - Diluted

 

 

15,572,424

 

 

 

15,547,604

 

 

 

15,654,936

 

 

 

15,583,089

 


See notes to unaudited condensed consolidated financial statements.




SONO-TEK CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

Unaudited

 

 

 

Nine Months Ended
November 30,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net Income

 

$

1,986,745

 

 

$

666,169

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

333,729

 

 

 

350,043

 

Stock based compensation expense

 

 

92,680

 

 

 

26,973

 

Inventory reserve

 

 

(3,919

 

 

54,000

 

Paycheck Protection Program Loan Forgiveness



            (1,005,372)




-


Deferred tax expense



23,718 




(89,304)


Decrease (Increase) in:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

194,342

 

 

 

(744,282)


Inventories

 

 

(184,738

)

 

 

(119,211)


Prepaid expenses and other current assets

 

 

11,460

 

 

 

27,071

 

(Decrease) Increase in:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

 

(431,934

 

 

193,317

 

Customer deposits

 

 

729,130

 

 

 

133,423

 

Income taxes payable

 

 

66,400

 

 

 

214,725


Net Cash Provided by Operating Activities

 

 

1,812,241

 

 

 

712,924


 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchase of equipment, furnishings and leasehold improvements

 

 

(284,798

)

 

 

(327,180

)

Capital expenditure grant proceeds



-




100,000


Sale  of marketable securities

 

 

1,213,508


 

 

993,724

 

Net Cash Provided by Investing Activities

 

 

928,710


 

 

766,544

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

    Proceeds from exercise of stock options



8,775




-


Proceeds from note payable



-




1,001,640


Repayment of long term debt

 

 

-


 

 

(126,650

)

Net Cash Provided by Financing Activities

 

 

8,775


 

 

874,990


 

 

 

 

 

 

 

 

 

NET INCREASE IN CASH AND CASH EQUIVALENTS

 

 

2,749,726


 

 

2,354,458


 

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS

 

 

 

 

 

 

 

 

Beginning of period

 

 

4,084,078

 

 

 

3,659,551

 

End of period

 

$

6,833,804

 

 

$

6,014,009

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL CASH FLOW DISCLOSURE:

 

 

 

 

 

 

 

 

Interest paid

 

$

-

 

 

$

20,573

 

Income Taxes Paid

 

$

224,002

 

 

$

74,004

 

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 31,

 

 

Change

 

 

 

2021

 

 

2020

 

 

$

 

 

%

 

 

2021

 

 

2020

 

 

$

 

 

%

 

Fluxing Systems

 

$

104,000

 

 

$

242,000

 

 

 

(138,000

)

 

 

(57%

)

 

$

579,000

 

 

$

680,000

 

 

 

(101,000)

 

 

 

(15%

Integrated Coating Systems

 

 

60,000

 

 

 

1,071,000

 

 

 

(1,011,000

 

 

(94%

 

 

780,000

 

 

 

2,920,000

 

 

 

(2,140,000)

 

 

 

(73%

Multi-Axis Coating Systems

 

 

2,721,000

 

 

 

1,249,000

 

 

 

1,472,000


 

 

118%

 

 

 

6,692,000

 

 

 

4,147,000

 

 

 

2,545,000

 

 

 

61%

 

OEM Systems

 

 

637,000

 

 

 

523,000

 

 

 

114,000


 

 

22%


 

 

1,808,000

 

 

 

1,177,000

 

 

 

631,000


 

 

54%


Other

 

 

897,000

 

 

 

742,000

 

 

 

155,000

 

 

 

21%

 

 

 

2,275,000

 

 

 

1,812,000

 

 

 

463,000

 

 

 

26%

 

TOTAL

 

$

4,419,000

 

 

$

3,827,000

 

 

 

592,000

 

 

 

15%

 

 

$

12,134,000

 

 

$

10,736,000

 

 

 

1,398,000

 

 

 

13%

 



Market Sales

 

 

Three Months Ended
November 30,

 

 

Change

 

 

Nine Months Ended
November 30,

 

 

Change

 

 

 

2021

 

 

2020

 

 

$

 

 

%

 

 

2021

 

 

2020

 

 

$

 

 

%

 

Electronics/Microelectronics

 

$

898,000

 

 

$

1,455,000

 

 

 

(557,000)

 

 

 

(38%

 

$

4,605,000

 

 

$

4,504,000

 

 

 

101,000

 

 

 

2%

 

Medical

 

 

1,604,000

 

 

 

831,000

 

 

 

773,000

 

 

 

93%

 

 

 

3,418,000

 

 

 

2,484,000

 

 

 

934,000


 

 

38%


Alternative Energy

 

 

1,459,000

 

 

 

783,000

 

 

 

676.000


 

 

86%


 

 

2,848,000

 

 

 

2,004,000

 

 

 

844,000

 

 

 

42%

 

Emerging R&D and Other

 

 

256,000

 

 

 

207,000

 

 

 

49,000


 

 

24%


 

 

691,000

 

 

 

723,000

 

 

 

(32,000

 

 

(4%)

 

Industrial

 

 

202,000

 

 

 

551,000

 

 

 

(349,000)


 

 

(63%)


 

 

572,000

 

 

 

1,021,000

 

 

 

(449,000)


 

 

(44%

)

TOTAL

 

$

4,419,000

 

 

$

3,827,000

 

 

 

592,000

 

 

 

15%

 

 

$

12,134,000

 

 

$

10,736,000

 

 

 

1,398,000

 

 

 

13%

 



Geographic Sales

 

 

Three Months Ended
November 30,

 

 

Change

 

 

Nine Months Ended
November 30,

 

 

Change

 

 

 

2021

 

 

2020

 

 

$

 

 

%

 

 

2021

 

 

2020

 

 

$

 

 

%

 

U.S. & Canada

 

$

988,000

 

 

$

1,165,000

 

 

 

  (177,000)


 

 

(15%

)

 

$

3,769,000

 

 

$

4,076,000

 

 

 

(307,000)

 

 

 

(8%

Asia Pacific (APAC)

 

 

1,901,000

 

 

 

1,039,000

 

 

 

862,000

 

 

 

83%

 

 

 

4,754,000

 

 

 

3,416,000

 

 

 

1,338,000


 

 

39%


Europe, Middle East, Asia (EMEA)

 

 

1,287,000

 

 

 

1,216,000

 

 

 

71,000


 

 

6%


 

 

2,723,000

 

 

 

2,414,000

 

 

 

309,000


 

 

13%


Latin America

 

 

243,000

 

 

 

407,000

 

 

 

(164,000

 

 

(40%

 

 

888,000

 

 

 

830,000

 

 

 

58,000

 

 

 

7%

 

TOTAL

 

$

4,419,000

 

 

$

3,827,000

 

 

 

592,000

 

 

 

15%

 

 

$

12,134,000

 

 

$

10,736,000

 

 

 

1,398,000

 

 

 

13%

 


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