Northern Technologies International Corporation Reports Financial Results for First Quarter Fiscal 2020

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[{"type":"text","content":"MINNEAPOLIS, Jan. 07, 2020 (GLOBE NEWSWIRE) -- Northern Technologies International Corporation (NASDAQ: NTIC), a leading developer of corrosion inhibiting products and services, as well as bio-based and biodegradable polymer resin compounds, today reported its financial results for the first quarter of fiscal 2020.\n First quarter fiscal 2020 financial and operating highlights include (with growth rates compared to first quarter of fiscal 2019): Consolidated net sales increased 3.8% to a first quarter record of $14,631,000ZERUST® product net sales decreased 1.1% to $9,950,000ZERUST® oil and gas net sales decreased 47.2% to $521,000NTIC China product net sales increased 21.9% to $3,862,000Natur-Tec® product net sales increased 16.2% to $4,682,000Joint venture operating income decreased 22.7% to $2,652,000Net income attributable to NTIC decreased 19.0% to $1,213,000Net income per diluted share attributable to NTIC decreased 18.8% to $0.13 “Consolidated net sales set a new first quarter record, despite continued challenges for our ZERUST® industrial products across our global joint venture network,” said G. Patrick Lynch, President and Chief Executive Officer of NTIC. “Over the past three months, demand appears to have stabilized in both North America and China, allowing ZERUST® industrial net sales to increase 9.0% and 18.0% in North America and China, respectively, compared to fiscal 2019 fourth quarter. In addition, we continued to benefit from year-over-year sales growth for Natur-Tec. The timing of several ZERUST® oil & gas projects impacted first quarter performance. However, based on expected shipments and installations for the second quarter, we believe we will see a year-over-year increase in ZERUST® oil & gas net sales for both the second quarter and first half of fiscal 2020.” NTIC’s consolidated net sales increased 3.8% to $14,631,000 during the three months ended November 30, 2019, compared to $14,094,000 for the three months ended November 30, 2018. The increase in consolidated net sales was primarily a result of higher ZERUST® industrial sales and sales of Natur-Tec® products. The following table sets forth NTIC’s net sales by product category for the three months ended November 30, 2019 and 2018, by segment: Three Months Ended November 30, 2019 % of Net Sales November 30, 2018 % of Net Sales % Change ZERUST® industr...

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