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MILTON, NY - Sono-Tek Corporation (NASDAQ:SOTK), a company specializing in precision ultrasonic coating systems with a market capitalization of $62.85 million, announced a change in its independent registered public accounting firm. According to InvestingPro data, the company maintains strong financial health with a current ratio of 2.99x, indicating robust liquidity management. On Monday, the company’s previous auditor, Marcum LLP, resigned following its attest business acquisition by CBIZ (NYSE:CBZ) CPAs P.C. effective November 1, 2024.
Sono-Tek’s Audit Committee accepted Marcum’s resignation and has appointed CBIZ CPAs as the new auditor. The decision was unanimous and directed by the Audit Committee, which also oversaw the selection process. The company’s solid financial foundation is reflected in its healthy gross profit margin of 47.91% and positive revenue growth of 8.4% over the last twelve months.
The reports by Marcum for the fiscal years ending February 29, 2024, and February 28, 2023, did not contain any adverse opinion or were not qualified on any audit matters. Furthermore, there were no disagreements with Marcum on any accounting principles, practices, or auditing procedures through February 17, 2025, which would have necessitated a reference in their reports on the company’s financial statements. For deeper insights into Sono-Tek’s financial health and performance metrics, investors can access comprehensive analysis through InvestingPro, which offers exclusive access to over 10 additional key insights and detailed financial metrics.
In compliance with SEC regulations, Sono-Tek has provided Marcum’s statement regarding this transition in an exhibit attached to the Form 8-K. The company has not consulted CBIZ CPAs on any accounting or auditing matters that would have influenced their decision-making prior to their engagement.
The change in auditors is part of the corporate governance process and ensures continuity in Sono-Tek’s financial oversight. The information disclosed is based on the company’s recent SEC filing. The company’s next earnings report is scheduled for May 22, 2025, where investors will be able to assess the impact of these governance changes on its financial performance.
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